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

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