Week 19 of 2026, Ended Friday May 8
Safaricom delivered its strongest financial performance in 25 years of operation, posting record attributable profit of KSh 95.61Bn and declaring the largest corporate dividend in Kenya's history at KSh 80.13Bn.
- •The results, released on Thursday, sent the stock surging 8.42% for the week to KSh 32.20, adding roughly KSh 100Bn to its market value in a single session and lifting the NASI 2.10% to 209.65.
- •But Safaricom's rally masked weakness elsewhere: the NSE 20 declined 0.42%, while the Banking Index fell 1.74% as ABSA dropped 7.87%, Co-operative Bank lost 6.07%, and KCB edged down 0.37%.
- •Stripping out Safaricom, the rest of the market lost approximately KSh 28Bn on the week, creating the widest divergence between the NASI and the Banking Index this year.
Market capitalization rose 2.10% to KSh 3,476.91Bn from KSh 3,405.29Bn. The NSE 10 gained 0.63% and the NSE 25 added 0.58%, both supported by Safaricom's weight. Equity turnover nearly doubled to KSh 4.37Bn on 112.93M shares, with banking at 61.23% (KSh 2.6Bn) and telecoms at 27.42% (KSh 1.20Bn).
Shri Krishana Overseas led gainers at 16.44%. Crown Paints surged 11.95%, Car & General rose 9.93%, Sasini gained 9.62%, and Safaricom added 8.42%.
Flame Tree led decliners at -12.15%, ABSA dropped 7.87%, Kenya Airways lost 6.15%, Co-op fell 6.07%, and Nation Media shed 5.73%.
Foreign Flows and Macro
Foreign investors were net sellers of KSh 751.19M, a sharp reversal from last week's near-flat position. Only Monday saw net buying. Foreign turnover was 40.84% of activity.
CBK reserves rose for the first time in nine weeks to USD 13,414M (5.7 months), up USD 188M. Murban crude fell sharply to $89.13 from $100.21, the steepest weekly drop since the crisis began, easing pressure on Kenya's fuel import bill. Eurobond yields compressed 53bps on average, the sharpest weekly decline in months, with the 2028 tenor at 7.24%.
T-bill rates continued rising: 91-day at 8.19%, 182-day at 8.21%, 364-day at 8.52%. The May 6 bond auction was oversubscribed at 132.5% with KSh 106Bn in bids against KSh 80Bn offered. Bond turnover fell 32.22% to KSh 22.29Bn.
Key Rates Snapshot: Week Ended May 8, 2026
| Indicator | Rate | Previous | Change |
|---|---|---|---|
| GDP Growth (2025) | 4.6% | 4.7% (2024) | -0.1pp |
| Inflation (Apr 2026) | 5.60% | 4.40% (Mar) | +1.20pp |
| CBR (Policy Rate) | 8.75% | 8.75% | Unchanged |
| KESONIA (Interbank) | 8.75% | 8.75% | Unchanged |
| 91-Day T-Bill | 8.19% | 8.04% | +15bps |
| 182-Day T-Bill | 8.21% | 8.21% | Unchanged |
| 364-Day T-Bill | 8.52% | 8.51% | +1bp |
| USD/KSh | 129.19 | 129.19 | Unchanged |
| 10Y Eurobond (2028) | 7.24% | 7.54% | -30bps |
| 13Y Eurobond (2034) | 8.26% | 8.87% | -61bps |
| 30Y Eurobond (2048) | 8.94% | 9.36% | -42bps |
Corporate Actions
Safaricom, Stanbic Bank Kenya, Express Kenya, and Shri Krishana Overseas released audited financial statements.
NCBA Group issued offer documentation for Nedbank's partial takeover bid to acquire approximately 66% of NCBA's issued shares, with CMA approval confirmed.
