Investors of Airtel Africa Plc have continued to count their losses as the telecom giant’s share price fell for the third consecutive day on Wednesday. The stock has now recorded a cumulative loss of N1.833 trillion.
Since the Nigerian bourse opened for weekly trading on Monday, the telecom stock has continued to slide in what market operators have described as an adjustment to the current bearish market sentiment.
Checks by Nairmetrics showed that Airtel led the losers’ chart with a maximum 10% loss over the past three days, resulting in a loss of about N676 billion on Monday, N609 billion on Tuesday, and N548 billion on Wednesday; representing a cumulative loss of N1.833 trillion.
A further look at the share movement revealed that Airtel Africa closed its last trading day (Wednesday, October 19, 2022) at a share price of N1,312.20 per share and N4.931 trillion worth of market capitalization.
On Monday, the company began the weekly trading session with a share price of N1,800 per share and a market capitalisation of N6.764 trillion.
The market sentiment for the telecoms firm has remained very low amidst buy-interests and sell-offs as bears dominated proceedings during the period under review following the build-up to 2023 the general elections, interest rate hike, and rising inflation.
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