Safaricom trades over 2 million shares to close week as top mover

Safaricom trades over 2 million shares to close week as top mover

Kenya’s giant telco Safaricom, closed the day as a top mover on the Nairobi Securities Exchange (NSE) when it traded 2,299,500 shares valued at Ksh.993,384.

The telco created value worth Ksh.664 billion for the Kenyan society in the last financial year 2020/2021.

According to the latest Safaricom’s sustainable business report, it contributed Ksh.557.1 billion to the economy in the period under review, representing 5.2 percent of Kenya’s total output or Gross Domestic Product (GDP).

Safaricom was followed by Equity Group Holdings which closed the day moving more than 400,000 shares valued at Ksh.229,111,850.

WPP Scangroup moved nearly 700,000 shares, followed by Kenya Power at over 540,000 shares whereas Longhorn Publishers came in close at 514,000 shares.

On Friday, Longhorn made its rating public after it was rated by Metropol Corporation.

Longhorn whose commercial paper was valued at Ksh.1 billion attained a rating and challenged other companies to embrace publishing ratings to woo investors.

Companies and businesses have been urged to adopt ratings in an effort to boost investor confidence as they seek long-term financing to drive their recovery efforts.

Metropol Corporation General Managing Director Sam Omukoko said the corporation is in discussion with the Capital Markets Authority (CMA) to encourage issuers to have their securities rated to provide more transparency in the market.

On to the day’s top gainers, Egaads led the day to edge up 6.92 percent when it trade at Ksh.13.90 per share.

It was followed by Olympia Capital Holdings, which rose by 6.38 percent, trading at Ksh.2 per share.

Eveready East Africa Limited gained 5.17 percent while Sameer Africa went up 4.91 percent.

TPS East Africa Limited ended the day 4.23 percent higher to close at Ksh.16 per share.

This even as Trans-century Plc’s stocks crashed to trade Ksh.1.27 per share compared to Ksh.1.3 previous market value.

Also Read:

  1. NMG completes share buyback programme to 17.1 million shares
  2. Unga Group records Ksh.293.4 million profit jump compared to Ksh.66.1 million profit in 2020
  3. Safaricom’s impact on society valued at Ksh.664 billion

It was followed by WPP Scangroup, which dropped 5.13 percent to close at Ksh.4.90 per share.

British Oxygen Company shed 4.23 percent to close at Ksh.68.

Nation Media Group Plc  was 1.15 percent down, while Express Kenya Limited shed 1.35 percent to close at Ksh.4.39.

On September 29, NMG  completed a share buyback program which saw the group buying back 17,101,352 million of its ordinary shares at the Nairobi Securities Exchange(NSE).

The completion of the programme represented an 82.25 percent performance. It began on June 28 this year, ended on September 24.

The media house was targeting to buy back 10 percent of its issued shares equivalent to 20,739,652 million at a price of Ksh.25 per ordinary share.

Buyback is a corporate action in which a company buys back its shares from the existing shareholders usually at a price higher than the market price. When it buys back, the number of shares outstanding in the market reduces.

Sam Omukoko; Busines
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