Safaricom House.[ Photo/The Star]
Safaricom Limited shares at the Nairobi Securities Exchange (NSE) proved resilient against boycott calls by NASA and the political uncertainty to post a record high of 5.6pc high to trade at sh. 28.25 on Wednesday afternoon.
According to the Business Daily, a dealer at the Standard Investment Bank (SIB) Stella Wambugu said that they attribute the rise of Safaricom share price to the increase of foreign investors on the Nairobi bourse.
"We have seen alot of interest from foreign buyers in the last few sessions," Wambugu told The Business Daily in an interview.
In addition, Mrs Wambugu said that the trend is expected to continue after the political tension has calmed down as more investors gain confidence in the market..
"This trend is expected to continue as the market recovers from the election slump, " she added as quoted by The Business Daily.
The telecommunications service provider is the most calitalized company on the NSE . Recently it saw it's share prices go down after the opposition coalition NASA urged it's supporters to boycott the entitentity's products.
However analysts said that the sudden reduction in prices was as a result of market reorganisation and not as a result of NASA threats.