Algeria, November 23, 2017

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Kenyan Telco Safaricom Sees Stock Price Rise Over 45% in 2017

Kenya and East Africa’s leading telco Safaricom saw its share price jump 5.6 percent on Wednesday, hitting a new record high of Sh28.25 per share in the process.

The surge was largely attributed to the rapid return of foreign investors to the Kenyan capital market following a tense election period, with the country’s presidential elections canceled following claims of irregularities.

“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,” Stella Wambugu, a dealer at Standard Investment Bank (SIB), told Business Daily Africa

Since the turn of the year, Safaricom’s share price has risen 47.5 percent, more than double the average of the entire companies listed on the Nairobi Stock Exchange.

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