Airtel Africa Steadies N8trn despite Unusual Trade Volume
Airtel Africa Plc.’s market valuation or capitalisation was unchanged despite large transactions conducted on the telecommunications stock.
Its share price remained flat at N2,150. The company share price failed to adjust to 1,128,570 shares of the company that exchanged hands in the stock market on Tuesday.
The company’s 3.758 billion shares outstanding was valued at N8.080 trillion in the local bourse yesterday. After the telecom giant acquired Nigerian minority shareholdings, volatility has reduced a great deal.
Daily transaction volume has been very minimal and it’s hard or perhaps rare to see as much as 1.2 million shares exchanging hands in the market. This is deviation from established base line for the telecom stock.
Despite swings in the Nigerian bourse, Airtel Africa share price is trading 2.3% behind its 52-week high on the Nigerian Exchange. Ticker: AIRTELAFRI was the most traded stock in value terms on Nigerian Exchange, accounting for 31.88% of the total value of trades on the exchange.
NOTICE ON NGX
In accordance with the Financial Conduct Authority’s (FCA) Disclosure Guidance and Transparency Rule, Airtel notified that as at close of business on 31 May 2024, the company had 3,741,411,872 ordinary shares of USD 0.50 each admitted to trading.
The telco stated that each ordinary share carries the right to one vote at general meetings. Accordingly, the total number of voting rights in the Company is 3,741,411,872.
The notice stated that the figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest.
The total number of voting rights in this announcement reflects 325,659 shares the company purchased on 30 and 31 May which are yet to be cancelled in accordance with the ongoing share buyback programme of the company. #Airtel Africa Steadies N8trn despite Unusual Trade Volume
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