MTN resumes trading on JSE

NOVEMBER 2, 2015

Mobile network MTN resumed trading on the Johannesburg Stock Exchange (JSE) on Monday afternoon after trade in its shares were suspended in the morning.

MTN’s share price tumbled by around 8% on Monday morning amid a report in Nigeria's Vanguard that said the company had agreed to pay a $5.2bn fine for failing to disconnect five million unregistered subscribers.

Amid the report, the JSE suspended trading in the mobile network’s shares on Monday morning. From 10:34 to 13:54 trading on MTN shares registered no activity.

But after 13:54 on Monday, trade activity on MTN shares started again after the company issued a statement to shareholders urging them to exercise caution.

At 13:54, MTN's share price was trading at R149.72 and at 14:16 it moved to R149.19.

The JSE further confirmed that MTN was trading again in a statement.

"After the company’s announcement released on SENS at 13:33, trading in the company’s shares will resume with a ten minute re-opening auction at 13:40," said the JSE.

*This is a developing story.

---News24wire