Home Finance Airtel Nigeria to buy out minority shareholdings at N55.8 per share

Airtel Nigeria to buy out minority shareholdings at N55.8 per share

by Business News Report

Airtel Africa said that its subsidiary Airtel Networks Limited (Airtel Nigeria), has initiated a process through which it seeks to buy back the 8.27% minority shareholdings at an offer price of ₦55.8 per share. The local bourse market started the week on a bullish note on the back of bargain hunting in FBNH (+1.9%), UCAP (+3.9%), and MANSARD (+9.9%), as the All-Share Index advanced 5bps to 40,243.05 points. Consequently, YTD loss remained unchanged at -0.1% while market capitalisation rose by ₦14.4bn to ₦20.9tn. Trading activity weakened as volume and value traded fell 28.5% and 59.0% respectively to 202.4m units and ₦1.9bn. The most traded stocks by volume were FIDELITY (19.0m units), GTCO (18.3m units), and FBNH (18.1m units) while GTCO (₦512.4m), ZENITH (₦220.6m), and STANBIC (₦216.4m) led by value.

Performance across the sectors under our coverage was mixed as 3 indices gained, 2 lost, while the AFR-ICT index closed flat. The Insurance index led gainers, up 1.5% due to buying interest in MANSARD (+9.9%) and WAPIC (+4.2%). Similarly, the Consumer Goods and Banking indices rose 5bps and 1bp respectively due to price appreciation in DANGSUGAR (+0.6%), HONYFLOUR (+1.6%), FBNH (+1.9%), and ZENITH (+0.2%). On the flip side, the Oil & Gas and Industrial Goods indices recorded losses, down 38bps and 2bps respectively on the back of sell pressure on OANDO (-3.1%) and WAPCO (-0.4%).

Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 1.6x from 1.4x as 23 stocks advanced while 14 stocks declined. MANSARD (+9.9%), PHARMDEKO (+9.8%), and UPL (+9.8%) led the gainers while MORISON (-10.0%), NNFM (-9.9%), and VERITASKAP (-8.7%) led the losers. 

Market Statistics for Monday, 4th October 2021 

Market Cap (N’bn)20,970.0
Market Cap (US$’bn)51.0
NSE All-Share Index40,243.05
Daily Performance %0.1
WTD Performance %0.1
MTD Performance %0.1
QTD Performance %0.1
YTD Performance %(0.1)
Daily Volume (Million)202.4
Daily Value (N’bn)1.9
Daily Value (US$’m)4.5

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