JOHANNESBURG – Shares in MTN Group surged 4 percent on Friday with traders attributing the rise to news that Nigeria’s central bank was on the verge of reaching an agreement over a $8.1 billon dispute with the South African telecoms group.
The stock rose as much as 4.1 percent before trimming gains to trade 2.14 percent higher at 87.6 rand as of 0900 GMT.
“Looks like there’s something that going to be finalised in Nigeria and the share price is reflecting that,” said Ryan Woods of Independent Securities.
A second trader said the disputed amount could be reduced.
Joshua Chinonye ✔
Joshua Chinonye is the Energy Editor at Naija247news, covering Nigeria’s oil, gas, and power sectors. He reports on energy policy, market trends, and sustainability with a focus on informing public discourse and decision-makers.
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