The Nairobi Securities Exchange (NSE) has witnessed its strongest rally in over a decade, with investor wealth swelling by more than KSh 1 trillion since the beginning of the year.
Total market capitalisation has jumped from KSh 1.94 trillion in January to KSh 2.97 trillion by October 31, representing a 53% rise and signalling a full recovery from two consecutive years of heavy market losses.
This rebound has been broad-based, with all major NSE indices registering impressive gains and several counters hitting record or multi-year highs.
NSE Major Indices Performance (Year-to-Date)
| Index | YTD Performance (%) | Remarks |
|---|---|---|
| NSE All Share Index (NASI) | +52.49 | Strongest showing since launch in 2008 |
| NSE 20 Share Index | +55.01 | Best performance since 2003 |
| NSE 25 & NSE 10 Indices | +46+ | NSE 10 at record highs since 2023 inception |
Year-to-Date Performance Overview
Of the 60 actively traded counters, 52 have posted gains while only 8 are in the red. The surge has largely been driven by operational turnarounds and corporate restructuring among several key firms.
Top Gainers and Decliners
| Top Gainers | YTD % | Top Decliners | YTD % |
|---|---|---|---|
| Sameer Africa | +517.28 | Umeme | -52.60 |
| Home Afrika | +205.41 | NBV | -22.89 |
| TransCentury (Suspended) | +187.18 | Africa Mega Agricorp | -14.64 |
| Kenya Power | +184.82 | Bamburi Cement (Suspended) | -14.18 |
| KenGen | +181.59 | Williamson Tea* | -13.91 |
Williamson Tea’s drop is technical due to a 1:1 bonus share adjustment in October.
Sameer Africa’s stock has skyrocketed by over 500% after shifting from tyre production to industrial property and logistics. Kenya Power and KenGen’s strong rebounds reflect years of restructuring paying off, while Umeme’s decline is tied to an expiring concession and ongoing disputes with Ugandan authorities.
October Month-on-Month Performance
The month of October saw renewed investor activity in banking, energy, and diversified industrial counters, driven by institutional repositioning ahead of year-end portfolio reviews.
Top MoM Gainers and Decliners
| Top MoM Gainers | MoM % | Top MoM Decliners | MoM % |
|---|---|---|---|
| Car & General | +39.64 | Kapchorua Tea* | -36.53 |
| TotalEnergies Kenya | +36.47 | Williamson Tea* | -29.09 |
| Olympia Capital | +31.21 | Crown Paints | -15.55 |
| NCBA Group | +27.54 | Express Kenya | -12.88 |
| KenGen | +18.91 | Shri Krishna Overseas | -9.69 |
Kapchorua and Williamson Tea declines reflect post-bonus price adjustments.
The banking sector was buoyed by speculation that Stanbic Holdings might acquire NCBA Group, which spurred a 27.54% surge in NCBA’s share price. Meanwhile, TotalEnergies Kenya climbed nearly 36.5% after Standard Investment Bank reinstated a “BUY” recommendation, citing a 60% potential upside.
KenGen also drew interest after declaring a KSh 0.90 dividend, its joint-highest since listing, backed by a 54% jump in profit.
Outlook for 2026
Market analysts predict that the NSE’s next phase will depend on its ability to evolve from a recovery-led rally into an earnings-driven expansion. Sustaining this momentum will hinge on:
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Strong Q4 earnings to support current valuations.
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Clear and consistent government policies to boost investor confidence.
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A steady return of foreign investors to deepen market liquidity.
Kenya’s bourse is now positioned as one of Africa’s most vibrant markets heading into 2026, its momentum underpinned by rising investor confidence and stronger corporate performance.
