The Nairobi Securities Exchange wrapped up the week ended 20 February 2026 in retreat, logging losses in all five trading sessions. It is the first uninterrupted five-day downturn since March 2025.
The pullback followed a blistering, record-setting rally the previous week and bore the hallmarks of classic profit-taking. Large-cap counters came under pressure, foreign investors continued to trim exposure, and liquidity thinned as risk appetite cooled.
Daily declines unfolded as follows:
| Date (Feb 2026) | Market Movement |
|---|---|
| 16 Feb | -0.34% |
| 17 Feb | -0.42% |
| 18 Feb | -0.33% |
| 19 Feb | -1.47% |
| 20 Feb | -0.62% |
Across the five sessions, total market capitalisation shrank by KSh 107.47 billion. That clawed back part of the KSh 220.31 billion added the week before, which had been the strongest weekly gain in the bourse’s history.
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That earlier surge had propelled equities to unprecedented heights, with total market value breaching KSh 3.4 trillion and the NSE All Share Index touching a record 216.69. Following the latest retreat, the NASI settled at 209.88, representing a 3.14 percent weekly decline, though still comfortably above long-term averages.
Indices and Liquidity
All major indices finished in the red. The NSE 20 eased 0.29 percent to 3,622.57. The NSE 25 shed 2.62 percent to 5,701.79, while the NSE 10 dropped 3.51 percent to 2,172.95. The Banking Index slipped 1.94 percent to 232.53, reflecting pressure on heavyweight lenders.
Liquidity also cooled. Equity turnover fell 20.96 percent week-on-week to KSh 5.81 billion, and traded volumes declined 19.55 percent to 181.64 million shares. Activity remained highly concentrated, with Stanbic Holdings, KCB, Equity Group, Safaricom and EABL accounting for 63.2 percent of total turnover.
Select Breakouts in a Weak Tape
Despite the broader downturn, select counters defied gravity. Fourteen stocks traded at or above fresh 52-week highs, several posting multi-year or all-time peaks. That divergence suggests rotation rather than wholesale capitulation.
Standout performers included:
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Sasini Plc at KSh 33.90, a record high
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ABSA Bank Kenya at KSh 30.35, an all-time peak
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Stanbic Holdings at KSh 257.50, also a record
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Shri Krishana Overseas at KSh 11.05, a new high
Eaagads, Limuru Tea, Crown Paints, Kenya Power, BAT Kenya, Britam, CIC Insurance, NSE Plc, Flame Tree and Unga Group also printed fresh 52-week or multi-year highs.
Top Weekly Movers
| Top Gainers | % Change | Closing Price (KSh) |
|---|---|---|
| Uchumi Supermarkets | +37.31% | 1.84 |
| Standard Group | +32.85% | — |
| Eaagads | +18.99% | — |
| CIC Insurance | +12.32% | — |
| Flame Tree | +12.22% | — |
| Top Losers | % Change |
|---|---|
| Eveready | -19.16% |
| Sasini | -12.44% |
| Nation Media | -6.69% |
| Express Kenya | -6.46% |
| Kenya Airways | -5.84% |
Uchumi’s 37.31 percent surge extended speculative momentum, while Sasini, having recently scaled record territory, retraced sharply.
Foreign Flows and Fixed Income Shift
Foreign investors remained net sellers, recording a KSh 855.42 million outflow for the week, deeper than the previous week’s KSh 594.98 million. Offshore trades accounted for 35.9 percent of total equity turnover, with exits concentrated in large-cap banking and telecom stocks.
Meanwhile, the bond market told a different story. Secondary bond turnover leapt 52.01 percent to KSh 113.44 billion. The Bond Index rose 1.85 percent to 1,195.49, suggesting that banks and institutional investors were reallocating capital into fixed income as equity volatility resurfaced.
Markets rarely move in straight lines. After a euphoric sprint to record highs, gravity has reasserted itself, at least for now. The real question is whether this was a healthy breather in an ongoing bull run or the early tremor of something more structural. Time, liquidity and foreign appetite will render the verdict.
