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May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 25 2012 19:13
Uncertainty over the future of the euro zone returned to push the rand down against the dollar.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - Shares in African mobile phone giant MTN slumped before the market closed on Tuesday as news of Nigeria's currency free-fall against the dollar stoked concerns about MTN earnings, a fund manager said.
Shares in the company closed down 11.63%, or R12.10, to R91.90, under-performing the JSE Top 40 index, which ended down just 2.90%.
"It's basically on the devaluation of the Nigerian naira which will hamper MTN earnings out of Nigeria," said Michele Santangelo, a fund manager at Cortex Securities.
Media reports suggest that the naira is in free-fall against the dollar after that country's central bank limited the amount of US dollars sold at its fortnightly auction on Monday.
- I-Net Bridge