Airtel Africa Gains 21%, Market Value Surges Near N20trn
Telecommunication company Airtel Africa Plc spiked by about 21% in the equities market, hitting a 52-week high of N5274 per share as investors ramped up volume.
A review of trading records showed that Airtel Africa bucked the negative trend in the local bourse, underscored by massive selloffs across sectoral names.
Fuelled by increased market activities, the telecom company’s market value inched towards N20 trillion on the Nigerian Exchange (NGX) – now the most valuable company.
Its shareholders’ wealth increased by a whopping N3.44 trillion as a result of two positive price movements on record in the market.
Airtel Africa gained traction as investors began to position for the second half of the year’s earnings festival. In the market, Airtel Africa is among the stocks that stepped down volatility with a share buyback.
The market value of Airtel Africa Plc’s 3.758 billion outstanding shares increased sharply to N19.82 trillion, its record since it became listed and in the history of the Nigerian Exchange. MTN Nigeria Loses N1.7trn as Investors Exit Positions
