Nairobi Securities Exchange (NSE) is witnessing its most powerful rally in over a decade, with investor wealth soaring by more than KSh 1 trillion since the start of the year.
The total market capitalization has catapulted from KSh 1.94 trillion in January to KSh 2.97 trillion as of October 31, a staggering 53% gain that signals a robust recovery from two consecutive years of steep losses.
The recovery is broad-based, with all major indices posting record or multi-year highs:
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NSE All Share Index (NASI): Up 52.49% YTD, its strongest performance since its 2008 launch.
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NSE 20 Share Index: Gained a substantial 55.01%, tracking its best year since 2003.
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NSE 25 & NSE 10 Indices: Both up over 46%, with the NSE 10 trading at record highs since its 2023 inception.
Year‑to‑Date Performance
A deeper look at the year's top gainers reveals a market rewarding fundamental business transformations and recoveries, while also contending with suspended equities that skew the data.
Overall, 52 of the 60 active counters are positive year‑to‑date, while only 8 are in negative territory.
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Sameer Africa (+517.28%) has led gains after shifting from tyre manufacturing to an industrial property and logistics model.
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Kenya Power (+184.82%) and KenGen (+181.59%) reflect multi‑year operational turnarounds that began in 2024 and are visible in 2025 earnings.
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TransCentury (Suspended – No Active Trading)’s previous price move is no longer tradable due to its suspension; Bamburi Cement (Suspended – Pending Mandatory Buyout) (Suspended – Pending Mandatory Buyout) also remains suspended pending a mandatory buyout.
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Umeme (‑52.60%) issued a profit warning as its concession nears expiry and remains in dispute with Ugandan authorities.
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NBV (‑22.89%) reported revenue decline of 37% and PAT decline of 11%, reflecting weaker operating performance.
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Williamson Tea’s apparent decline is technical only, due to a 1:1 bonus share adjustment.
| Top Gainers | YTD % | Top Decliners | YTD % | |
|---|---|---|---|---|
| Sameer Africa | +517.28 | Umeme | -52.60 | |
| Home Afrika | +205.41 | NBV | -22.89 | |
| TransCentury (Suspended) | +187.18 | Africa Mega Agricorp | -14.64 | |
| Kenya Power | +184.82 | Bamburi Cement (Suspended) | -14.18 | |
| KenGen | +181.59 | Williamson Tea* | -13.91 |
*Williamson Tea reflects a 1:1 bonus share adjustment recorded in October.
October Month‑on‑Month Performance
October's trading activity reflected a strategic shift into banks, energy distributors, and diversified industrials. This rotation was driven by analyst coverage changes and institutional positioning ahead of year-end portfolio rebalancing.
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Banking Sector Momentum: Renewed interest in NCBA Group (+27.54%) intensified on market speculation and reports that Stanbic Holdings is in discussions to acquire it, a move that would create one of Kenya's largest lenders by assets.
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Energy in Focus: TotalEnergies Marketing Kenya (+36.47%) attracted strong buying interest after Standard Investment Bank reinstated a "BUY" rating with a fair value estimate of KSh 56.30, implying a 60% upside, citing stronger margins and stable cash flows.
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Dividend-Driven Demand: KenGen (+18.91%) experienced accumulation after declaring a KSh 0.90 dividend for FY2025, its joint-highest payout since listing, backed by a 54% rise in profit.
The declines in Kapchorua Tea and Williamson Tea reflect price adjustments from their 1:1 bonus issues, while softer liquidity in Crown Paints and Express Kenya drove short‑term pullbacks.
| Top MoM Gainers | MoM % | Top MoM Decliners | MoM % |
| Car and General | +39.64 | Kapchorua Tea* | -36.53 |
| Total Kenya | +36.47 | Williamson Tea* | -29.09 |
| Olympia Capital | +31.21 | Crown Paints | -15.55 |
| NCBA Group | +27.54 | Express Kenya | -12.88 |
| KenGen | +18.91 | Shri Krishna Overseas | -9.69 |
The market's direction in 2026 will be determined by its ability to evolve from a recovery-driven boom to an earnings-led expansion.
Sustaining this momentum will hinge on three key factors: robust Q4 earnings that validate current valuations, clear and supportive government policy, and a sustained return of foreign investors to solidify liquidity.
