South Africa’s MTN slides on profit guidance below forecasts

JOHANNESBURG: Shares in MTN Group fell as much as 5.4 percent on Friday, a day after the South African mobile phone group announced guidance for annual profit that was lower than forecasts.

The stock was down 3.9 percent at 80.21 rand at 1015 GMT, recouping some losses after slipping to a low of 78.98 rand. Shortly after the market closed on Thursday, Africa’s biggest mobile phone operator said 2018 profits would likely rise by as much as 90 percent, lagging behind an estimate of more a than two-fold jump in poll of seven analysts by Refintiv.