The Nairobi Securities Exchange (NSE) ended Week 10 of 2026 on a weaker note, surrendering part of the strong gains recorded in February as investors moved to lock in profits across a wide range of counters.
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Total market capitalisation declined by KSh 121.04 billion to KSh 3.29 trillion, down from KSh 3.41 trillion the previous week, marking a 3.55% week-on-week fall.
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The contraction ranks as the 15th biggest weekly drop in market value on the NSE since January 2008.
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A total of 44 stocks closed lower during the week, while only nine posted gains and 14 remained unchanged, reflecting broad selling pressure after February’s rally.
The NSE 20 Share Index slipped 3.88% to close at 3,604.75. Meanwhile, the NSE All Share Index (NASI) dropped 3.55% to 208.41. The NSE 25 Index retreated 3.13% to 5,761.82, while the NSE 10 Index shed 3.06% to 2,198.95. The Banking Index also edged lower by 3.08% to 238.32.
NSE Weekly Market Cap Changes (Largest Declines Since 2008)
| Rank Context | Week | Market Cap Change |
|---|---|---|
| 1 | 2020 – W11 | -KSh 341B |
| 2 | 2023 – W12 | -KSh 227B |
| 3 | 2018 – W38 | -KSh 187B |
| 4 | 2016 – W35 | -KSh 170B |
| 5 | 2020 – W9 | -KSh 149B |
| 6 | 2023 – W20 | -KSh 147B |
| 7 | 2022 – W38 | -KSh 145B |
| 8 | 2014 – W5 | -KSh 140B |
| 9 | 2017 – W36 | -KSh 138B |
| 10 | 2015 – W35 | -KSh 133B |
| 11 | 2022 – W35 | -KSh 131B |
| 12 | 2023 – W11 | -KSh 129B |
| 13 | 2018 – W16 | -KSh 127B |
| 14 | 2022 – W25 | -KSh 125B |
| 15 | 2026 – W10 | -KSh 121B |
| 16 | 2021 – W36 | -KSh 120B |
Source: NSE
Trading Activity
Equity market turnover weakened during the week, declining 22.22% to KSh 5.49 billion compared with KSh 7.06 billion in the previous period. Trading volumes also dropped sharply by 36.75%, with 181.9 million shares exchanged, down from 287.6 million shares a week earlier.
Large-cap stocks continued to dominate market activity. The five most actively traded counters accounted for 70.75% of the week’s total turnover. These included Equity Group at KSh 1.83 billion, Safaricom at KSh 798.6 million, KCB Group at KSh 602.5 million, the NewGold ETF at KSh 401.8 million, and Absa Bank at KSh 246.9 million.
Top Movers
Africa Mega Agricorp emerged as the week’s top performer, climbing 10.74% to close at KSh 108.25. BK Group advanced 4.99% to KSh 47.35, while Co-operative Bank gained 2.74% to KSh 30.00. TotalEnergies Marketing Kenya rose 2.10%, and TPS Serena added 1.81%.
On the losing side, stocks that had rallied strongly the previous week recorded the steepest declines. Uchumi Supermarkets dropped 38.57% to KSh 1.80. Flame Tree fell 16.96%, Sameer Africa lost 13.89%, Kenya Airways declined 12.32%, and Britam Holdings slipped 10.42%.
Foreign Investor Activity and Bonds
Foreign investors remained net sellers during the week, registering an outflow of KSh 559.9 million. They accounted for 37.05% of total market activity, while domestic investors contributed the remaining 62.95%.
Activity in the fixed-income market also cooled significantly. Secondary bond turnover fell 47.52% to KSh 71.49 billion, down from KSh 136.23 billion the week before. Despite the decline in activity, the Bond Index edged up 0.40% to 1,207.60.
The derivatives market recorded 6,649 contracts valued at KSh 37.2 million, compared with 6,994 contracts worth KSh 32.4 million in the previous week.
Corporate Developments
Several notable corporate announcements were made during the week:
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Absa Bank Kenya reported a net profit of KSh 22.9 billion for FY2025, representing a 10% year-on-year increase. The performance was driven by reduced operating costs and a 31% drop in loan loss provisions. Net interest income declined 6%, while operating income slipped 2% to KSh 61.4 billion. Total assets grew 6% to KSh 537.6 billion. The bank’s board proposed a dividend of KSh 2.05 per share, a 17% increase.
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The NSE announced revised margin requirements for equity futures, effective March 20. Margins were raised for contracts tied to KCB, Equity, Absa, BAT, and NCBA, while some contracts linked to Safaricom and KenGen saw margin reductions.
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Kenya Airways confirmed four new board appointments, naming Kiprono Kittony as chairman. The board will also include Chris Diaz, Prof. Winnie Iminza Nyamute, and Dr. David Ndii.
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The Kenya Pipeline Company IPO closed oversubscribed at 105.7%, raising KSh 106.3 billion from the sale of a 65% stake priced at KSh 9 per share. The shares are expected to start trading on the NSE this week.
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Markets have a curious rhythm. After a sharp rally, gravity usually makes an appearance. Traders bank profits, liquidity cools, and prices wobble before the next narrative takes hold. Financial markets, despite all their charts and spreadsheets, behave rather like crowds at a football match. Momentum surges, confidence spreads, then someone suddenly remembers gravity exists.
