(Updates with closing price in second paragraph.)
Jan. 6 (Bloomberg) -- MTN Group Ltd., Africa’s largest mobile-phone operator, rebounded in Johannesburg trading as concerns eased about protests in Nigeria, the company’s biggest market.
MTN climbed 3.2 percent to close at 136.25 rand today. The stock declined 8.3 percent in the two previous days, the largest two-day drop in more than two years.
The market over-reacted after Nigeria ended a fuel subsidy on Jan. 1, which prompted marches across its cities and threats of strikes by workers, Ferdi Heyneke, a trader at Afrifocus Securities, said by phone today.
Nigeria is MTN’s biggest single market with more than 40 million subscribers contributing 42 percent of the company’s earnings before interest, tax, depreciation and amortization.
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