MTN resumes trading on JSE

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MTN logo. (Duncan Alfreds, Fin24)
MTN logo. (Duncan Alfreds, Fin24)

Johannesburg - 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.

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