Shares of MTN Group rose over 2 percent on Monday at the Johannesburg bourse on hopes a landmark deal on Iran’s nuclear programme may unlock millions of dollars the South African mobile operator has locked up in its largest Middle East market.

Six world powers, including the United States, reached the deal with Iran on Sunday to curb Tehran’s nuclear programme in exchange for limited sanctions relief.

A Reuter report said that MTN, Africa’s largest mobile operator, had been unable to repatriate around $450 million from its Iranian unit because of sanctions. The Johannesburg-based MTN said in a statement it was still too early to tell the impact from the agreement, adding it was monitoring developments.

But investors were betting the deal was likely good news. Its stock added 2.1 percent to 197.76 rand by mid-day.

“The agreement over the weekend had a positive impact on sentiment towards the stock, but I think one would need clarity on how that would affect MTN’s operations,” Andrew Bryson, a trader at Nedbank Private Wealth in Johannesburg told Reuters.

Johannesburg-based MTN operates in 22 countries in Africa and the Middle East and owns 49 percent of MTN Irancell, which contributed nearly a quarter of its 2012 revenue.

It cut its full-year target for new subscribers by nearly 10 percent, as the sanctions against Iran dampened consumer demand.