Just 24 hours after its cross-border listing, shares of Airtel Africa Plc lost all of N39.90 or 9.99% of its opening price of N399.30 each, as at 11 am on Thursday.
Airtel Africa closed at N359.40, below its N363 per share listing price on Wednesday (READ MORE), as the Nigerian Stock Exchange (NSE) All-Share index lost 0.97%; with the collaboration of PZ Cussons, which had lost 6.15%; and UAC Property Development Company, 10%, among others.
The market’s decline could have been worse, but for the 45 kobo or 0.35% gain by MTN Nigeria; Union Bank, 2.19%; United Bank for Africa, 0.83%.