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HomeEconomyCorporateSafaricom trades over 9 million shares to start week as top mover

Safaricom trades over 9 million shares to start week as top mover

Safaricom trades over 9 million shares to start week as top mover

Safaricom Plc started off the week on a right path when it traded over nine million shares to emerge as the day’s biggest mover on the Nairobi Securities Exchange (NSE).

The telco was subdued Friday last week by Sasini which emerged biggest mover, when it traded over nine million shares, beating Safaricom by three million shares.

Sasini is one of Kenya’s major tea and coffee producers, and is one of the country’s “Big 6” tea producers.

Safaricom was, however, trailed by Equity Group holdings which moved more than 700,000, followed by Kenya Power and lighting company at above 500,000 shares and KCB Group bagging about 270,000 shares.

Home Africa Limited , closed the day moving more than 200,000 shares.

Monday’s closing numbers on the Nairobi bourse saw Eveready East Africa lead the day’s gainers to edge up 8.89 percent to trade at Ksh.0.98.

It was followed by WPP Scangroup which rose by 6.32 percent, trading atKsh.4.88 per share.

East Africa Portland cement company limited gained 4.99 percent while Sameer Africa Plc was up by  1.79 percent.

Carbacid Investment plc ended the day with 1.79 percent higher to close at Ksh.11.4 per share.

Nonetheless, NSE shed off its stocks Monday to emerge the day’s top loser when its stocks plunged 8.46 percent.

This is despite NSE having announced its partnership with Konza Technopolis Monday.

The partnership is aimed at connecting investors with viable tech start-up businesses that are being incubated by Konza Technopolis Development Authority.   

KoTDA CEO  John Tanui said they are  focusing on creating partnerships that will help Kenyan tech start-up companies to grow into global entities.

“We look forward to more engagement with the NSE to help achieve this strategic objective,” said Tanui.

This  will enable more Kenyans to participate in the development of the Konza Technopolis.

“Real Estate Investment Trusts (REITS) are among the funding models KoTDA is considering to tap into as we engage the NSE. Our aim is to ensure that at least 90 percent of the investment in Konza Technopolis is derived from the private sector.”

The Authority is also evaluating the funding models that can be created in partnership with the NSE to support Kenyan tech start-ups to raise capital.

Other listed company that shed stocks was Trans-Century which dropped 7.97 percent to close at Ksh.1.27 cents per share. Nation Media Group also shed 7.13 percent to close at about Ksh.20.2 cents.

Last company on the losing side was East Africa Cables limited  having traded 6.94  percent down, while Sasini shares plummeted 5.71 percent to close at Ksh.19.8 cents.

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