July 10 (Lagos) - Shares of Airtel Africa ( AIRTELAFRI ) declined by 9.99% today to close at N 359.40 at the Nigerian Stock Exchange in Lagos.
Shares of
MTNN gained 3% to close at N 133 per unit.
Airtel is facing very tough environment in home Country India where Jio telecom has captured a huge percentage of the market in a short period of time. The cost of data in India is among lowest in the world thanks to Jio telecoms which gives 1 GB free everyday if you buy a certain plan. Airtel is now looking at Africa to provide the next phase of growth and also recently listed on the London Stock Exchange.
The decline in shares today will worry those of bought the shares because the valuation is not yet clear as market participants wait for full information on the listing to be disclosed soon.
reporting for easykobo.com on Wednesday, July 10 2019 from Lagos, Nigeria