Nairobi Securities Exchange Market Capitalisation Falls by KSh96.3bn in September

The Nairobi Securities Exchange (NSE) lost almost KSh96.3bn in market capitalisation during September, with the total value dropping 2.28 per cent to KSh4,121.65 billion from KSh4.22 trillion recorded in August.

The All-Share Index (NASI) also fell 2.28 per cent, while the NSE 20 Share Index slipped 0.20 per cent and the NSE 25 Share Index rose 0.25 per cent, against a backdrop of mixed global and domestic conditions and an increase in Kenya’s annual inflation to 6.8 per cent from 6.6 per cent in August.

Trading remained focused on a few large firms; Safaricom generated KSh7.01bn in turnover, representing 24.23 per cent of total equity trading, followed by Absa Bank with KSh5.19bn (17.96 per cent), Equity Group with KSh4.26bn (14.74 per cent) and KCB Group with KSh4.13bn (14.27 per cent). The ten most active companies together accounted for 87.70 per cent of total turnover, a slight rise from 87.59 per cent in August.

Africa Mega Agricorp posted the strongest gain, climbing 107.16 per cent month-on-month, while Shri Krishana Overseas Limited recorded the steepest fall at 20.23 per cent. At the sector level, banking delivered an 83.75 per cent increase, whereas exchange-traded funds (ETFs) slipped 8.84 per cent.

Activity in the derivatives market surged, with the number of deals jumping 75.18 per cent to 240, traded volume rising 234.25 per cent to 48,854 contracts and turnover climbing 223.49 per cent to KSh235.5 million. In contrast, bond turnover fell 14.08 per cent to KSh293 billion from KSh342 billion in August.

On September 29 the NSE hosted Dangote Group President Aliko Dangote and East African institutional investors to discuss participation in the Dangote Petroleum Refinery IPO through a Global Depositary Receipt (GDR) programme. The Capital Markets Authority approved Kenyan investors’ involvement and cleared a Short Form Prospectus for GDRs submitted by Renaissance Capital (Kenya) Limited, which will arrange custodial services and cooperate with Renaissance Capital Africa. The IPO, which opened on September 14, is set to close on October 13, 2026, after which the GDRs are expected to be listed on the NSE.

The September figures therefore present a mixed picture, with overall valuations weakening, liquidity staying concentrated in blue-chip stocks, derivatives activity accelerating sharply and a new cross-border listing avenue emerging.