The Nairobi Securities Exchange (NSE) ended a five-session losing run with a modest rebound, regaining KSh 62.68 billion in market value after shedding KSh 231.17 billion in the previous week.
Market capitalisation climbed 1.93% to KSh 3,304.50 billion from KSh 3,241.82 billion. The NASI rose to 199.26 (+1.93%), the NSE 10 gained 2.22% to 2,072.10, the NSE 25 advanced 2.12% to 5,523.02, and the NSE 20 edged up 1.79% to 3,479.71.
Banking stocks led the recovery, with the Banking Index jumping 3.01% to 228.60, clawing back roughly a third of the 8.03% loss recorded a week earlier.
The rebound unfolded on notably thinner trading. Equity turnover dropped 43.05% to KSh 2.74 billion, while volumes declined 37.07% to 94.13 million shares.
The lighter volumes suggest the uptick was driven less by strong buying appetite and more by a slowdown in selling pressure. Even so, all key indices closed in positive territory, with banking stocks setting the pace.
Among gainers, Kenya Airways surged 14.41% to KSh 5.48. Uchumi rose 10.87%, Sanlam Kenya gained 10.67%, Flame Tree added 10.18%, while ABSA rebounded 8.82% after leading large-cap losses the previous week. Co-operative Bank and Kenya Power also posted gains of 6.30% and 5.33% respectively.
On the losing end, Shri Krishana Overseas fell 11.87% to KSh 8.76. Jubilee Holdings dropped 5.78%, NBV declined 5.37%, TPS Serena lost 4.98%, and Britam slipped 4.80%.
Trading remained heavily skewed towards a handful of counters. Safaricom, Equity, KCB, EABL, and Co-operative Bank accounted for 82.29% of total turnover, up from 72.42% a week earlier. Safaricom alone contributed 39.51% (KSh 1.08 billion), closing 1.60% higher at KSh 28.50. Equity traded KSh 597.1 million to close at KSh 69.25 (+0.36%), while KCB moved KSh 365.3 million, ending at KSh 68.25 (+0.37%).
Foreign investors continued to exit the market, posting net outflows of KSh 748.40 million, higher than the previous week’s KSh 503.76 million. Every trading session recorded net selling, with Wednesday alone accounting for KSh 344.78 million.
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Foreign participation rose to 38.48% of total turnover, indicating offshore investors made up a larger slice of a shrinking market. Their continued selling, even as prices ticked up, points to ongoing position trimming rather than renewed confidence.
In the fixed income space, bond turnover fell 8.46% to KSh 58.92 billion, while the Bond Index dropped 1.85% to 1,170.26, marking a second straight weekly decline. Derivatives activity stood at 6,682 contracts valued at KSh 17.3 million, with open interest increasing to 10,148 contracts.
The recovery appears largely technical, driven by bargain hunting after the sharp sell-off in Week 13 rather than any meaningful improvement in underlying economic conditions. External pressures persist, with Brent crude holding above $100 and disruptions in the Strait of Hormuz stretching into a fifth week. The upcoming EPRA fuel price review is expected to reflect elevated war-time import costs.
Globally, markets remain under strain. India’s Nifty 50 is down 13.08% year-to-date, Germany’s DAX has fallen 7.10%, and the S&P 500 is lower by 3.95%.
Locally, the rebound was far from broad-based. Activity remained concentrated in a few large counters, and the KSh 62.68 billion recovery only offsets about 27% of the previous week’s losses. Banking stocks led the charge, but the wider market showed limited participation.
Corporate Developments
Britam Holdings, BK Group, CIC Insurance Group, and HF Group released their audited financial results. Meanwhile, the NSE confirmed the resignation of Company Secretary Millicent Ngetich effective March 31, with Catherine Kawira stepping in from April 1.
