Safaricom’s Share Price Up By 10.17 Percent To Ksh 32.95

As other shares at the Nairobi Securities Exchange continue to feel the heat of the Covid-19 pandemic on their returns, giant telecommunications company, Safaricom, seems to be having a field days with its share sailing through.

According to data contained on the Business Daily, Safaricom share has gained 10.17 percent, an equivalent of 3 shillings from October 6 to close trading at 32.95 shillings per share adding 120 billion shillings on its market value to take it to 1. 32 trillion shillings.

Other stocks at the Nairobi Securities Exchange (NSE) have shed 19.7 billion shillings, cementing Safaricom’s dominance at the Nairobi bourse from 55.94 percent on October 6. The company continues to capitalize on massive innovations.

Safaricom now accounts for 58.79 percent of combined investor wealth at the Nairobi Securities Exchange with weeks of steady rise in its share price. On Wednesday, the share price of the telco stood at 32.95 shillings, a 2.01 percent gain.

On Wednesday, Safaricom continued dominating the Nairobi Securities Exchange (NSE) as the top mover selling 13.89 million shares with a market capitalization of 1.32 trillion shillings.

Safaricom has continued to bank on various innovations that have been bringing in revenue, making it one of the most profitable companies within and without Kenya, and the largest revenue earner to the government of Kenya.

Last month, Safaricom CEO Mr. Peter Ndegwa made a raft of changes in the top management of Safaricom in what he says is tailored towards making him realize the dream of turning Safaricom into a tech business.

The new changes at Kenya’s giant telco will see both old and new employees change roles as Ndegwa strives to steer the telco through the set traditions of those before him such as Bob Collymore.

Mr. Ndegwa has merged the Information Technology and Network departments into one, with the head of the new unit joining the Safaricom exco. The reorganization will also see two new members, both tech-oriented join Safaricom Executive Committee (exco).