Airtel Africa Investors Loses N556Billion In A Day Trading

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One of the major telecommunication, Airtel Africa Investors quoted on the Nigerian Exchange Group plc(NGX), recorded a loss of about N556 billion at the end of Wednesday selling's trading session as the domestics bourse remained under sell pressure.

Airtel African Investor extended period its loss for the fourth consecutive session as the benchmark index closed the trading day at 53,018.97 points.

According to Airtel Investor, the telecom stock dropped by a maximum of 10% to close at N1, 331.10 percent shares from N1,479.00 which was the opening figure recorded in the previous day's trading.

Further revealed that Airtel Africa closed the trading at N5.002 trillion in market capitalization on the Nigerian Exchange(NGX), as against N5.558 trillion when the day's trading activities began, still has earned a loss of N556 billion.

The decline in share price can be attributed to Investors' low sentiment. Trading activities on the floor of the Nigerian Exchange Limited closed the day's trading on a Negative trajectory as the benchmark index closed dropped by 1.88 to close at 53,018.97 points the lowest since 30th January.

According to the analyst, the decline puts the index on track for another week's loss, the weak performance was driven by the selloff in index heavyweight telecom, Airtel Africa plc with a loss of -10.00%.

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