NSE WEEK 49 of 2025 SUMMARY
The NSE All Share Index recorded its second straight weekly decline, marking one of only three back-to-back pullbacks this year.
The prior sequences occurred in mid-July and mid-April, underscoring how rare two-week drops have been in 2025.
Despite the latest cooling, the broader trend remains intact, with the NASI up 45.43% year-to-date, the strongest annual gain in the market’s history.
The first week of December closed broadly weaker across the board. The NSE 20 fell 2.34% to 2,891.21, the NSE 25 slipped 0.99% to 4,773.18 and the NSE 10 eased 0.73% to 1,835.36. Market capitalization dipped 0.82% to KSh 2.834 trillion, reflecting softening appetite for large-cap counters after November’s sharp run-up.
Equity turnover edged higher by 1.67% to KSh 3.22 billion even as volumes declined 4.49% to 107.5 million shares. Market activity remained heavily concentrated, with Safaricom, Laptrust Imara I-REIT, Equity Group, Kenya Power and KCB contributing more than 73% of the week’s traded value. Safaricom alone accounted for KSh 1.02 billion.
Uchumi extended its extraordinary momentum, gaining 48.15% over the week to close at KSh 1.60, supported by strong speculative flow following disclosures of a first operating profit since 2014. East African Portland Cement rose 7.77% as investors continued to price in the implications of Kalahari Cement’s agreements with NSSF and Holcim-linked entities. Olympia, Stanbic and Scangroup also posted meaningful advances.
Declines were concentrated in utilities and select financials. Carbacid fell 13.42%, KenGen dropped 12.45% and Kenya Power slipped 9.77%, while Kenya Re and NCBA retreated 8.52% and 7.83% respectively. Pressure in these sectors weighed on the broader indices, offsetting strength in a handful of mid-cap gainers.
Foreign investors booked a net outflow of KSh 408.75 million, the eighth consecutive week of net selling, with offshore activity representing 20.3% of total turnover. The bias remained toward reducing exposure in large-cap counters, particularly Safaricom and banking names.
Bond market activity held steady, registering KSh 60.53 billion in turnover, slightly below last week’s KSh 61.6 billion. The bond index eased marginally by 0.27%. The derivatives board saw a pullback in activity, with contract volumes dropping 42% to 1,375.
Corporate actions added to the week’s headlines. Vodafone Kenya initiated steps to acquire an additional 15% stake in Safaricom as part of a broader group-level restructuring, while HF Group secured regulatory approval to issue and list 94.27 million ESOP shares.
