Safaricom Ltd (NSE:SCOM) shares rally up 0.29%
Shares of Safaricom Ltd (NSE:SCOM) gained 0.29% or 5 cents on Friday to close the day at Sh17.35. The shares closed at Sh17.30 on the previous day. During Friday’s session, shares of Safaricom toughed a high of Sh17.40 and dipped to a low of Sh17.15. More than 5 million shares of Safaricom changed hands on Friday, leading to a day turnover of Sh87.43 million.
What produced the movement?
Safaricom Ltd (NSE:SCOM) shares have trended upward in the recent days after the company posted better than expected earnings in FY2016.
Safaricom financials for FY2016:
• Revenue increased 19.9% to Sh195.7 billion.
• Net income rose 19.6% to Sh38.1 billion and topped the guidance of Sh36 billion.
• Total subscribers increased 7.8% 25.2 million.
• Safaricom is looking for EBITDA of Sh92 billion in FY2017.
Mumias Sugar Company Ltd (NSE:MSC) shares pull back 3.45%
Investors in Mumias Sugar Company Ltd (NSE:MSC) headed for the exit door on Friday, triggering a 3.45% pullback in the share price at closing bell. With that, shares in Mumias sugar finished the Friday’s session at Sh1.40, down from Sh1.45 at Thursday’s closing. Friday’s action saw Mumias shares reach a session high of Sh1.45 and a low of Sh1.40. Mumias shares have rallied between Sh1.30 and Sh2.50 over the last 52 weeks. The selloff in Mumias Sugar Company Ltd (NSE:MSC) saw 2 million shares valued at Sh2.84 million traded on Friday, making the stock one of the day’s movers alongside Safaricom. Mumias’ swelling losses and shrinking revenues explain the investor dissatisfaction with the stock that has triggered selloff in the recent months.
FY2015 financials:
• Revenue of Sh5.53 billion for FY2015 declined sharply from Sh13.1 billion in the previous year.
• Net loss of Sh4.64 billion nearly doubled from a net loss of Sh2.71 billion in FY2014.
• EPS loss of Sh3.04 in FY2016 nearly tripled from EPS loss of Sh1.77 in FY2014.
Centum Investment Company Ltd (NSE:ICDC) gains 4.32%
Centum Investment Company Ltd (NSE:ICDC) shares gained 4.32% to close at Sh42.25 on Friday, up from Thursday’s closing of Sh40.50. The shares touched a session high of Sh43.00 and a low of Sh42.00 on Friday. Some 196,200 shares of Centum were traded on the day, yielding a turnover of Sh8.30 million. Shares of Centum have traded in the range of Sh38.75 to Sh66.50 over the last 52 weeks.
The Friday’s movement in Centum Investment Company Ltd (NSE:ICDC) shares can be attributed to the firm’s recent investment in publisher Longhorn Kenya Ltd (NSE:LKL). Centum recently doubled its stake in Longhorn to 60% by taking advantage of the publisher’s rights issue offering.
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