Safaricom hits all-time high on demand by local buyers

Safaricom’s share capped a good week with its highest average price ever of Sh16.60 a share, driven by local investor buying as foreigners provided the supply.

The share touched its all-time high price of Sh17.50 in last Friday’s trading session, which briefly took the company’s worth to Sh700 billion. It was valued at Sh665 billion by the close of trading.

Safaricom opened the week at Sh15.85 a share.

KCB was the most traded counter during the week, moving shares worth over Sh970 million.

“Of the top movers, Safaricom was the best performing having touched an all-time high of Sh17.50. The telco is up 18.1 per cent in the year to date,” said Standard Investment Bank in a market summary for the week.

Winners and gainers

The leading gainer was CIC Insurance, which was up 12.4 per cent week on week to Sh9.95, followed by Uchumi which gained eight per cent to Sh10.85.

Centum closed the week higher by 6.8 per cent after gaining last Friday on the news that the investment company has reached an agreement with REA Trading over the takeover bids of fellow listed firm Rea Vipingo.

Sameer was the leading decliner for the week, down 11.7 per cent to Sh5.65. KenGen followed in second shedding 10.4 per cent to end the week at Sh9.95 a share, while Mumias Sugar shed 10 per cent to Sh2.25 on the news that Kenya Power is seeking to freeze the sugar miller’s assets over a Sh1.1 billion electricity bill demand.

The NSE 20-share index declined for the fourth week in a row, shedding 62 points to 5242, while the All-Share Index was up by two points to 174.

This week attention will be Britam, Barclays and Bamburi as they close their books for dividends, while I&M Bank will announce full year results.