The Nairobi Securities Exchange (NSE) snapped its five-session losing streak with a recovery week, adding KSh 62.68Bn in market capitalization after the KSh 231.17Bn wipeout in Week 13.
- •Market capitalization rose 1.93% to KSh 3,304.50Bn from KSh 3,241.82Bn. The NASI gained 1.93% to 199.26, the NSE 10 added 2.22% to 2,072.10, the NSE 25 rose 2.12% to 5,523.02, and the NSE 20 advanced 1.79% to 3,479.71.
- •The Banking Index led at 3.01%, closing at 228.60, recovering roughly a third of the 8.03% lost in Week 13.
- •The bounce came on significantly reduced activity. Equity turnover fell 43.05% to KSh 2.74Bn from KSh 4.80Bn, while traded volume dropped 37.07% to 94.13M shares from 149.58M.
The decline in volume during a recovery suggests the rebound was driven more by reduced selling pressure than fresh buying conviction. All major indices closed higher, led by the Banking Index which rebounded 3.01%.
Kenya Airways led weekly gainers, surging 14.41% to KSh 5.48. Uchumi rose 10.87%, Sanlam Kenya gained 10.67%, Flame Tree added 10.18%, and ABSA rebounded 8.82% after leading large-cap decliners with a 14.5% loss in Week 13. Co-operative Bank rose 6.30% and Kenya Power gained 5.33%.
On the downside, Shri Krishana Overseas fell 11.87% to KSh 8.76. Jubilee Holdings dropped 5.78%, NBV lost 5.37%, TPS Serena declined 4.98%, and Britam shed 4.80%.
Market activity was heavily concentrated. The top five counters (Safaricom, Equity, KCB, EABL, Co-op) accounted for 82.29% of total turnover at KSh 2.25Bn, up from 72.42% the previous week. Safaricom dominated at 39.51% of total turnover (KSh 1.08Bn), closing up 1.60% at KSh 28.50 on 38.7M shares. Equity traded KSh 597.1M, closing at KSh 69.25 (+0.36%). KCB traded KSh 365.3M, closing at KSh 68.25 (+0.37%).
Foreign investors remained net sellers, recording outflows of KSh 748.40M, up from KSh 503.76M the previous week. Every session posted net outflows, with Wednesday's KSh 344.78M the heaviest single day.
Foreign turnover accounted for 38.48% of total activity (KSh 1.05Bn), up from 24.70% in Week 13, meaning offshore investors were a larger share of a smaller market. The persistent selling into rising prices suggests foreign investors used the bounce to reduce positions further.
Bond turnover fell 8.46% to KSh 58.92Bn from KSh 64.37Bn. The Bond Index declined 1.85% to 1,170.26, its second consecutive weekly drop. Derivatives recorded 6,682 contracts worth KSh 17.3M, with open interest rising to 10,148 contracts.
The rebound reflected technical recovery and bargain hunting after the extreme Week 13 selloff rather than a shift in the underlying macro picture. Brent crude remained above $100, the Strait of Hormuz disruption continued into its fifth week, and the April 15 EPRA fuel price review looms as the first to capture war-era cargo pricing. The global backdrop remains fragile: India's Nifty 50 is down 13.08% year-to-date, the DAX has lost 7.10%, and the S&P 500 is off 3.95%.
The recovery was narrow. Concentration in the top five counters reached 82.29%, the highest in recent weeks, with the broader market seeing limited participation. Banking stocks led the bounce, partly reversing the sector's record losses, but the KSh 62.68Bn recovered represents just 27% of the KSh 231.17Bn lost in Week 13.
Corporate Actions
Britam Holdings, BK Group, CIC Insurance Group, and HF Group released audited financial statements. The NSE announced the resignation of Company Secretary Millicent Ngetich, effective March 31, with Catherine Kawira appointed as replacement effective April 1.
