Investor wealth at the Nairobi Securities Exchange (NSE) has surged sharply, with total market capitalization rising by about KSh 475 billion so far in 2026.
- • Nearly KSh 220 billion of that amount was added in the past week alone, as a broad-based rally lifted indices and large-cap stocks to record and multi-year highs.
- •One session alone delivered a KSh 66.6 billion increase in market value, ranking among the ten largest one-day gains since 2008.
- •In total, three sessions since 5 February fall within the top 25 biggest one-day market cap gains tracked by The Kenyan Wall Street Research.
Market capitalization closed at about KSh 3.42 trillion on 13 February, up from roughly KSh 2.94 trillion at the start of the year. The pace of gains has accelerated markedly. Almost half of the year-to-date wealth creation was concentrated in a single week, pointing to a re-rating phase rather than a gradual recovery.
The week ending 13 February 2026 (2026-W7) delivered a KSh 220.31 billion market-cap increase, making it the strongest week for investor wealth creation since 2008 on available records. The gain surpassed prior peak weeks such as 2019-W44 (KSh 211.68 billion) and 2025-W24 (KSh 175.58 billion), placing the current surge at the top of the historical distribution of weekly expansions.
Index performance confirms the breadth of the move. The NSE All Share Index advanced for six consecutive sessions to a record 216.69, posting a 6.9% week-on-week gain, its strongest weekly advance since mid-June 2025 and the third strongest since March 2024. The NSE Banking Sector Index closed at an all-time high of 237.12.
Newer benchmarks also printed records, with the NSE 10 Index at 2,252 and the NSE 25 Index at 5,855.41. The NSE 20 Share Index, the exchange’s oldest benchmark, rose to 3,633.13, its highest level since May 2018. Year to date, all major equity indices are in double-digit territory.
The rally has been broad at the stock level. Twenty-one companies reached new highs during the week, including nine at all-time highs and 12 at multi-year highs, spanning banking, telecoms, utilities, industrials, agriculture, media, and capital markets. This breadth reduces index concentration risk and points to a market-wide re-rating.
Wealth creation has been concentrated in large, liquid counters. Safaricom led weekly gains with a KSh 78.1 billion increase in market value, followed by Equity Group (KSh 33.0 billion), KCB Group (KSh 25.7 billion), Stanbic Holdings (KSh 13.6 billion), and I&M Group (KSh 8.4 billion). Banks and telecoms accounted for most of the KSh 220 billion added during the week.
Valuations suggest the advance is rooted in re-rating rather than excess. As of 13 February, AIB Axys data place the market at about 6.3x earnings and 1.8x book value, with a 2.1% dividend yield, 10.8% return on equity, and 4.0% return on assets. Prices have risen from relatively low multiples.
Foreign investors remained net sellers on the week, with a KSh 595 million outflow, yet prices continued to rise, indicating local capital has been the primary driver. Liquidity has supported the move, with equity turnover above KSh 1 billion for four consecutive sessions between 10 and 13 February.
