Following a price adjustment, the market price of Telecom Company, Airtel Africa Plc, on the Nigerian Exchange (NGX) dropped to N2097 per share last week. The Nigerian stock exchange marked down the telecom company’s share for a N53 dividend payment; it closed at N2,097 from N2,150.
Airtel Africa paid N53.05 per share to its shareholders for the 2023 financial year, according its most recent price action. Because there had been little trading activity after the corporation bought back its shares, the share price had remained very stable.
Prior to the most recent market decline in relation to its 52-week high, the stock’s market price of N2,150 reflected its low volatility. In the last 12 months, the market price of Airtel Africa reached its highest point of N2,200 and its lowest point of N1,250.
After the mark down, the telecom stock is trading at 5% discount to its 52 week high, and significantly above its 52 week low.
Airtel Africa is in the midst of repurchasing its own shares on the London Stock Exchange from Citigroup Global Markets Limited pursuant to the authority granted by its shareholders as part of its share buy-back programme.
Since the commencement of the share buy-back programme announced on March 1, 2024, the company has purchased 21,481,816 ordinary shares in aggregate at a volume-weighted average price of GBP 107.37 per ordinary share.
