Telecommunications

How Airtel Africa lost ₦752bn in one week

Airtel Africa Plc lost ₦752 billion at the end of the week’s trading to rank top loser of the week after sustained stock sustained sell pressure.

Nairametrics reported that the telecoms company’s stock dropped by 10% to N1,800 per share, from N2000, which was the opening figure for the trading week.

According to Nairametrics, Airtel Africa’s stock record opening figure for the trading week dropped to ₦1,800 from ₦2,000, a 10 per cent decrease.

The market opened for four trading days this week as the Federal Government of Nigeria declared Monday 3rd October 2022 a Public Holiday to mark the nation’s 62nd Independence Anniversary.

Airtel Africa closed its last trading day on Friday, October 7, 2022 at N1,800 per share and N6.764 trillion in market capitalization on the Nigerian Exchange as against N2,000 per share and N7.516 trillion in market capitalization at the beginning of trading on October 4, 2022, falling N752 billion or 10% week to date.

Airtel’s loss of N752 billion in market valuation is larger than the market valuation of GTCO and Zenith Bank which both trade less than N700 billion.

Among other top losers include Nascon Allied Industry Plc, which shed 13.64% to close at N9.50 per share from N11.00, Presco Plc with a loss of 9.99% to close at N128.35 per share from N142.60 per share, and Okomu Oil Plc that dropped by 9.98% to close at N169.50 per share from N188.30 per share among other losers.

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