Airtel Loses N349.508bn As Seplat Jumps N36.483bn In 24 Hours Trading
The shares of Airtel Africa Plc fell sharply on the Nigerian Exchange Limited (NGX), leading to the depreciation of its total market capitalisation by 10 percent.
The communication giant lost N349.508 billion during Wednesday’s trading session on the stock market to close its market capitalisation at N3.145 trillion, down from N3.495 trillion.
The telco also recorded a huge loss in its share price, declining by 10 percent or N93 to close trading at N837 per share down from N930 per share, with the company’s outstanding shares remaining at 3,758,151,504.00.
Further check on its market activities shows that Airtel’s N930 per share closed price at the previous trading session was the highest it sold for the past one year, while its lowest for the same period was N328.7 Kobo per share.
However, on the flip side of the NGX trading activities, Seplat Petroleum Development Company closed trading with its profit, gaining 10 percent.
The Oil and Gas firm grew its market capitalisation by N36.483 billion or 10 percent, closing at N401.319 billion up from N364.835 billion. Its outstanding shares are put at 588,444,561.00.
Also, Seplat’s share price also rose by 10 percent, when it surged from N620 per share to N682 per share.
Seplat is a leading independent oil and natural gas producer in the prolific Niger Delta area of Nigeria. The Company’s focus is on maximising hydrocarbon production and recovery from its existing assets, acquiring and farming into new opportunities in Nigeria (specifically those which offer production, cash flow and reserve replacement potential, with a particular focus on the onshore and shallow water offshore areas) and realising the upside potential within its portfolio through exploration and appraisal activities.
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