Safaricom share price jumped 5.6 per cent on Wednesday to touch a new record high of Sh28.25 each.
This came as foreign investors rushed back to the Nairobi Securities Exchange (NSE) after political tension in the country showed signs of calming down.
The telecom giant – which is also the most capitalised company on the NSE – was the main beneficiary of foreign buy, with analysts expecting it to rally further if interest from foreign buyers continues in coming days.
“We’ve seen a lot of interest from foreign buyers in the last few sessions. This is expected to continue as the market recovers from the election slump,” said Stella Wambugu, a dealer at Standard Investment Bank (SIB).
It seems the authors of the resistance didn't factor the effect of those resisting the resistance.
Would love to see airtel numbers, the supposed beneficiaries of the resistance might actually be worse off.