High Court Halts Safaricom Share Sale as Stock Climbs Amid Market Shock from Fuel Price Hike

The High Court has halted the proposed sale of a 15 percent government stake in Safaricom Plc, injecting fresh uncertainty into one of Kenya’s most significant capital markets transactions. The ruling comes as the telecom giant’s shares experienced sharp intraday volatility, initially falling on fuel price shock concerns before rebounding to close higher, underscoring a market increasingly sensitive to both legal developments and macroeconomic pressures.