Shares of Airtel Africa hit all-time high

ABUJA (Reuters) - Shares of Airtel Africa hit an all-time high on Wednesday, lifting Nigeria's main stock index, after the mobile phone company said it will use proceeds of a tower sale to reduce debt.

Airtel, the third-biggest listed firm in Nigeria, with a dual listing in London, gained the maximum 10% allowed to 1,050.50 naira.

The main index was up 1.05% at a seven-week high.

Airtel Africa, with a presence in 14 African countries, announced the first closing of the transaction to sell its tower assets in Tanzania to a joint venture company for $176.1 million.

Around $60 million from the proceeds will be used to invest in network and sales infrastructure in Tanzania with the balance used to reduce debt at group level.

(Reporting by Chijioke Ohuocha and Louise Heavens, Kirsten Donovan)