Equities Market Update – Week Ending 25th July 2025

The Kenyan equities market closed the week on a positive note, with all key indices posting gains:

• NASI: +1.6% (YTD: +28.1%)
• NSE 25: +1.6% (YTD: +23.2%)
• NSE 10: +1.5% (YTD: +18.7%)
• NSE 20: +1.4% (YTD: +18.2%)

🔹 Top Performers:
Large-cap stocks that drove the gains included BAT Kenya (+4.6%), KCB Group (+2.8%), and NCBA Group (+2.8%).

🔻 Lagging Stocks:
Losses were registered by DTB-K (-1.6%), Co-operative Bank (-0.6%), and Absa Bank (-0.3%).

📊 Market Activity:

• Turnover increased by 12.1% to USD 20.2 mn from the previous week’s USD 18.0 mn, bringing the YTD turnover to USD 501.2 mn.
• Foreign investors remained net sellers for the second consecutive week, with a net outflow of USD 2.8 mn, raising the YTD foreign net selling position to USD 32.0 mn.

🔍 Corporate Highlights

BAT Kenya H1’2025 Results

• Profit After Tax surged 39.7% to Kshs 3.0 bn, driven by:
  • A 5.5% drop in cost of sales.
  • A shift from Kshs 0.7 bn finance cost in H1’2024 to Kshs 0.1 bn finance income in H1’2025.
  • Marginal 0.1% net revenue growth.
• Declared an interim dividend of Kshs 10.0 per share, doubling from Kshs 5.0 in H1’2024.
• EPS rose by 39.7% to Kshs 29.8.

NSE Listings Update

1. Shri Krishana Overseas Ltd (SKL)
   • Listed on the NSE SME segment on 24th July — the first new listing since 2020.
   • Listed 50.5 mn shares at Kshs 5.90, with 8.7 mn floated publicly.
   • Share price closed the week at Kshs 5.92, up 0.3%.
   • Offers packaging and affordable footwear solutions across sectors.
2. Satrix MSCI World Feeder ETF
   • Listed on 16th July, it’s Kenya’s first equity-based ETF, tracking global stocks from 23 emerging markets.
   • Traded in Kenyan Shillings, protecting investors from currency risk.
3. Linzi FinCo 003 IABS
   • A Kshs 44.9 bn infrastructure bond to fund Talanta Sports City.
   • Offers a 15.04% annual return over 15 years.
   • Backed by receivables from the Sports, Arts and Social Development Fund (SASDF).
   • Adds to Linzi’s suite of alternative, tax-efficient securities alongside its Shariah-compliant Sukuk bond (issued May 2024).

💡 Key Takeaway:
Market activity remains upbeat with fresh listings and strong half-year earnings helping to sustain momentum. However, continued foreign outflows reflect cautious sentiment amid mixed macroeconomic signals.