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Wednesday, January 19, 2022

Shares of Airtel Africa hit all-time high, lifts NGX index

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Shares of Airtel Africa hit an all-time high on Wednesday, lifting Nigeria’s main stock index, after the mobile phone company said it will use proceeds of a tower sale to reduce debt.

Airtel, the third-biggest listed firm in Nigeria, with a dual listing in London, gained the maximum 10 percent allowed to N1,050.50 compared with N955 the previously.

The All Share Index (ASI) increased by 0.73 percent to close at 43,026.23 points while the market cap of equities listed on the NGX increased to N23.184 trillion from N22.297 trillion the previous close.

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total volume traded closed with an exchange of 216.651 million units valued at N1.52 billion traded in 4,080 deals. However, the market breadth was negative with 18 gainers as against 27 losers.

Airtel Africa, with a presence in 14 African countries, announced the first closing of the transaction to sell its tower assets in Tanzania to a joint venture company for $176.1 million.

Around $60 million from the proceeds will be used to invest in network and sales infrastructure in Tanzania with the balance used to reduce debt at group level.

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