Airtel Africa buys back 486,754 shares from Citigroup at LSE as NGX All-Share Index opens weak, sheds 4bps

Airtel Africa has said that it has purchased an additional 486,754 of its ordinary shares on the London Stock Exchange from Citigroup Global Markets Limited as part of its share buy- back programme. This purchase brings the total number of shares bought back to 21,968,570 at a volume weighted average price of £107.65 per ordinary share. Meanwhile, opening the quarter, the Nigerian equities ended today’s session 4bps weaker, to close the benchmark index at 100,020.83 points. The market’s performance was primarily driven by selloffs in ZENITHBANK, UBA and TRANSCORP despite investors interest in GTCO (+0.33%), FBNH and ACCESSCORP (+0.26%). Consequently, the year-to-date (YTD) return fell to 38.28%, while the market capitalisation shed ₦20.74bn to close at ₦56.58trn.
With regards to market analysis, turnover settled lower relative to the previous session with the value of transactions moderating by 62.44%. A total of 274.68m shares valued at ₦3.71bn were exchanged in 10,112 deals. UCAP (+6.79%) led the volume and value chart with 26.64m units traded in deals worth ₦737.25bn. Market breadth closed negative at a 0.70-to-1 ratio with declining issues outnumbering advancing ones. ETRANZACT (-10.00%) led twenty-six (26) others on the laggard’s table, while LINKASSURE (+10.00%) topped eighteen (18) others on the gainer’s log.

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