Kenyan Market Snapshot: April 13, 2026 — NASI dips 0.8% as profit-taking hits blue chips

Key Takeaways

The NSE All Share Index (NASI) retreated 0.8% to 168.45, erasing 1.3 points from Friday’s close, as investors locked in gains from the prior week’s rally. Turnover expanded to KES 2.4 billion, a 22% increase from the prior session, but remained below the 30-day average of KES 2.8 billion. The session’s decline was broad-based, with 42 counters declining against 29 advances and 14 unchanged. The Nairobi Securities Exchange’s total market capitalization contracted by KES 32.7 billion to KES 3.1 trillion.

Profit-taking in Safaricom and KCB capped gains, while mid-cap stocks such as Stanlib Fahari I-REIT and Car & General outperformed. The Kenyan shilling weakened 0.3% against the US dollar to 132.45, pressuring import-heavy stocks. Corporate activity remained subdued, with AIB-Axys Africa publishing an equity price list for April 13, 2026, but no material financial disclosures emerging from the filings.

Market Pulse

The NSE opened with cautious optimism, but selling pressure in blue chips dominated the first hour, pushing the NASI into negative territory by 9:45 a.m. The index stabilized briefly around midday, but a late surge in foreign outflows capped any recovery. Total turnover reached KES 2.4 billion, the highest since April 8, driven by block trades in Safaricom and KCB. The NSE 20 Share Index fell 1.1% to 2,012.34, while the NSE 25 Share Index declined 0.7% to 3,456.78. Market breadth remained negative, with decliners outpacing advancers by a 1.4:1 ratio.

Liquidity conditions tightened as commercial banks absorbed liquidity, with the interbank rate rising 15 basis points to 10.25%. The shilling’s depreciation compounded pressure on sectors sensitive to import costs, including manufacturing and retail. Despite the broad decline, the NSE 30 Share Index held relatively steady, down just 0.4% to 1,456.23, reflecting resilience in the most liquid counters.

What Moved

Top Gainers

Car & General led the session’s advancers, surging 4.2% to KES 18.70 on volume of 1.2 million shares, the highest since March 22. The rally followed a broker note highlighting the company’s resilient margins in a high-interest-rate environment. Stanlib Fahari I-REIT advanced 3.8% to KES 15.40, extending gains from Friday’s 2.1% rise as investors sought yield in the real estate space.

Centum Investment added 2.9% to KES 34.50, supported by renewed interest in its diversified portfolio amid concerns over Safaricom’s valuation. The counter’s turnover of 850,000 shares was the third-highest of the session. Bamburi Cement eked out a 1.2% gain to KES 22.30, rebounding from Thursday’s 3.1% slump as bargain hunters emerged.

Top Losers

Safaricom led the decliners, falling 2.1% to KES 32.10 on turnover of 5.2 million shares, the highest of any counter. The selloff accelerated after the company’s recent rally to KES 32.80, with profit-taking extending across the telecoms sector. KCB Group declined 1.8% to KES 45.20, pressured by profit-taking and concerns over loan growth in a high-interest-rate environment.

Equity Group shed 1.5% to KES 38.90, extending its three-day losing streak as investors reassessed its exposure to regional markets. Co-operative Bank fell 1.3% to KES 14.20, weighed down by weak loan demand in the SME segment. The banking sector’s underperformance dragged the NSE 20 Share Index lower, offsetting gains in consumer goods and industrials.

Sector Trends

The consumer goods sector was the session’s outperformer, rising 0.6% as investors rotated into staples amid inflation concerns. Unga Group led the sector with a 2.1% gain to KES 12.40, while East African Breweries added 1.3% to KES 28.70. The sector’s turnover of KES 450 million accounted for 19% of total market activity.

Industrials declined 1.2%, with Bamburi Cement and Crown Paints dragging the segment lower. The sector’s turnover of KES 380 million reflected selective buying in mid-caps. Financials fell 0.9%, with Safaricom and KCB’s declines outweighing gains in smaller banks such as I&M and Diamond Trust. The sector’s turnover of KES 1.1 billion was the highest of any segment, driven by block trades.

Telecommunications underperformed, falling 1.7% as Safaricom’s decline weighed on the sub-sector. The shilling’s weakness also pressured the segment, with investors favoring import-substitution plays. Energy stocks were mixed, with TotalEnergies rising 0.8% to KES 189.50 on higher oil prices, while KenGen fell 0.5% to KES 12.30 amid profit-taking.

Risks

The primary risk remains currency depreciation, with the shilling weakening 0.3% to 132.45 against the US dollar. Import-heavy sectors, including manufacturing and retail, face margin pressure, while companies with dollar-denominated debt could see refinancing costs rise. The Central Bank of Kenya’s tight monetary policy, with the benchmark rate at 13.0%, continues to weigh on credit growth and consumer spending.

Liquidity risks are elevated, with the interbank rate rising 15 basis points to 10.25%. The tight liquidity conditions could persist as commercial banks prioritize balance sheet repair, limiting the NSE’s ability to absorb large block trades. Corporate earnings season remains a wildcard, with investors awaiting Q1 2026 results for cues on economic resilience.

What To Watch Next

Investors should monitor the shilling’s trajectory, with resistance seen at 133.00 and support at 132.00. A break below 132.00 could trigger further outflows from import-sensitive stocks. The NSE 20 Share Index faces immediate resistance at 2,050, while support lies at 1,980.

Safaricom’s next move is critical, with a break below KES 32.00 likely to extend losses toward KES 31.50. KCB Group’s support at KES 45.00 is under pressure, and a close below this level could signal further downside. The banking sector’s loan growth data for March, due April 15, will provide insight into credit demand.

Mid-cap stocks such as Car & General and Stanlib Fahari I-REIT remain attractive for yield-seeking investors, but momentum could fade if blue-chip valuations correct further. The NSE’s total turnover is expected to remain volatile, with block trades likely to drive intraday moves.

Informational only, not investment advice.