Safaricom’s investor wealth at the Nairobi Securities Exchange (NSE) has hit a new record of 60.2 percent, amid the economic challenges posed by the Covid-19 pandemic.
Despite an economic drag-down caused by Covid-19, the price of Safaricom shares at the bourse remained relatively strong since March 2020, when the first case of Covid-19 was confirmed in the country.
Safaricom closed Monday’s trading at Ksh1.45 trillion, rising its valuation by Sh84 billion since the year started.
The giant telco remained in an upward trajectory in 2020, closing with a 58.7 percent rise of share of wealth on the NSE as of December 31, 2020.
Safaricom’s share price closed at Ksh36.35 as at Monday, a 6.13 percent hike in year.
According to AIB-AXYS Africa Capital data, foreign investors bought Ksh2.098 billion worth of Safaricom shares in the first two weeks of 2021.
This came at a time it was reported that foreign investors were dumping their share investments at the NSE, due to depreciating share values for different companies listed at the bourse.
The NSE total market capitalisation is now at Ksh2.42 trillion.
Between April and December 2020, the government had zero-rated mobile money transactions of Ksh1,000 and below, leading to a dip of M-Pesa revenue by 14.5 percent to Ksh35.89 billion. This is despite the transaction volumes growing by 14.9 percent to 5.12 billion in the half year ended September.