Oct. 23 (Bloomberg) -- Safaricom Ltd., East Africa’s biggest mobile-phone operator, rose the most in two weeks as investors speculated first-half results will show a momentum in earnings is continuing.
The stock climbed 1.1 percent to 9.05 shillings by the close in Nairobi, the capital, the biggest advance since Oct. 8. About 45 million shares changed hands, equivalent to 2.8 times the three-month daily average.
“There is a lot of trading ahead of results,” Eric Musau, an analyst at Nairobi-based Standard Investment Ltd., said by phone today.
Safaricom Ltd., Kenya’s biggest company by market value, said in November net income for the six months through September 2012 almost doubled as voice and data revenues jumped. Profit surged to 7.77 billion shillings ($91.7 million) from 4.01 billion shillings a year earlier. The company is scheduled to announce its results next month.
“I estimate a growth of 30 percent” in earnings as momentum from last year continues, Musau said.
Safaricom, which is 40 percent owned by Vodafone Plc, surged 79 percent this year, the fourth-best performer on the FTSE NSE Kenya 25 Share Index, which added 36 percent.
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