Kenyan Market Snapshot: April 15, 2026 — NASI dips 0.4% as Safaricom leads losers

Key Takeaways

The NSE All Share Index (NASI) retreated 0.4% to close at 182.34 points, erasing early gains as profit-taking in blue-chips dominated the session. Safaricom, the bourse’s bellwether, led decliners with a 2.1% drop to KES 32.50, while total equity turnover surged 12% to KES 3.2 billion. The banking sector, despite a mixed earnings backdrop, underperformed with the NSE Banking Index slipping 0.8%.

Market Pulse

Market sentiment turned cautious mid-session as investors locked in gains from the prior day’s rally. The NASI opened at 183.12, briefly touching an intraday high of 183.45 before sellers emerged, pushing the index to a session low of 181.98. Total turnover climbed to KES 3.2 billion, up from KES 2.9 billion the previous day, with 42.3 million shares changing hands. Foreign participation remained subdued at 48%, below the month’s average of 52%, signaling a risk-off tone among offshore investors.

What Moved

Top Gainers

KCB Group advanced 1.7% to KES 45.20, extending gains after the lender’s Q1 2026 net interest margin expanded to 10.2%, beating analyst estimates of 9.8%. The counter’s turnover reached KES 480 million, the highest among banking stocks. Investors also targeted Co-operative Bank, which rose 1.2% to KES 14.80 on strong liquidity metrics reported in its Q1 update.

Top Losers

Safaricom led decliners with a 2.1% loss to KES 32.50, wiping out KES 7.8 billion in market cap. The selloff followed a 3.2% rally in the prior session, as traders booked profits ahead of the Q3 2026 earnings release scheduled for April 22. Bamburi Cement also lagged, falling 1.9% to KES 18.70 on weaker-than-expected volume data from its regional peers.

Sector Trends

The Banking Index declined 0.8% as mixed Q1 2026 earnings reports tempered optimism. While KCB and Co-operative Bank posted margin improvements, Equity Group slipped 0.5% to KES 42.10 after its cost-to-income ratio rose to 58.3%, up from 56.9% in Q4 2025. The Telecoms Index fell 1.5%, dragged by Safaricom’s underperformance, while the Construction & Allied Index eked out a 0.2% gain on sustained activity in roadworks tenders.

Risks

Liquidity risk remains elevated as the Kenyan shilling weakened 0.3% against the dollar to trade at KES 132.45/$. The currency’s depreciation could pressure import costs, particularly for oil and industrial inputs, while also increasing the debt servicing burden for corporates with dollar-denominated liabilities. The shilling’s decline follows the US Federal Reserve’s hawkish tone on rates, which has tightened global liquidity conditions.

What To Watch Next

• Safaricom Q3 2026 Earnings: The telco’s results, due April 22, will set the tone for the telecoms sector. Analysts expect a 6% year-on-year decline in net profit to KES 38.2 billion, driven by higher operating costs.
• Central Bank of Kenya Policy Meeting: The Monetary Policy Committee meets on April 24. Markets are pricing in a 50-basis-point hike to 13.0%, which could further strain corporate margins.
• Banking Sector Earnings: Q1 2026 results from Absa Kenya and Stanbic Holdings, due April 17 and 18 respectively, will provide clarity on asset quality trends amid rising non-performing loans.
• NASI Support Level: A break below 181.50 could trigger a deeper pullback toward 180.00, while resistance sits at 184.00.

Informational only, not investment advice.