Safaricom sell-off offers entry point for local investors

Safaricom PLC headquarters in Westlands, Nairobi. PHOTO | DENNIS ONSONGO | NMG

Safaricom stock has lost 46 percent since peaking in August 2021. But it’s all part of a global trend that has seen global markets retreat since the beginning of the year, partly on elevated geo-political and central bank risks.

Central banks across the Mediterranean and the Atlantic worried about the risk of price instability have begun raising rates. Additionally, foreign portfolio outflows out of equity markets that typically precede election cycles in Kenya continues to print.

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