The Kenyan equity market continued its upward momentum in November 2025, extending the rally that began in the third quarter. A key milestone was reached during the period, with the total market capitalization surpassing the KSh 3 trillion mark for the first time in history. The rally has been supported by robust corporate earnings, appealing valuations relative to regional and frontier peers, and sustained participation from domestic investors.
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Market Performance (Week Ending November 10, 2025)
| Index | Weekly Performance (w/w) |
| NASI (All Share Index) | +2.0% |
| NSE 10 | +5.3% |
| NSE 20 | +4.4% |
| NSE 25 | +4.2% |
Trading activity strengthened, with total weekly turnover rising by 39.4% to USD 27.9 million.
Key Corporate Movements and Sector Highlights
Banking Sector Strength
Financial stocks led the market’s advance.
- KCB Group and Equity Group reached new all-time highs, gaining 13.8% and 5.3% respectively.
- Absa, Co-operative Bank, and I&M Bank also recorded strong price appreciation, reflecting sustained investor confidence in banking earnings resilience and capital strength.
Safaricom Activity and Earnings
Safaricom remained the most heavily traded counter, accounting for 32.2% of total weekly turnover. The company reported a 52% increase in half-year profit for FY2026/2027, with mobile data revenue surpassing voice for the first time—an important shift in its revenue composition. Despite the positive earnings story, Safaricom’s share price eased by 2.5% w/w to close at KSh 29.50, as some investors booked profits following the earlier rally.
Other Notable Movers
- East African Breweries Plc (EABL) gained 5.8% on renewed demand and improving consumption trends.
- KenGen rose 2.4% amid continued investor interest in infrastructure and energy-linked counters.
- NSE Plc, the operator of the exchange, was the week’s top gainer, rising 27.1%, supported by improved trading activity expectations.
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Corporate Earnings Snapshot
| Company | Period | Earnings Performance |
| Equity Group | Q3 2025 | Profit up 32% to KSh 54.1 billion |
| KenGen | FY 2025 | Earnings up 54% |
| Naivas Supermarkets (Private) | FY 2025 | Net profit up 43% |
The earnings momentum across both listed and major private firms signals continued resilience in Kenya’s corporate sector.
Investor Sentiment and Market Outlook
Analyst Positioning
Faida Investment Bank’s November outlook advised caution, noting that significant gains recorded year-to-date may limit further upside potential in the near term. The firm maintained selective “Buy” recommendations—most notably on Co-operative Bank and KCB—while keeping a neutral “Hold” view on many other stocks as valuations normalize.
Investor Flows
Foreign investors remained net sellers, recording outflows of USD 9.2 million during the week. However, strong domestic investor participation has continued to underpin market stability and momentum, mitigating the impact of foreign exits.
Market Milestone
The market’s climb past KSh 3 trillion in total capitalization represents the highest valuation level in four years. This reflects improving investor confidence, strengthened corporate fundamentals, and renewed interest in equities as an asset class despite wider global capital market volatility.
Overall, market sentiment remains broadly constructive, supported by earnings strength and domestic investor engagement. However, analysts are increasingly recommending selective positioning as valuations tighten and the year-end approaches.
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