Airtel Africa Keeps Tight Position in Stock Market, Price Stagnates
Airtel Africa Plc’s market value remained steady at N8.683 trillion on the Nigerian Exchange (NGX) due to thin trading actions on the telecom company stocks. The company has delivered a 7.1% year-to-date return to its investors, underperforming the Nigerian Exchange index’s 44.74% growth.
The telco has been trading against the positive tide in the local bourse, with nothing seems to shake its share price. Airtel Africa missed a possible re-rating versus its rival in spite of its robust earnings.
The ticker closed at N2310.50 in the stock market, a level it has maintained for months in the absence of significant market activity around the counters.
Its impressive earnings and positive outlook failed to move the market as Airtel Africa continues to repurchase its own shares across the Nigerian and London Stock Exchanges.
Nothing seems to move the telecom company’s market value, given its unimpressive trading volume in the Nigerian stock market. Still, some local investment banking firms are setting higher price targets and forecasting upside potential for a company that appears stagnated in the market.
Afrinvest Securities Limited anticipates 80.9% upside in Airtel Africa shares and sets its 12-month target price at N4178.69. #Airtel Africa Keeps Tight Position in Stock Market, Price Stagnant; Interest in Undervalued Stock to Fuel Rally in Nigerian Market
