Airtel Africa Hits 52-week High Amidst London Share Buyback

Telecommunication company, Airtel Africa Plc, has breached another resistance in its market value, trading at a 52-week high after a fresh rally pumped its share price higher on the Nigerian Exchange.

Airtel Africa’s market valuation inched near N8.27 trillion due to the latest rally as investors showed strong interest in the telecommunication company’s shares on the Nigerian Exchange ahead of its second quarter of 2024 earnings release. 

According to data from the domestic bourse, Airtel’s share price climbed by 4.76% to close the trading session at N2,200. In absolute terms, the market priced the telco stock higher by N100 as more than 1 million shares of the company exchanged hands.

AIRTELAFRI emerged as the most traded stock in value terms, accounting for 26.95% of the total value of trades on the exchange. Total transactions executed on the Telco stock were valued at N2.25 billion in the market today.

The company has been repurchasing its shares from the London Stock Exchange after it successfully stemmed price volatility in the Nigerian market with its minority shareholders’ share buyback.

In a regulatory filing on the Nigerian Exchange, the company told investors that since the commencement of the share buy-back programme announced on March 1, 2024, it has purchased 27,773,721 ordinary shares in aggregate on London Stock Exchange, at a volume-weighted average price of £109.94 per ordinary share. #Airtel Africa Hits 52-week High Amidst London Share Buyback  Reforms: Fitch Revises Nigeria’s Outlook to PositiveThe post Airtel Africa Hits 52-week High Amidst London Share Buyback appeared first on MarketForces Africa.