Safaricom PLC’s share price touched Sh31.00 on Thursday, setting a new 52-week high and extending a recovery that has more than doubled its market value in less than a year.

The stock had slumped to Sh14.10 on November 27, 2024, before staging the dramatic rebound.

Data from the Nairobi Securities Exchange (NSE) shows that the counter opened the day at Sh30.50, dipped to Sh29.80, and later climbed to Sh31.00 during intra-day trading.

It had closed at Sh30.10 the previous session.

The 101.34 per cent surge over the past year has caught the attention of investors and analysts alike, with many pointing to renewed confidence in the company’s prospects.

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According to market watchers, the development reflects strong investor interest in Safaricom, a firm long regarded as a pillar of the bourse and one of the most closely watched counters.

The rally has not only revived Safaricom’s position at the exchange but has also reaffirmed its weight in shaping investor sentiment across the market.