The trading week ending 28 November closed firmly in the red across all major indices, even though a few high-octane stocks continued to defy gravity. Uchumi remained the runaway star, surging 45.95 percent to KSh 1.08 and stretching its year-to-date rally to an astonishing 494 percent.
East African Portland Cement rebounded 19.77 percent to KSh 77.25 after trading resumed mid-week following a temporary suspension. Umeme, Longhorn and Sasini also chalked up solid gains.
The downside pressure was more pronounced among heavyweight and mid-tier counters. Carbacid dropped 10.84 percent, Olympia slid 9.56 percent, KCB shed 8.56 percent, while Nation Media and Sanlam lost ground steadily.
Market breadth was unmistakably negative. All key indices closed lower: the NSE 20 slipped 3.30 percent to 3,052.73; the NSE 25 lost 3.90 percent to 4,820.79; the NASI retreated 3.65 percent to 181.06; and the NSE 10 declined 4.21 percent to 1,848.91. Market capitalisation shrank 3.65 percent to KSh 2.86 trillion.
Equity turnover contracted 17.24 percent to KSh 3.166 billion as volumes edged down 2.63 percent to 112.58 million shares. Activity remained heavily skewed towards a handful of blue chips. Safaricom led the board with trades worth KSh 1.13 billion, followed by KCB at KSh 506.43 million, EABL at KSh 294.18 million, Equity Group at KSh 160.55 million and Bank of Kigali at KSh 156.35 million. Combined, the five counters accounted for 72.99 percent of value traded.
Foreigners were net sellers once again, registering outflows of KSh 619.89 million, a milder hit compared to the previous week’s KSh 834.15 million. Foreign participation stood at 38.25 percent, with the heaviest selling recorded mid-week during a high-volume session dominated by Safaricom, EABL, BK Group and KCB.
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The NEXT derivatives market held steady. Contract volumes rose 5.54 percent to 2,381 but turnover dipped 15.74 percent to KSh 10.36 million. The bond market, meanwhile, sprang to life. Bond turnover jumped 76.32 percent to KSh 61.61 billion, though the bond index eased 0.20 percent to 1,164.71.
Global markets were broadly mixed. The Dow Jones edged down 0.43 percent for the month, the Nasdaq slipped 3.1 percent, and the MSCI World lost 1.16 percent. Japan’s Nikkei continued its remarkable run, now up 25.66 percent year to date.
Corporate developments added further colour to the week. Trading in Portland Cement resumed after the NSE resolved issues behind Wednesday’s halting of the counter. BAT Kenya announced the departure of Company Secretary Waeni Ngea, with FCS Kathryne Maundu stepping in from January 2026. Kenya Airways issued a profit warning for the full year after grounding several Boeing 787-8 aircraft, which squeezed capacity and revenue. Family Bank, HF Group, Centum and Standard Chartered all published their half-year numbers for the period ending 30 September.
