Business was Still Good for MTN, Shoprite Last Week

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MTN and Shoprite suffered no drastic business losses in Nigeria after xenophobic attacks in South Africa led to reprisal attacks on their outlets in Lagos, Abuja, Akwa Ibom and Oyo. MTN Nigeria shares hit a three-month high at the close of business on Friday, September 6, 2019, after the telecoms company partially reopened its offices for business. Recall that on Wednesday, September 4, 2019, MTN announced that it was shutting down offices and shops in Nigeria until further notice, as mobs looted South African businesses in Nigeria. Even though MTN Nigeria stores remained closed on Friday, the company continues to offer skeletal services and staff are asked to remain at home for safety reasons. MTN shares rose 5.03% to N139.80 each, a level last seen in June. Johannesburg-listed Shoprite shares were up 1.8%. However, several subscribers on the MTN network shared tales of dropped calls, poor connection and overall crappy network services soon after the telecom company embarked on a forced holiday. Shoprite, MTN and MultiChoice have all denounced ongoing xenophobia in South Africa. What do you make of this story?

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