The Nairobi Securities Exchange (NSE) closed the week ended February 20, 2026 with losses in all five trading sessions, marking the first full five-day decline since March 2025.
- β’The pullback followed a record-setting rally the prior week and reflected profit-taking in large caps, sustained foreign selling, and thinner liquidity.
- β’The market slipped 0.34% on Feb 16, 0.42% on Feb 17, and 0.33% on Feb 18, before accelerating lower with a 1.47% drop on Feb 19 and a further 0.62% decline on Feb 20.
- β’Over the five sessions, total market capitalization fell by KSh 107.47Bn, reversing part of the KSh 220.31Bn added the previous week, which had been the strongest weekly gain on record.
That earlier surge had pushed equities to all-time highs, with market capitalization peaking above KSh 3.4Tn and the NSE All Share Index (NASI) reaching a record 216.69. The latest pullback eased the NASI to 209.88, a 3.14% weekly decline, while still leaving the index well above historical averages.
Indices and Liquidity
All major indices closed lower. The NSE 20 slipped 0.29% to 3,622.57, the NSE 25 fell 2.62% to 5,701.79, and the NSE 10 dropped 3.51% to 2,172.95. The Banking Index declined 1.94% to 232.53, reflecting pressure in heavyweight lenders.
Equity turnover fell 20.96% week-on-week to KSh 5.81Bn, while traded volumes declined 19.55% to 181.64M shares, signalling reduced risk appetite after the prior weekβs sharp run-up. Trading remained concentrated, with Stanbic Holdings, KCB, Equity Group, Safaricom, and EABL accounting for 63.2% of total turnover.
Strong Stock Breakouts
Despite the broad market decline, 14 counters traded at or above new 52-week highs, many of which also marked multi-year or all-time highs. This divergence underscored selective positioning rather than a broad-based sell-off.
Among the standout names:
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Sasini Plc reached KSh 33.90, its highest level on record.
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ABSA Bank Kenya touched KSh 30.35, an all-time high.
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Stanbic Holdings climbed to KSh 257.50, also an all-time high.
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Shri Krishana Overseas hit KSh 11.05, a record level.
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Eaagads, Limuru Tea, Crown Paints, Kenya Power, BAT Kenya, Britam, CIC Insurance, NSE Plc, Flame Tree, and Unga Group all traded at fresh 52-week or multi-year peaks.
Top Gainers and Losers
Weekly gainers were led by Uchumi Supermarkets, which surged 37.31% to KSh 1.84, extending speculative momentum. Standard Group rose 32.85%, Eaagads gained 18.99%, CIC Insurance advanced 12.32%, and Flame Tree added 12.22%.
On the downside, Eveready dropped 19.16%, Sasini pulled back 12.44% after its sharp rally, Nation Media fell 6.69%, Express Kenya lost 6.46%, and Kenya Airways declined 5.84%.
Foreign Flows and Fixed Income
Foreign investors remained net sellers, posting a KSh 855.42M outflow for the week, deeper than the KSh 594.98M recorded previously. Offshore activity accounted for 35.9% of total equity turnover, with selling concentrated in large-cap banking and telecom stocks.
In contrast, activity in the bond market accelerated sharply. Secondary bond turnover jumped 52.01% to KSh 113.44Bn, while the Bond Index rose 1.85% to 1,195.49, pointing to increased repositioning by banks and institutional investors amid equity volatility.
