U.S. Markets closed

Ceragon Networks adds 2 contracts in Africa

PARAMUS, N.J. (AP) -- Ceragon Networks Ltd.'s shares jumped in trading Tuesday after the company said it would expand its footprint in Africa.

The company, based in Paramus, N.J., makes equipment for wireless networks.

Ceragon said that it has secured long-term equipment and services orders from two large customers in sub-Saharan Africa worth $28 million. Both projects are now under way and are expected to be completed over the next 18 months.

The company said that a recent report found that sub-Saharan Africa is the fastest-growing mobile market in the world.

"Africa is a key region for us and will continue to represent one of our primary growth engines," President and CEO Ira Palti said in a statement. The mobile market in Africa continues to expand despite macro-economic factors, he said, and Ceragon is well positioned to continue to play a significant role in the region as existing and new customers expand their networks.

Shares gained 35 cents, or 7 percent, to $5.33 by midday. Its shares have traded between $3.91 and $9.76 in the past 52 weeks.