Airtel Africa jumps 10.0% on arrival

Must Read

TAJBank Launches Nigeria’s 2nd Non-Interest Financial Institution (Photos)

Abuja Nigeria   December 2nd 2019, TAJBank, Nigeria’s second Non –Interest financial institution, has announced the launch of its services...

Here are the world’s most popular city destinations in 2019

Euromonitor International recently released the “Top 100 City Destinations 2019” ranking report, covering the world’s leading cities ranked by...

THE BENEFITS OF REAL ESTATE: Why Youths Should Begin Investing More

Real estate includes land and anything fixed, immovable, or permanently attached to it such as buildings, fences, appurtenances, fixtures,...
- Advertisement -
- Advertisement -

Following the historic MTN Nigeria listing in May 2019, the Nigerian Stock Exchange (NSE) welcomes yet another giant corporate on its main board. Airtel Africa (AIRTELAFRI) registered a total 3.8 billion units of its share on the NSE at N363, adding N1.4tn to the equity market capitalization, making AIRTELAFRI a 3rd most capitalized entity on the Nigerian bourse.

Together with MTNN (N2.6tn, telcos now account for 28.7% of the total market capitalization). Notably, 100,110 units of the newly listed shares, worth N40.0mn, was traded, as the ticker surged 10.0% by the close of trade.

Airtel Africa jumps 10.0% on arrival

Accordingly, the NSEASI added +0.1% to close at 29,318.0pts while YTD return moderated to -6.7%. Total market capitalization jumped to N14.3tn.

Read:  Diageo pulls ads from Snapchat over age verification concerns

Performance across sectors stayed broadly bearish save for the Telecom sector as the upsurge in the price of AIRTELAFRI (+10.0%) more than offset the decline in MTN Nigeria (-0.3%). The Banking (-2.2%) sector led the laggards, due to declines in Guaranty Trust Bank (-3.0%), ETI (-8.7%), and FBNH (-3.2%).

The Oil & Gas (- 0.7%), Industrial (-0.5%), Insurance (-0.5%), and the Consumer Goods (-0.4%) sector indices all trended southwards. Market breadth was underwhelming, closing at 0.4x as only 8 stocks advanced while 20 declined.

Read:  Consumer Goods Sector: A review of FY-18 Performance

In the immediate term, the arrival of Airtel Africa, earnings publication and interim dividend announcements should spurbuying interest.

Read:  Airtel Approved N50 Billion Loan Contract With Several Commercial Banks


United Capital Plc Research (UCR)

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Anthony Joshua beats Andy Ruiz to win back world heavyweight titles

Anthony Joshua is the heavyweight champion of the world once more. Having suffered one of the biggest upsets in boxing history back...

News Highlights of November 2019 (Video)

It was a November to remember, as the battle for survival continues among brands, new ventures, opportunities, investments and the making of a payment...

Video Streaming Market to Reach $149.34 Bn Globally by 2026 at 18.3% – Report

Allied Market Research published a report, titled, "Video streaming market by Component (Solution and Services), Solution Type (IPTV, Over-the-top, and Pay TV), Streaming Type (Live/Linear...

May & Baker Nigeria Agrees to Manufacture 4 Product Brands for Sanofi in New Deal

The National Agency for Food & Drug Administration & Control (NAFDAC) has expressed strong support for the efforts by Sanofi, a multinational healthcare company,...

More Articles Like This