MTN's shares have risen on the news that the cellular operator expects a big growth in its earnings for the year ended 31 December.

In a statement issued this morning, MTN advises shareholders to expect an increase of between 38% and 43% in basic headline earnings per share (HEPS) as well as an increase of between 29% and 34% in adjusted HEPS for the year.
Attributable earnings per share for the year are expected to increase by between 39% and 44% against the attributable earnings per share reported in the previous corresponding period.
"As reported on in previous periods, the major adjustments between HEPS and adjusted HEPS are the reversal of the impact of the unwind of the deferred tax asset previously raised (although there has been no movement from 30 June 2008) and the reversal of the impact of the put option which has been affected by forex movements in the second half of the year," according to the company's statement.
"Shareholders are also advised that the above earnings numbers are further enhanced by the unrealised forex gains on loans to certain operations and that the actual effective tax rate is expected to be higher than originally anticipated."