Safaricom Share Price Jumps to a New Record High

Safaricom share price hit a new record high on Wednesday, after it jumped 5.6 per cent to Sh28.25 per share.

The rapid increase was prompted by the return of foreign investors to the Nairobi Securities Exchange (NSE) after political upheaval in the country lowered following Monday's Supreme Court decision that upheld October 26th repeat presidential election.

Experts say that the price could jump further should foreign buyers continue to show interest in buying shares from the telecommunications firm.

“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).

Last month, opposition National Super Alliance (NASA) announced a boycott of Safaricom products, after linking the telco to an election rigging scheme that the coalition said benefited its Jubilee opponent.

Safaricom has since registered a decrease in income, but analysts blamed the fall to general market moves that are not connected to Nasa boycott call.