Following persistent sell pressure on the equity, Airtel Africa Plc, one of the largest telecom companies listed on the Nigerian Exchange (NGX), posted a loss of N752 billion at the conclusion of weekly trading to place among the top losers of the week.
The stock price of the telecom company fell by 10% to N1,800 per share; from N2000 at the start of the trading week.
The analysts argued that pre-election year concerns and worries of deleterious move to inflation will probably limit the severity of monetary modifications made at the official market in the present year; while making comments on the state of the economy in their 2022 mid-year outlook.
Nigeria was largely unattractive to foreign capital providers in H1’22, mirroring a pattern seen in emerging and frontier markets. They blamed the attitude on geopolitical unpredictability and hawkish statements made by international central banks.