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Airtel Africa displaces MTN Nigeria as most capitalised telco, as y’ello shareholders lose N234.07bn

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Airtel Africa displaced its rival, MTN Nigeria, as the second most capitalised company and the largest telecommunications firm in the Nigerian capital market on Monday.

MTN Nigeria had opened the year ahead of Airtel, taking position behind Dangote Cement, which was the most valuable company on the Nigerian Exchange Group (NGX) with N4.43 trillion.

However, following Monday’s trading in the bourse, the capital market priced MTN Nigeria’s stock low at N185.5kobo per share, below the N197 the y’ello network opened the exchange with.

This plummeted shareholders total investment in MTN Nigeria by 5.83%, knocking the market capitalisation of the firm to N3.77 trillion, against last week Friday’s N4 trillion.

Read also: Airtel Africa shares hit All Time High; MTN shareholders left empty-handed

MTN Nigeria shareholders lost N234.07 billion during the eight hours of trading, creating an opening for Airtel to leapfrog the Karl Toriola-led company despite trading flat.

Airtel’s share didn’t appreciate nor depreciate on Monday, ending the bourse at N1050.5kobo, the same value shareholders of the Bharti Airtel subsidiary sold the company’s stock last week Friday.

When the current stock value is pegged to the outstanding shares, Airtel Africa boast of N3.94 trillion, thanks to the 10% share appreciation of last week Wednesday.

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