Airtel Africa Share Price Down by 34.5%
Investors in the Nigerian equities market have priced down Airtel Africa Plc share by 34.49% in October 2022, according to trading data from the local bourse on Wednesday.
The telecom giant will be releasing earnings results for the third quarter of the year. In the recent past, Ticker: AIRTELAFRI performance has been upbeat but there are unanswered questions over a sporadic jump in its market price.
At the speed of light, Airtel Africa’s market valuation outpaced MTN Nigeria Plc in the local bourse with a market valuation that almost hit N8 trillion – becoming the most valuable brand listed in Nigeria.
A slew of equity analysts told MarketForces Africa that the telecom share is overpriced, but attributed that this may not be unconnected to its successful share buyback program – targeted at stemming price volatility.
Market data screened indicates that the telecom giant’s share price peaked at N2000 first trading in October 2022 but has since witnessed an ocean of selloffs as investors rebalance their portfolios holdings. READ: Telecom Giant Airtel Africa Grows Profit By 82%
Largely, sentiment in the local market is downbeat but some industries heavyweight are also maintaining their position.
In October, Airtel Africa shed N687.80 on its 3,758,151,504 outstanding shares, closing at N1312.12 per share on Wednesday. On Tuesday, Airtel Africa led the laggard’s table, depreciating by 10 per cent to close at N1, 458 per share.
Following its successful share buyback programme, the telecom shares peaked at N2000 In the last three days, Airtel Africa has seen massive selloffs ahead of the third quarter earnings release.
On the Nigerian Exchange, Airtel Africa’s share shed 10% each day while some analysts think the price correction could persist except its Q3-2022 earnings result beats market expectations.
# Airtel Africa Share Price Down by 34.5%#
