Airtel Africa is trading at £261.60, down 4.60%, as investors focused on higher spending and exceptional charges in its half-year results.
- Reported revenue grew 28.2%, compared with 20.8% on a constant-currency basis; results also showed record margins.
- Capital expenditure more than doubled to $657 million, and exceptional charges were $55 million. The earnings-day sell-off was the clearest company-specific explanation, with global risk-off sentiment an additional backdrop.