WATCH: Stock pick — MTN
Steven Schultz from Momentum chose MTN as his stock pick of the day.
The share is the JSE top 40 index’s worst performer after the the Central Bank of Nigeria accused the company of repatriating $8.1bn illegally and without proper procedure. The share has lost 2,5%.
“The real risk here is that MTN do have to repatriate the assets, in which case they would have to get a loan from the market and pay interest on that, and take a currency risk when the money is back in Nigeria. This stock pick is risky and a great opportunity in the short term for those that have a strong stomach.”
Steven Schultz from Momentum talks to Business Day TV about MTN, his stock pick of the day for those with a strong stomach