Home Stock Market Airtel Africa sells tower, as BUAfoods list 18bn shares on Exchange

Airtel Africa sells tower, as BUAfoods list 18bn shares on Exchange

by Business News Report

Airtel Africa Plc, has reported the sales of its telecommunications tower assets in Tanzania to SBA Communications Corporation at a gross consideration of $176.1m. Under the terms of the transaction, Airtel Africa’s subsidiary in Tanzania would continue to develop, maintain and operate its equipment on the towers under a separate lease arrangements with the Purchaser. Also, BUAFOODS listed by introduction 18.0bn units shares at ₦40.00 each during the first trading session of the year, while WEMABANK announced a right issue round of up to ₦40.0bn at two new shares for every three shares held in the reconstructed capital of the bank, subject to obtaining relevant regulatory approvals.

Today, buying interest in AIRTELAF (+10.0%), SEPLAT (+2.3%), OANDO (+9.7%), and newly listed BUAFOODS (+10.0%) buoyed gains as the benchmark index rose 1.0% to 43,476.75 points. Accordingly, YTD return strengthened to 1.8% while market capitalisation advanced ₦242.8bn to ₦23.4tn. Trading activity bolstered as volume and value traded surged 472.8% and 2,734.8% to 1.2bn units and ₦43.0bn respectively. BUAFOODS (1.0bn units), WEMABANK (25.0m units), and TRANSCORP (25.0m units) led by volume while BUAFOODS (₦40.5bn), NGXGROUP (₦285.7m), and ZENITH (₦275.2m) led by value.

Across our sector coverage, performance was mixed as 3 indices lost while 3 gained. The Industrial Goods index led losers, down 2.4% on account of sell-offs in BUACEMENT (-2.7%) and DANGCEM (-2.7%). Similarly, the Banking and Consumer Goods indices dipped 50bps and 2bps respectively due to losses in UBN (-6.9%) and INTBREW (-1.0%). On the flip side, price uptick in AIRTELAF (+10.0%) drove the AFR-ICT index higher by 4.7% to lead gainers. Trailing, the Oil & Gas and Insurance indices advanced 3.1% and 1.0% respectively as investors took position in SEPLAT (+2.3%), OANDO (+9.7%), and AIICO (+8.3%).

Investor sentiment, as measured by market breadth (advance/decline ratio), firmed up to 1.2x from 0.7x as 22 stocks gained while 17 stocks lost. BUAFOODS (+10.0%), AIRTELAF (+10.0%), and OANDO (+9.7%) led gainers while UNITYBNK (-9.6%), ROYALEX (-9.4%), and REGALINS (-8.2%) led decliners. In the next trading session, we expect market to sustain its bullish run on improved sentiment.

Market Statistics for Wednesday, 5th January 2022 

Market Cap (N’bn)23,426.5
Market Cap (US$’bn)57.0
NGX All-Share Index43,476.75
Daily Performance %1.0
WTD Performance %1.8
MTD Performance %1.8
QTD Performance %1.8
YTD Performance %1.8
Daily Volume (Million)1,240.9
Daily Value (N’bn)43.0
Daily Value (US$’m)104.5

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