Airtel Africa drops by 9.99% on second day after listing

Airtel Africa shares dropped by 9.99 per cent on the Nigerian Stock Exchange (NSE) on Wednesday, a day after listing, forcing the market indices to close on negative region.

Specifically, the stock which opened trading at N399.30 shed N39.90 or 9.99 per cent to close at N359.40 per share.

Airtel Africa on July 9 listed 3,758,151,504 shares ordinary shares at N363 per share. It appreciated by N36.30 per share or 10 per cent at the first trading day to close at N399. 30 per share.

Forte Oil trailed with a loss of N2.30 to close at N20.70, while Conoil was down by N2.20 to close at N19.95 per share.

Dangote Cement shed N1.20 to close at N173.50, while NAHCO declined by 29k to close at N2.66 per share.

Consequently, the All-Share Index lost 61.42 points or 0.21 per cent to close at 29,256.60 compared with 29,318.02 achieved on Tuesday.

Also, the market capitalisation, which opened at N14.288 trillion shed N30 billion or 0.21 per cent to close at N14.258 trillion.

Conversely, MTN Nigeria Communications led gainers’ table, appreciating by N3.95 to close at N133 per share.

Guaranty Trust Bank followed with a gain of N1.05 to close at N29.05, while Unilever improved by N1 to close at N33 per share.

Union Bank of Nigeria gained 65k to close at N7.50, while Ecobank Transnational increased by 40k to close at N9.90 per share.

Zenith Bank was the toast of investors during the day, exchanging 45.13 million shares valued at N866.54 million.

Morison Industries came second on the activity chart with 20.95 million shares worth N11.55 million, while FBN Holdings traded 19.45 million shares valued at N119.83 million.

Guaranty Trust Bank sold 14.17 million shares worth N404.46 million, while Transcorp transacted 11.47 million shares valued at N11.72 million.

In all, investors bought and sold 188.77 million shares worth N3.72 billion in 3,363 deals.

This was in contrast with 394.62 million shares valued N3.22 billion exchanged in 4,034 deals on Tuesday.