Foreign Investors Account for Majority of NSE Turnover in Week 17

Week 17 of 2026, Ended Friday April 24

The Nairobi Securities Exchange (NSE) pulled back modestly after three consecutive weeks of gains, with all major indices closing in the red.

• •Market capitalisation eased 0.50% to KSh 3,434.20Bn from KSh 3,451.45Bn, shedding KSh 17.25Bn in a week marked by renewed geopolitical tension and the return of foreign selling.
• •The All Share Index dipped 0.50% to 207.09, the Banking Index led losses at -0.97% to 238.81, and the NSE 20 fell 0.48% to 3,589.13.
• •The NSE 25 declined 0.38% to 5,735.29 and the NSE 10 edged down 0.22% to 2,167.55. The pullback was contained with the market remaining KSh 192Bn above the Week 13 low of KSh 3,241.82Bn.

The US-Israel-Iran war escalated again this week, reversing the brief ceasefire optimism that had supported the three-week recovery. Murban crude rose to $92.38 per barrel from $89.61, as tensions re-escalated and restrictions on Strait of Hormuz shipping persisted.

Global inflation pressures widened: UK headline inflation rose to 3.3% in March, Canada's climbed to 2.4%, and US inflation accelerated to 3.3% from 2.4%, all driven by energy costs. The CBK bulletin explicitly noted the war as the primary driver of elevated global inflation.

Top Gainers and Losers

Eaagads led gainers, rising 9.50% to KSh 35.15. BOC Kenya surged 8.94% to KSh 152.25, Standard Group gained 5.37%, BK Group advanced 3.85% to KSh 54.00, and Olympia Capital added 3.77%.
Kenya Pipeline led losers, falling 6.84% to KSh 9.26 after the previous week's 6.88% gain. Sameer Africa dropped 6.82%, TPS Serena declined 6.31%, Kenya Airways lost 5.59%, and Shri Krishana Overseas shed 4.54%.

Equity turnover fell 44.60% to KSh 3.0Bn from KSh 5.41Bn, with volume dropping 68.61% to 106.64M shares as the KPC block trade effect from Week 16 washed out. Safaricom dominated at 49.11% of total turnover (KSh 1.47Bn), closing up 1.01% at KSh 29.90 on 49.2M shares. Banking accounted for 36.28% (KSh 1.08Bn), led by KCB (KSh 301.6M), Equity (KSh 275.2M), and Co-operative Bank (KSh 221.7M).

Foreign investors returned to net selling after the brief Week 16 inflow, recording outflows of KSh 311.98M. Every session was red, with Monday (-KSh 128.4M) and Friday (-KSh 96.8M) the heaviest. Notably, foreign turnover accounted for 52.12% of total market activity (KSh 1.56Bn), the first time offshore investors have driven more than half of all trading in the recent period. Local turnover fell to KSh 1.44Bn (47.88%), suggesting domestic participation is fading while foreign institutions dominate the order book.

Bond turnover surged 51.90% to KSh 61.77Bn from KSh 40.67Bn. The Bond Index rose 0.23% to 1,167.37.

Monetary Policy and FX

The shilling held at KSh 129.21 per dollar. CBK reserves fell for a seventh consecutive week to USD 13,239M (5.6 months of import cover), down USD 67M from USD 13,306M the previous week. The drawdown since March 5 now totals USD 1.36Bn, reflecting the sustained pressure from higher oil import costs.

T-bill rates moved higher this week with the 91-day jumping to 7.78% from 7.42%, the sharpest weekly increase in the short end since the war began. The 182-day rose to 7.89% from 7.83%. The 364-day was flat at 8.27%. The uptick in short-term rates, combined with KESONIA edging to 8.76%, signals tightening liquidity conditions even with the CBR on hold.

Kenya's Eurobond yields reversed course, rising 9.44bps on average, with the 2028 tenor at 7.46% (up from 7.32%) and the 2048 at 9.28% (up from 9.08%), reflecting the re-escalation in geopolitical risk. Derivatives recorded 4,125 contracts worth KSh 13.9M.

Key Rates Snapshot: Week Ended April 24, 2026

Corporate Actions

Sanlam Allianz Holdings Kenya and WPP Scangroup released audited financial statements. Co-operative Bank announced a proposed corporate reorganization to convert into a non-operating holding company, to be renamed Co-op Bank Group PLC, subject to regulatory approvals.