As sentiment about Nigeria soured based on commentary about tightening USD liquidity, Nampak plummeted by nearly 30% in less than two weeks. With the market spooked, any more negative news about the country was sure to be met with a strong reaction, and probably an overreaction.
A SENS announcement on Wednesday revealed that only outgoing voice revenue for unregistered SIMs would be affected. This contributes 9% of MTN Nigeria revenue and 3% of MTN Group revenue on an annualised basis. In other words, if an entire year went by with none of the SIMs registered and reactivated, 3% of revenue would fall away. The market responded with a 4% rally over two days, recovering about half of the value lost.is trying to repair its balance sheet.
An astonishing announcement on Thursday gave the Balwin bears an even louder voice, as the company is going to invest a whopping 7.5% of its market cap in acquiring a swanky head office building near Melrose Arch.
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