Lagos — MTN Group has been promising to list its Nigerian business on the Lagos stock exchange for almost three years, yet it took just 16 minutes for the mobile-phone giant to cause a sensation. After a lengthy ceremony of speeches, congratulations and rounds of applause delayed the start of trading for more than half an hour, it looked as though MTN Nigeria Communications   may not trade at all with the market due to close for the day at 2.30 pm. The listing finally took place at 2.14 pm local time, leaving only a brief window before traders knocked off for the day. The reaction was instant. The stock jumped 10% to 99 naira from the listing price announced the previous day — the maximum possible move under Nigeria Stock Exchange rules. That values the wireless carrier at 2-trillion naira ($5.6bn), making MTN Nigeria the second-biggest company on the NSE. The All-Share index acted accordingly, turning a loss for the day into a slight gain. The reverse was significant because Nigeri...

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