Shares of Safaricom hit a new high of Ksh 30:00 in Wednesday’s trade and outperformed the market on a strong business outlook.
Safaricom closed trading at Ksh 30.00 per share on the Nairobi Securities Exchange (NSE), recording a 1.7 per cent gain over its previous closing price of Ksh 29.50.
The rise is attributed to the new buying wave, staging one of the most significant recoveries in the past two weeks.
The telco was the day’s main feature, with 6 million shares valued at Ksh 181 million changing hands between Ksh 29.95 and Ksh 30.50, representing 77.18 per cent of the day’s traded value.
“Safaricom began the year with a share price of Ksh 37.95 but has since lost 21% off that price valuation, ranking it 54th on the NSE in terms of year-to-date performance. Shareholders’ fears may be allayed by the 14% increase of SCOM share price since June 14th, which is the sixth best on NSE,”
Analysts maintain a buy recommendation for the stock.
AIB-AXYS Africa says, “We maintain our buy recommendation given that the company is constantly innovating and creating new products in the market.”
