Safaricom is optimistic about its performance at the Nairobi Securities Exchange, even after the imposition of tax on internet and mobile money transfers. The giant telco lost more than Sh70 billion during Friday’s closing bell at the NSE with its share price closing at a 10-month low of Sh24.00. The firm projects its share price will jump back to Sh27.20 with expected share price return at 9.9 per cent and dividend yield is projected at 4.4 per cent. The new law will see an increase in mobile phone transaction excise duty from 10 to 20 per cent. The firm also believes smaller industry players will either resort to consolidation or exiting the market.

Source: The Star September 23, 2018 20:26 UTC