All eyes will be on the Safaricom share price as the market gears up to release the telco’s 2020/21 half-year financial results this Monday, 9th November, 2020.
Capitalized at more than KSh 1.25 trillion, Safaricom is a prime mover at the Nairobi Securities Exchange (NSE).
When the bourse closed out on Friday last week, Safaricom was the second most active counter moving 41.8 million shares valued at KSh 1.3 billion, representing 41.60% of the week’s total traded value.
The share price of Safaricom was up 1.46% to close last week at KSh31.30. Financial experts, including Citibank, have already projected a drop in Safaricom’s earnings due to the negative effects of COVID-19 on incomes and businesses.
Increased activity on Safaricom and key bank stocks lifted Market Capitalization at the NSE by 0.92% to KSh 2.17 Trillion by the close of trading on Friday last week. This is compared to the previous week’s closing valuation of KSh 2.15 trillion.
This increased market capitalization is attributed to an appreciation in prices of key banking stocks and increased activity on the Safaricom counter.
The benchmark NSE All-share index (NASI) gained 1.28 points or 0.91% to close last week’s trading at 141.32 points. This represented a 4-week gain of 1.22% but an overall year-to-date decline in the performance of 15.08%.
The NSE 20 share index slid 14.14 points or 0.79% to close Friday 6th November at 1,769.54 points, while the NSE25 share index added 29.54 points or 0.93% from the previous week’s close to stand at 3,200.41.
The NSE 20 and the NSE25 share indices have shed up to 33.34% and 21.95% respectively in year to date performance.
The banking sector was the most active sector during last week, with shares worth KSh1.3 billion transacted, accounting for 43.30% of the week’s traded value.
KCB Group share price was down 1.25% to close last week at KSh35.60 from KSh36.05 registered the previous week.
KCB moved shares valued at KSh891 million. Equity Group Holdings was up 3.24% to close the week at KSh35.00, with 11 million shares valued at KSh386 million traded.
ALSO READ: Safaricom Net Earnings Rise 19.5% to KSh 74.7 Billion
