Shares in South Africa's MTN rose 5% on Thursday, after Nigeria's central bank said on Wednesday that it was reviewing information provided by the telecoms firm and four banks over a dispute on the repatriation of dividends.
"The statement suggests there are some talks going on and the market welcomed the less harsh tone by the Nigerian central bank," said Ruhan du Plessis, telecoms analyst at Avior Capital Markets.
"It is looking more likely that MTN will not have to pay back the for amount after all as the market feared. The market has welcomed the progress."
The central bank on Aug. 29 said it had ordered MTN and the four banks to bring $8.1-billion back into Nigeria that it alleged the telecoms firm sent abroad in breach of foreign exchange regulations.