Vodacom, MTN, and Telkom had a difficult first six months of the year, and their share price performance reflects this pain.
Vodacom and MTN are South Africa’s two biggest telecommunications operators, and both struggled with international problems.
The currency depreciated materially against the US dollar but with a significant associated liquidity improvement in the inter-bank foreign exchange market. Added to that was an adverse Supreme Court of Appeal judgment which entitled Please Call Me’s Kenneth Nkosana Makate to R29 billion. MTN had an even worse time on the market. Its share price plummeted by 26% due to the collapse of the Nigerian Naira.
However, government-regulated and multinational corporate transactions still had to be done at an official exchange rate. The official Naira exchange rate lost 27% overnight.
Headline Kenneth Nkosana Makate MTN Sanelisiwe Tofile Supreme Court Of Appeal (SCA) Telkom Vodacom Business Telecoms
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