MTN slumps after profit warning

Shares in telecoms company MTN slide more than 13% in early trading on Friday.

Johannesburg - Shares in MTN slumped more than 13 percent in early trading on Friday, a day after the South African mobile company flagged it would report a lower annual profit.

Shortly after the market closed on Thursday, MTN said headline earnings per share, the main profit measure in South Africa, would be at least 20 percent lower due to underperformance in Nigeria, its biggest market.

REUTERS