Airtel Investors Lose N609 Billion Again In Today’s Trading

The SWOOTs capitalization closed negative at the end of the trading session.

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Market breadth closed negative as UCAP led 15 gainers, and 18 Losers topped by AIRTELAFRI at the end of today’s session.

On a sectoral level, 2 of the 5 major indices of the Nigerian Exchange closed negative with NGX Insurance and Consumer goods indices down 1.18 and 0.06% respectively while the NGX banking index grew by 0.87%. Also, NGX Oil and Gas as well as Industrial remained unchanged.

Airtel Investors Lose N609 Billion Again In Today’s Trading

Like many other stocks, the market sentiment for the telecom firm has been low amidst buy-interests and sell-offs. The bears have been dominating trade proceedings due to uncertainty resulting from the 2023 general election, a recent interest rate hike, and rising inflation.

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Speaking to Nairametrics on why Airtel’s stock price has been on a free fall, the Executive Vice Chairman of Hicap Securities Limited, Mr David Adonri, said the stock price is very high and adjusting to the current bearish reality of the market.

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