Investors at Airtel Africa made over N358.90 billion on Wednesday after the firm’s share value hit an All-Time High, while MTN Nigeria shareholders were left without a gain this year.
Airtel Africa’s gain was triggered by a 9.09% appreciation in the equity value of the Bharti Airtel subsidiary at the end of trading. The stock previously cost N955 per share on Tuesday, but settled at N1050.5 on Wednesday.
This pulled up Airtel Africa’s market capitalisation to N3.94 trillion, moving shareholders total investment up from Tuesday’s N3.58 trillion – adding N358.90 billion to investors’ coffers, Ripples Nigeria analysis showed.
It was gathered that the surge in Airtel Africa’s market capitalisation occurred after the telco successfully sold its tower assets in Tanzania, making a fortune of $159 million for the corporation – which increased liquidity to run other operations.
SBA Communications Corporation and Paradigm Infrastructure Limited purchased the assets, and they are expected to make a second batch of payment, to bring the total acquisition fee to $176.1 million.
Meanwhile, during the same day, MTN Nigeria shareholders left the capital market empty handed, as the y’ello stock traded flat for the second day in a row since resuming from the new year break.
This means investors of the MTN Nigeria equity haven’t made a gain this year, and their investment remains in the position it was by December 31, 2021, as stock prices stagnated at N197 per share, while total shareholders’ investment was stuck at N4 trillion.
Airtel Africa’s gain shrank the space between it and MTN on the most capitalised companies in the Nigerian Exchange Group, with N61.90 billion [representing 1.5% difference] separating both network provider.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...