Shares in MTN rose more than 11%, its biggest on-day gain in four months, on Friday after saying that it expects profits to double in its half-year to end-June after benefiting from foreign exchange gains.

Africa’s largest mobile network operator, which lost more than half of its value in the first three months of the year, reached a 16-year low in March with its shares fetching a paltry R29 due to a share drop in oil prices, which directly affected some of biggest markets, particularly Nigeria.

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