- MTN Shares Drop to 5 Month Low
MTN Group, African Telecommunication giant, suffers substantial sell-off after expected financial results came out below analysts’ projections.
The company had released its earnings expectation for the year ended 31 December 2018 on Thursday. According to the expected results, earnings were almost 50 per cent below analysts prediction.
Analysts had predicted that earnings per share will gain between 80 per cent and 90 per cent in 2018. However, the company’s forecast was far below their projection.
On Friday, during trading session in Johannesburg, the stock dipped 5.41 per cent from ZAR 8,352 it opened to close at ZAR 7,900, the lowest since September 14, 2018.
The company attributed the drop in earnings per share to a number of one-off and non-cash items totalling approximately 220 cents.
The telecommunication giant is however encouraged that post the resolution with the Central Bank of Nigeria, MTN Nigeria “has resumed dividend payments to its shareholders.”
Rob Shuter, MTN Group President and CEO said: “we are encouraged by the progress made and we are looking forward to sharing our full results on the 7 March 2019.”
Uber Raises Tfare By 13 Percent In Lagos
The economy option for ride-share giant company, Uber, popularly referred to as UberX, has been increased by 13 percent in Lagos State.
An electronic mail message from the ride-hailing firm to its drivers stated that the increment would start from May 11, 2021.
Uber said the increase was to ensure a reliable earning opportunity for driver-partners.
“At Uber, we remain committed to providing a reliable earning opportunity for driver-partners, as well as a reliable and affordable service for riders. With this in mind, starting 11th May 2021, we are increasing prices on UberX by about 13 percent,” the message read.
Earlier, Uber and Bolt drivers under the aegis of Professional E-hailing Drivers and Partners Association, declared a strike in April in Lagos, seeking an upward review of e-cab fares to reflect the current economic
They also wanted both companies to reduce the commission charged on rides from 25 percent to 10 percent.
National President of PEDPA, Mr. Idris Shonuga, had at a news conference in Lagos, said, “Instead of fixing a new and reasonable fare in line with inflation, the companies have recklessly continued to maintain the low fare, thereby, impoverishing hard-working young Nigerians who are diligently and lawfully trying to make a decent living.”
The e-cab operators also demanded adequate welfare package for drivers and compensation to the families of those that lost their lives or are permanently disabled in the line of duty.
The association said that more than 15 drivers had lost their lives, while some had been permanently disabled in accidents in the course of the service.
It also said more than 20 others have also lost their lives through kidnapping or killed by ritualists without any compensation from the operators.
CEOs of Major Tech Companies Have Sold Over $6 Billion of Their Stocks in 2021
Data acquired and calculated by Finbold indicates that CEOs of the five selected major tech firms have sold $6.36 billion worth of shares between January 1 and May 10, 2021.
Jeff Bezos leads, having offloaded AMZN shares worth $4.9 billion. Facebook CEO Mark Zuckerberg has sold $1.2 billion of his stock. Cumulatively, the two executives have offloaded $6.1 billion worth of shares from their respective companies.
Elsewhere, Nvidia CEO Huang Jen Hsun has sold $77.28 million worth of shares to rank third. Microsoft chief executive Nadella Satya has offloaded $65.44 million of MSFT stock, while Alphabet’s Pichai Sundar has sold $33.05 million. Among the top tech companies, only Tesla and Apple CEOs have not sold any of their stock in 2021.
Insider selling follows a surge in tech stocks
The highlighted companies have recorded a spike in the stock value over the past year, and the research report notes that:
“The sales come in the wake of tech sector stocks surging to new highs amid the coronavirus pandemic. In the pandemic, with wide-scale lockdowns, the companies run by the CEOs played a key role by offering services and products to help people manage the effects of the health crisis. The attention on these services drives the stock prices to record levels.”
Although insider trading is increasing in popularity, the activity is an essential indicator for investors to predict future price movement.
Overall, insider trades offer the overall market and investor outlook. When a single executive increases selling activity but others hold their shares, it does not call for alarm among investors.
MTN Nigeria Resumes SIM Card Sales, Activation
MTN Nigeria has resumed the sales of SIM cards across the nation, according to the latest report from the leading telecommunications company.
In a statement released on Monday, MTN Nigeria said customers can walk into any of the stores listed below to buy and activate their SIM cards.
Customers are therefore advised to visit with their National Identity Number (NIN) and any of their voter’s card, driver’s license and international passport.
The statement reads “We are delighted to inform you that SIM card sales have commenced in some select MTN stores.
“Simply walk into any of the stores listed below to buy and activate your SIM.
“Thank you for choosing MTN
“To make your experience at our store seamless and make the process faster, please be kind to come with the following:
1. Your National Identity Number (NIN) is mandatory by law for registering and activating your new SIM.
2. In addition, please come along with any one of these valid, government issued IDs:
i. Your NIN slip
ii. Your Voter’s Card
iii. Your Driver’s License
iv. Your international passport.
SIM registration cannot be done by proxy.
If you do not yet have a NIN, please click on this link Enrolment Centres – CUSTOMER NIN CAPTURE (mtnonline.com) to find the nearest enrollment center
“We look forward to seeing you, and welcoming you to the Yello Family soon!”
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