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Airtel shareholders lose N676 billion in one day trading

Airtel emerges sole bidder for 3.5GHz spectrum licence as Ecobank gets a fine

Investors of Airtel Africa Plc, one of the major telecommunications companies quoted on the Nigerian Exchange Plc (NGX), recorded a loss of N676 billion at the end of today’s trading to rank top on the losers’ chart. This followed sustained sell pressure witnessed on the stock. 

Checks by Nairametrics showed that the telecom stock dropped by 10% to close at N1,620 per share from N1,800. 

The market sentiment for the telecom firm has remained very low amidst buy-interests and sell-offs, as bears dominated proceedings during the period under review following the build-up to the 2023 general election, interest rate hike, and rising inflation. 

The NGX-All Share Index dropped by 1,203.09 basis points or 2.53% to close at 46.365.95 index points from 47,569.04 points. 

The market breadth, however, closed positive with 14 gainers, led by PZ Cussons, which grew by 9.52% to close at N9.20. On the flip side, there were 5 losers led by Airtel Africa Plc.

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