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[January 26, 2014]
Safaricom nears Sh500bn valuation after share gain [Business Daily (Kenya)]
(Business Daily (Kenya) Via Acquire Media NewsEdge) Safaricom edged closer to Sh500 billion market valuation on Friday as the share gained 3.3 per cent to hit an average of Sh12.45.
The market capitalisation of the telecoms firm stood at Sh498.6 billion as the Nairobi Securities Exchange-listed company traded slightly more than 16 million shares.
The share also hit a new record price of Sh12.80 in the intra-day trading. The lowest price traded last Friday was Sh12.20. In the past 12 months the lowest price has been Sh5.20.
"As the week closed, Safaricom climbed another 3.3 per cent to Sh12.50, touching an all-time high of Sh12.80 during the day on both domestic and international demand," said Standard Investment Bank analysts in a note to clients.
SIB said the market was trending higher during the session on improved demand.
"Together with EABL, the two large caps accounted for 57.1 per cent of volumes," said SIB.
Agricultural firms were heading higher during the session leading on the gainers list as Kapchorua and Williamson Tea notched up 9.5 per cent and 7.4 per cent respectively for the two related companies but on generally thin volumes, said SIB.
"The tea companies are likely to have a weak financial year 2013 because of lower commodity prices," said the SIB analysts.
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