Safaricom rallies Kenya’s bourse from losing streak

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Safaricom CEO Bob Collymore
Safaricom CEO Bob Collymore

Kenyan mobile operator Safaricom traded 60.5 million shares Wednesday at an increased price of 0.18 U.S. dollars to rally the Nairobi Securities Exchange (NSE) from a losing streak.

Safaricom CEO Bob Collymore
Safaricom CEO Bob Collymore
The largest telecom operator in Kenya was the day’s top mover, with its large volume of shares traded helping to push up turnover to 14 million dollars on a volume of 72 million shares from 15.2 million worth 4.1 million dollars Tuesday.

The benchmark NSE 20 Share Index too rose for the second trading session in a row as it gained 7.58 points to close the day at 2,801.85.

Similarly, the All Share Index (NASI) edged up to close the day higher at 122.77 from 122.23 while the NSE 25 Share Index ended at 3,151.68 from 3,138.40.

Kenya Commercial Bank (KCB) was the day’s second top mover, trading 3.6 million shares at 0.23 dollars, a rise of some few cents.

Equity Bank came third with 3.3 million shares at unchanged price of 0.25 dollars while CFC insurance ended the day fourth with 1.3 million shares.

As other key indices, market capitalization, which measures shareholders’ wealth, similarly rose to end Wednesday at 17 billion dollars from a low of 16 billion dollars.

Analysts are optimistic that the bourse, which is at eight-year low, would recover albeit slowly and reverse the negative trend that has eroded the value of most stocks. Enditem

Source: Xinhua/NewsGhana.com.gh

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