Safaricom Shares Bounce Back 30% In 2 Weeks
KEY POINTS
Safaricom's share price hit 23 shillings on June 27 but rejuvenated to hit 30 shillings when the markets closed on Wednesday 12, July 2022.
The current share price of Safaricom Plc (SCOM) is 30 shillings. SCOM closed its last trading day (Tuesday, July 12, 2022) at 30 shillings per share on the Nairobi Securities Exchange (NSE), recording a 4.6 percent gain over its previous closing price of 28.20 shillings.
Those who were scared that Safaricom shares were approaching a point of no return will have to relax after the shares bounced back, rising 30 percent in a period of two weeks. The share price had been on a downward fall sending shivers down the spines of investors.
Safaricom’s share price hit 23 shillings on June 27 but rejuvenated to hit 30 shillings when the markets closed on Wednesday 12, July 2022. With the share price back to the 30-shilling mark, those who had bought into must be having a good day.
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The current share price of Safaricom Plc (SCOM) is 30 shillings. SCOM closed its last trading day (Tuesday, July 12, 2022) at 30 shillings per share on the Nairobi Securities Exchange (NSE), recording a 4.6 percent gain over its previous closing price of 28.20 shillings.
The stock market had gone into a panic when foreign investors started taking off as the country heads into the general elections. The investors have been selling their shares to invest in safer assets such as gold, a move that hit the stocks hard.
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At the same time, total equity turnover dropped by 3.58 percent to close at USD 3.09 MN (KES 364.81 MN) compared to Friday’s turnover of USD 3.20 MN (KES 378.33 MN). NSE 20 shed 0.36 percent to close at 1,685.90 while NASI rose by 2.26 percent to close at 138.45.
Foreign investors assumed a net selling position by accounting for 50.41 percent of total market purchases and 50.78 percent of total market sales.
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