In the first quarter (Q1) of 2023, stock market investors snubbed Airtel Africa for its market rival, MTN, as the telecommunications company battled for Domestic and Foreign Portfolio Investments.

During the period between January to March, portfolio investors reduced their investments in Airtel Africa, leading to shareholders of the firm suffering -18.58 per cent decline in their investments held within the telco.

Airtel’s shares plummeted in value to N1,331.1 kobo as of Thursday, from N1,635 it opened the year with, on the back of low demand from portfolio investors.

As a result, shareholders of Airtel Africa lost a whopping N1.14 trillion in their total investment in the company.

Also, Airtel Africa’s market valuation slumped to N5 trillion, from N6.14 trillion, as investor apathy gripped the network provider.

Meanwhile, MTN Nigeria gained from the exit of portfolio investors in Airtel Africa, as demand for the y’ello shares soared in the equity market.

Available report revealed that as investors in Airtel Africa lost N1.14 trillion year-to-date, MTN Nigeria’s shareholders recorded N508.86 billion gain in their investments.

The value of their investments in MTN Nigeria grew by 11.62 per cent after renewed interests in the telco drove the firm’s share price up to N240 from N215 it started with in January.

The gain pushed MTN Nigeria’s valuation in the stock market to N4.88 trillion from N4.37 trillion.