Nairobi’s equities market closed a third consecutive week in the red, marking its longest losing run since November 2024, even as foreign investors returned to the market after an eight-week absence.
In the week ending Thursday, 11 December 2025, the All Share Index slipped 1.07 percent to 177.66, extending the cooling phase that followed November’s strong rally. Performance across major indices was mixed. The NSE 20 gained 2.18 percent to close at 2,954.14, supported by selective blue-chip buying, while the NSE 25 edged up 0.08 percent to 4,776.77. In contrast, the NSE 10 fell 0.46 percent to 1,826.94, and total market capitalisation declined by 1.07 percent to KSh 2.804 trillion, weighed down by utilities and industrial counters.
Sustained weekly losses have been rare over the past year, with the last similar stretch recorded in November 2024 when the market posted four consecutive weekly declines.
Trading activity picked up despite weaker index performance. Weekly volumes rose 17.61 percent to 126.45 million shares, while equity turnover jumped 29.29 percent to KSh 4.16 billion from KSh 3.22 billion the previous week. Activity remained heavily concentrated, with Safaricom, Equity Group, KCB, Kenya Power and Laptrust Imara I-REIT accounting for more than 73 percent of total traded value. Safaricom alone contributed over KSh 1.16 billion.
Banks dominated market activity, generating KSh 2.6 billion or 63 percent of total equity turnover. Equity Group closed at KSh 60.50, down 0.82 percent, after trading KSh 1.41 billion worth of shares. KCB Group rose 6.22 percent to KSh 59.75 on turnover of KSh 929.6 million, while Standard Chartered ended the week at KSh 287.00 with KSh 59 million traded.
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Performance outside the banking sector was mixed. Safaricom fell 3.29 percent to KSh 27.95, though telecoms still accounted for 28 percent of total turnover. In the energy sector, KenGen declined 8.03 percent and Kenya Power shed 4.17 percent, weighing on the broader market. Manufacturing stocks showed resilience in places, with EABL gaining 3.44 percent and Carbacid rising 1.12 percent.
Jubilee Holdings topped the weekly gainers with a 7.04 percent advance. Unga Group, KCB, Shri Krishana and DTB also posted notable gains. On the downside, losses were concentrated among utilities and smaller stocks. EAAGADS dropped 11.22 percent, East African Portland Cement fell 9.31 percent, KenGen slid 8.03 percent, while BK Group and Olympia Capital each lost more than 6 percent.
Foreign investor sentiment turned positive after eight weeks of net selling. Offshore investors bought shares worth KSh 1.53 billion and sold KSh 1.18 billion, resulting in a net inflow of KSh 346.6 million. This reversed the previous week’s net outflow of KSh 408.8 million, with foreign participation rising to 32.5 percent of total market turnover.
Bond market activity eased slightly but remained strong. Weekly turnover dipped 9.40 percent to KSh 54.84 billion from KSh 60.53 billion, while the Bond Index rose 0.49 percent, pointing to stable pricing. Activity in derivatives increased sharply, with 2,640 contracts traded, up 92 percent week on week, reflecting heightened short-term positioning.
On the corporate front, Safaricom’s Green Notes Tranche 1 attracted bids worth KSh 41.4 billion against a KSh 15 billion offer, prompting the company to exercise the full KSh 5 billion greenshoe and lift total allocation to KSh 20 billion. The NSE also announced internal audit changes scheduled to take effect later this month.
