Safaricom remains the most valued quoted entity on the NSE. Photo/FILE
Kenya’s leading telecommunications firm Safaricom’s share fell to an average price of Sh13.20 at the end of last week from its peak of Sh13.40 as foreign investors cashed in.
On Tuesday, the firm reached its highest price since being listed on the Nairobi Securities Exchange (NSE) nearly six years ago bringing its market capitalisation to Sh536 billion.
As the price fell to Sh13.20 in the last two days of the past week, the market cap fell to Sh528 billion, remaining the most valued quoted entity on the NSE.
Outflows
Net dollar outflows from the counter was Sh66 million as foreign investors took advantage of the higher price to exit at a profit, suggesting sentiment was against the price rising higher soon. The outflow for the previous week was Sh121 million.
“Despite hitting a record high of Sh13.30, Safaricom registered the highest net outflows $0.76 million down from $1.39 million the previous week,” said a report to clients from the Standard Investment Bank (SIB).
CfC Stanbic was second with net outflows of Sh32 million ($0.37 million) as it hit an all-time high of Sh121.00 a share during the week, a rise of 11 per cent over the previous week.
The top decliner in the week was TransCentury at 8.3 per cent following a profit warning that its profit would fall by more than 25 per cent this year. Analysts at SIB said the company would probably make a loss.
However, foreign investors were overall buyers in the entire market with SIB showing a net inflow of Sh558 million or $6.43 billion into the NSE in the course of the week.
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