JOHANNESBURG – MTN, Africa's biggest telecommunications operator, met with the Central Bank of Nigeria (CBN) in an effort to end troubles in the country that have wiped off billions in value according to reports on Friday.
MTN gained 3.5 percent on the JSE in early trade on news that chief executive Rob Shuter had met CBN governor Godwin Emefiele in Nigeria on Thursday to discuss the $8.1 billion (R115.70bn) fine for allegedly repatriating money illegally.
The CBN also met the four banks accused of facilitating the transfers.
However, the share lost ground and closed 2.17 percent lower at R85 a share.
“The share price reacted positively in the morning, but has turned negative since then, as investors remain sceptical of a reasonable outcome,” Cape Town-based portfolio manager Peter Takaendesa at Mergence said on Friday.