MTN shares soar 10% on second day of trading

MTN Group Ltd.’s Nigerian unit rose another 10 percent on its second day of trading on Nigerian Stock Exchange on Friday as investors rushed to grab a slice of the country’s only listed mobile-phone company.

The shares traded at 108.90 naira as of 10:37 a.m. local time. Daily equity moves are restricted at 10% either way under Nigerian Stock Exchange rules. At least 325,000 shares changed hands.

MTN has arranged to list the stock in two stages. The first, which took place Thursday, allows Nigerian investors who previously bought and sold their shares over the counter to trade them publicly. Africa’s biggest wireless carrier will then sell part of its stake of about 79% once a dispute with Nigeria’s attorney general over $2 billion in back taxes is resolved.

Credit: Bloomberg.