MTN shares lower on fresh allegations

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS ended slightly lower with MTN Group among the biggest decliners on allegations, which MTN denied, that the mobile phone group illegally moved at least $14 billion (about R194.2bn) out of Nigeria.

The JSE Top40 index lost 0.16 percent at 44 865.96 points and the broader all share index was down by the same margin to 51 420.66 points.

slid as much as 3.2 percent in the session to levels last seen more than six years ago before recouping some of the losses to close 2.25 percent lower at R107.50.

Speaking at the start of parliamentary hearing to investigate accusations

MTN

that MTN transferred the money out of Nigeria, senator Olusola Adeyeye called the amount which MTN is alleged to have repatriated “mind boggling”.

“There’s a lot of nervousness around that, that’s done the damage before and it just looks like it’s continuing,” said Independent Securities trader Ryan Woods.

Mining firms also the bourse, with down 3.37 percent to R54.50, 1.49 percent lower at R42.33 and

1.42 percent

Gold AngloGold

Ashanti

weaker at R194.50.

Trading volumes on were low with about shares changing hands. weighed on

Impala Platinum Sibanye

the bourse 186 million