Kenya Weekly Equities Market Update | 17th April 2026

Market Performance

The Kenyan equities market recorded modest gains during the week, maintaining its upward trajectory, albeit at a slower pace compared to previous periods. The NASI and NSE 20 both gained by 0.5%, while the NSE 25 and NSE 10 rose by 0.2% and 0.1%, respectively. This performance pushed the year-to-date gains further to 14.8%, 12.5%, 11.1%, and 10.0% for the NSE 20, NSE 25, NASI, and NSE 10, respectively, reflecting continued resilience in the market.

The gains were primarily driven by selective strength in large-cap banking stocks, with Co-operative Bank, Standard Chartered, and Stanbic Bank recording notable increases of 5.2%, 4.7%, and 3.0%, respectively. However, the overall market performance was partially weighed down by declines in key large-cap counters, including KCB, EABL, and DTB-K, which fell by 2.5%, 1.0%, and 0.7%, respectively, highlighting mixed sentiment across the market.

Sector Performance & Market Activity

The banking sector continued to underpin market performance, with the banking sector index rising by 1.0% to 241.1 from 238.9 recorded in the previous week. The gains were largely supported by strong performance in Co-operative Bank, Standard Chartered, and Stanbic Bank, although partially offset by declines in KCB, DTB-K, and NCBA, indicating divergence within the sector.

Market activity improved significantly during the week, with equities turnover increasing by 95.4% to USD 41.7 mn, up from USD 21.3 mn recorded in the previous week. This brought the year-to-date turnover to USD 517.1 mn, signaling renewed trading activity and increased investor participation.

A key highlight during the week was the shift in foreign investor activity. Foreign investors turned net buyers for the first time in eleven weeks, recording a net inflow of USD 0.6 mn, compared to a net selling position of USD 7.2 mn in the previous week. Despite this positive shift, the year-to-date net position remains a net outflow of USD 78.4 mn, underscoring that foreign investor sentiment, while improving, remains cautious overall.

Overall Market Outlook

The equities market continued to show gradual upward momentum, supported by selective gains in the banking sector and improved trading activity. The return of foreign investors as net buyers, even at modest levels, is a notable development and may signal the beginning of a shift in external sentiment.

However, the mixed performance across large-cap stocks and the divergence within the banking sector suggest that the market remains selective, with investors focusing on fundamentally strong counters while remaining cautious on others.

Looking ahead, market performance is likely to be influenced by:

• Sustainability of foreign investor inflows,
• Corporate earnings and sector-specific developments, and
• Broader macroeconomic and global conditions

Overall, the market reflects a cautious but improving outlook, with strengthening participation and early signs of renewed foreign interest, while maintaining underlying resilience.

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