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Investors give MTN a wide berth after Nigerian issue 
March 17, 2005

By Gugulakhe Masango

Investors yesterday dumped MTN Group`s shares following the news on Tuesday that the Nigerian Investment Promotion Commission had suspended a tax holiday granted to cellphone firms in Nigeria.

The shares of MTN Group fell nearly 5 percent, or R2.66, to close at R43.99 yesterday on the JSE Securities Exchange. Since Monday the stock has lost 7.4 percent after shedding 2.6 percent on Tuesday, continuing from last week`s decline. MTN is still awaiting clarity from Nigerian authorities about the status of the tax holiday.

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