MTN Nigeria Communications Plc shares rose 2.62% on July 8, 2026. The stock closed at N780.00 per share. This rally contributed to a N1.86 trillion total gain in the Nigerian stock market.
The Nigerian Senate rejected motions to nationalize South African-owned businesses, including MTN and DStv. Lawmakers dismissed these proposals, which were suggested in retaliation for xenophobic attacks in South Africa.
The government will instead pursue diplomatic solutions to ensure the safety of Nigerians abroad. This decision eased investor concerns following a period of significant volatility and value loss.