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Airtel Africa Accumulates N665 Billion in A Day Amid NGX Bearish Trend Reversal

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  • Airtel Africa recorded a whopping N665 billion increase in a single day.
  • The massive growth as the NGX ASI data reverses its bearish trend since May 13.
  • Following the reclaim, Airtel Africa’s market cap surged to N8.08 trillion from its previous day’s value of N7.41 trillion.

According to a Nairametrics report, the exchange market witnessed trading of 1.009 million Airtel Africa shares on May 16, 2024. This raised the group’s market value by a staggering  N665 billion through an 8.97% increase.

Moreover, the massive trade volume brought market value to N8.08 trillion from the past day’s value of N7.41 trillion.

Further, Airtel’s value reclaim formed a major reversal factor for the NGX’s All-Share Index (ASI) bearish trend. Notably, the ASI has maintained a downward pattern since May 13, 2024.

Following the turnaround, the NGX’s ASI hit 98,156.71 points by the end of May 16. This reflects a 0.84% growth over the past day’s 97,343.42 points.

The Price Trend of Airtel Africa

The recent reclaim is a significant performance for Airtel Africa. Notably, its market hit the best single-day since February 14 this year.

Also, Airtel’s share price remained consistent at N2,200 till May 6, 2024. However, the price plummeted afterward to N1,980 following a 10% loss.

Additionally, Airtel Africa saw a greater decline in its share price after the release of its full-year financial record. Moreover, the FY 2023/2024 result showed that the company witnessed a net loss of $3.89 million.

Currently, Airtel Africa is running the first phase of its share buyback program on the London Stock Exchange. According to its plans, the group intends to repurchase $50 million of its shares within six months.

Also, it will initiate the second phase which will see another round of buying back $50 million shares.

Already, the company has acquired 13,941,626 ordinary shares at £100.63 per unit as of May 16. The total amount for the buyback is £14 million.

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