MTN shares continued to rise for the second consecutive session on Friday as the stock climbed 1.95% in morning trade.
The news of a settlement with the Central Bank of Nigeria (CBN) augured well for Africa’s biggest mobile phone company which was hammered by the dispute with the Nigerian authorities.
The company announced on Monday afternoon that it will pay N19.2 billion – equivalent to $53.2-million or R777-million in a settlement with CBN.
In September, CBN demanded $8,1 billion (R115 billion) allegedly paid as a dividend to MTN to be refunded to it.
The shares climbed 5.26% in early trade on Thursday. The JSE was closed on Tuesday and Wednesday.
Today, the shares of MTN traded 1.95% at R89.50 by 9 am on the JSE.