BUSINESS

Investors Of Airtel Africa Gain N300bn

 

Positive sentiment witnessed on shares of Airtel Africa Plc has resulted in investors of the company gaining about N300 billion at the close of trading of yesterday’s  (Monday) trading.  

The addition to the company’s market capitalization followed the announcement that its Nigerian subsidiary, Airtel Networks Limited, has acquired 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigerian Communications Commission (NCC). 

The news of the acquisition had spurred investors’ appetite for the shares of the company which recorded a loss of about N507 billion at the end of last Thursday’s trading session when the domestic bourse surrendered to sell pressure and witnessed its first loss since the beginning of the New Year and ending its thirteen-day winning streak.

NewsBeatng learnt that the telecom stock gained 5.16% to close at N1, 630 per share from N1, 550 which was the opening figure at the beginning of day trading. 

Also, Airtel Africa closed the trading at N6.825 trillion in market capitalization on the Nigerian Exchange (NGX) as against N5.825 trillion when the day’s trading activities began, hence has earned a gain of N300 billion or 5.16%. 

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