Airtel Africa Balances At N8trn Despite Unusual Trade Volume

Despite substantial trades in the telecom stock, Airtel Africa Plc.’s market valuation or capitalization remained constant. At N2,150, the share price stayed unchanged. The 1,128,570 shares of the company that were traded on the stock market on Tuesday did not cause the share price to alter.

Yesterday, the local exchange valued the outstanding shares of the corporation, which number 3.758 billion, at N8.080 trillion. There has been a significant decrease in volatility after the telecom giant bought minority shareholdings in Nigeria.

There haven’t been many transactions every day, and it’s difficult—or maybe uncommon—to see more than 1.2 million shares traded on the market. This is a departure from the telecom stock’s defined base line.

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.

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.

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