Airtel Africa Plc has successfully joined the Nigerian Stock Exchange through Cross Border Secondary Listing of 3,758,151,504 ordinary shares.
The shares listed at an offer price of N363 per ordinary share on the NSE.
According to a statement issued by the Stock Exchange on Tuesday, the listing of the Company’s shares has added N1.36 trillion to its market capitalisation, further deepening the Nigerian capital market.
“It will also increase the visibility of Airtel Africa to investors on the continent and across the globe,” the statement added.
Oscar N. Onyema, OON, Chief Executive Officer, NSE, commended Airtel Africa Plc for taking the bold step to list on the Exchange.
“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular. It also indicates the firm’s belief that our platform, which has a total market capitalisation of N25.20 trillion across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth. This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story”.
“Today’s listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and The Nigerian Stock Exchange. This gives credence to the successful partnership between the two exchanges. I encourage similarly situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.
Despite losses in bellwether stocks at Tuesday's trading, the stock market closed positive due to Airtel's entrance. The telco company gained 10%, Nigerian Breweries gained 0.8% and Dangote Flour with a 1.8% gain.
The local bourse sustained its bullish run, appreciating 0.1% to settle at 29,318.85. Market capitalisation increased by N1.4 billion to N14.3 trillion while YTD loss moderated to 6.7 %.
Similarly, activity level strengthened as volume and value traded inched up by 36.1% and 41.8% to 294.4m units and N3.2bn respectively. CORNERST (80.1m units), ZENITH (48.5m units) and GUARANTY (29.8m units) were the top traded by volume while ZENITH (N922.8m), GUARANTY (N840.9m) and MTNN (N491.7m) led the top trades by value.
Analysts at Afrinvest believes the market will remain on bearish run for the week.
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