Airtel Nigeria stock hit 52-week high on back of N142.05bn loss
Investors holding Airtel Nigeria shares went home last week as one of the best gainers in the country’s stock market, after their investment grew 10% within three days of trading.
Recall the Eid-El-Kabir public holiday on Monday and Tuesday had cut the number of trading days down to three. During that period, the Nigerian capital market grew by 1.27%, although investment into the stock market had fallen by -27.4%.
Ripples Nigeria noted that Airtel Nigeria’s stock movement mirrored that of the stock market, and even surpassed its growth level within the three trading sessions, as its share rose to N1905.4kobo on Friday, its highest level in seven months and 52-week high, from N1732.2kobo.
Investors are buying into the telecommunication firm, as the capital market envisages Airtel’s share will appreciate in the near future, considering the company is planning to release its earnings report for Q2 2022.
The increase in demand saw shareholders of Airtel make a whopping N650.91 billion within the three days, following the firm’s market capitalisation growth to N7.16 trillion, from N6.50 trillion.
This is Airtel’s major growth since the stock crashed from this year’s initial high of about N1,770 per share on June 16, losing N142.05 billion between then and July 14, when the share was valued at N1732.2kobo. It had reached the initial peak on May 27.
DON'T FORGET TO SHOW LOVE BY SHARING