Airtel Africa Market Valuation Inches to N4.776 Trillion
Equity investors on the Nigerian Exchange have re-priced Airtel Africa Plc share as valuation hits an all-time high of N4.776 trillion on Wednesday. Today, the stock market was heat up with demand as investors pump money into some dividend aristocrats shares.
The market witnessed heavy positioning in the telecom company stock while the regulator has yet to approve the share allotment result for MTN Nigerian Plc. It is about positioning, equity analysts told MarketForces Africa, saying dividend season is driving the market upward.
Due to an improved earnings performance, sources told MarketForces Africa that the second-biggest telecom operator is expected to raise dividend payout amidst a plan to release audited results to the Nigerian market.
By market valuation, Airtel Africa is now the second-largest, following Dangote Cement Plc closely. Today, Dangote Cement Plc share price was steadied at N284.90 with a market valuation that rested at N4.854 trillion.
Following its share buyback announcement, Airtel share has continued to maintain an uptrend, hitting an all-time high of N1,271 per share on the local bourse after gaining 10% today. The telecom operator has 3.758 billion outstanding shares on the local bourse, according to data from the Nigerian Exchange website.
Airtel Africa Market Valuation Inches to N4.776 Trillion
