MTN had a very patchy trading statement yesterday. It was one of the biggest fallers yesterday after the Trading Statement For The Six-month Period Ended 30 June 2015. They expect HEPS and EPS to be down 10% and 15% due to negative currency swings. The full details will be released in their results on the 5 August but don't worry about the share price. The company is still well positioned to take advantage of the huge demand for data and the lifting of sanctions in Iran will be a nice boost to business going forward. We think that the stock price reaction is reminiscent of Vodacom, somewhat. There is short term margin compression, massive data growth and in MTN's case, massive currency swings.