The Nigerian unit of MTN Group Ltd fell the most in 10 months in Lagos before recovering, as investors reacted to a second year of loss caused by a sharp devaluation of the naira.
Shares in MTN Nigeria Communications Plc retreated 9.1% to a low of 240 naira, the most since April 24, 2024, before rebounding to trade unchanged on the session.
The Nigerian unit declared a net loss of 399.45 billion naira($266 million) for the year through December compared to a 133. 8 billion naira loss in 2023. It blamed “forex losses arising from the revaluation of foreign-currency denominated obligations.”