Airtel Africa slumps after share placing

Airtel Africa tumbled on Tuesday after an institutional investor sold 60 million shares in the telecommunications provider in a placing.

The shares, which represent a stake of around 1.6%, were sold at 80p each in a placing conducted through an accelerated bookbuild.

JP Morgan acted as sole bookrunner.

At 0840 GMT, the shares were down 20% at 73.80p.