Shares in mobile operator MTN surge as oil price recovers [Reuters]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
Shares in mobile operator MTN surge as oil price recovers JOHANNESBURG, April 2 (Reuters) - Shares in South African mobile phone company MTN Group leapt as much as 18% on Thursday, helped by signs Saudi Arabia and Russia may be ready to cooperate to stabilise the oil market after a slump in prices. MTN operates in 21 markets across Africa and the Middle East and has exposure to a number of oil-producing countries such as Nigeria, which is its biggest market accounting for a third of its revenue, and Iran. Investors said MTN was also being helped by the fact it had underperformed its rivals in recent weeks and had paid a good dividend on Wednesday. The shares were 14.4% higher at 1353 GMT at 49.79 rand having earlier hit 51.46 rand, their highest since March 16. “The share was way oversold. It went from about this level 51 to about 27.50 and they paid a good dividend yesterday. It’s just trading back to levels where it’s supposed to have been,” BP Bernstein Portfolio Manager Gerhard Pa
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