Safaricom IPO Day 30: Deals 1,297, Turnover Kshs. 257.9 million [$3.9 million] Average 6.23 High 6.60 Low 5.95 Last 6.20 Volume 41.4 million shares. Feels and smells like a bear raid. [Commentary and data from Rich.co.ke – NSE data vendor, with Free real time prices between 0930 -1500]
– What is the role of Morgan Stanley in the price of Safaricom?
– How about a reverse stock split of Safaricom to weed out 2/3 of the unhappy 800,000 shareholders and get a manageable share register?
End of day update – Turnover Kshs. 450.4 million ($6.92 m), Average 6.20 High 6.60 Low 5.95 Volume 72.5 million shares. Rich.co.ke commentary; A very weak session. The article in Business Daily, a large trade on the prompt board at 6.20 all pushed this market over. It was all so fortuitous and coincidental to be quite remarkable. The price is undervalued here by a wide margin.