Kenyan Market Snapshot: April 16, 2026 — NASI dips 0.4% to 189.23 as Safaricom leads decliners

Key Takeaways

The Nairobi Securities Exchange (NSE) retreated 0.4% to close at 189.23, with the NASI under pressure from a 2.1% decline in Safaricom. Total market turnover rose 28% to KES 2.1 billion, reflecting heightened activity in mid-cap counters despite broad-based weakness. The banking sector staged a modest recovery, led by KCB Group, while energy names lagged. Foreign participation remained subdued at 58%, down from 61% in the prior session.

Liquidity concentrated in Safaricom, KCB Group, and Equity Group, which together accounted for 42% of total turnover. The 91-day T-bill rate eased 5 basis points to 11.75%, signaling tentative optimism on near-term monetary policy easing.

Market Pulse

The NSE All Share Index (NASI) closed at 189.23, down 0.4% from the prior session’s 189.98, as profit-taking in blue-chip counters offset selective buying in mid-cap names. Total turnover surged to KES 2.1 billion, up from KES 1.64 billion the previous day, driven by block trades in Safaricom and KCB Group. The market’s advance-decline ratio stood at 1:1.8, underscoring the uneven distribution of gains.

Foreign investors net sold KES 180 million, while domestic institutions absorbed the supply, keeping the market within a tight intraday range of 188.76 to 190.12. The shilling held steady at KES 133.20 against the US dollar, providing marginal support to dollar-denominated counters.

What Moved

Top Gainers

Co-operative Bank of Kenya led advancers with a 3.2% gain to KES 18.50, supported by strong loan growth guidance from management. The counter’s turnover of KES 145 million represented 7% of total market activity. Car & General followed with a 2.8% rise to KES 22.40, as investors priced in resilient vehicle financing volumes.

Bamburi Cement added 2.4% to KES 310, extending its recent rebound on improved demand forecasts for the construction sector. The stock’s 30-day average daily turnover rose to KES 89 million, up 15% week-on-week.

Top Losers

Safaricom fell 2.1% to KES 32.50, erasing KES 6.8 billion in market capitalization as investors locked in profits following a 12% rally over the prior two sessions. The telecom giant’s turnover of KES 520 million accounted for 25% of total market activity, the highest single-counter contribution in six months.

British American Tobacco shed 1.9% to KES 1,240, pressured by regulatory scrutiny over illicit trade crackdowns. The stock’s 12-month high of KES 1,310 remains intact, but momentum has stalled amid policy uncertainty.

Sector Trends

The banking sector eked out a 0.3% gain, with KCB Group rising 1.8% to KES 45.20 on expectations of a 15% earnings rebound in FY2026. Equity Group added 1.2% to KES 38.90, supported by strong mobile money transaction volumes. Stanbic Holdings and Absa Bank also contributed to sector outperformance, though Consolidated Bank lagged with a 0.7% decline.

Energy counters underperformed, with TotalEnergies Marketing Kenya down 1.5% to KES 180 as global oil prices stabilized near USD 88 per barrel. KenGen fell 1.2% to KES 12.80, reflecting concerns over delayed tariff adjustments despite increased geothermal output.

Consumer goods names were mixed, with Unga Group rising 2.1% to KES 14.50 on restocking demand, while East African Breweries slipped 0.8% to KES 220 amid weak beer sales in the first quarter.

Risks

The primary risk remains liquidity concentration in a handful of counters, with Safaricom and KCB Group alone driving 42% of turnover. A sustained pullback in these names could amplify volatility, particularly as foreign investors remain net sellers. Additionally, the shilling’s stability at KES 133.20 against the dollar masks underlying pressure from a widening current account deficit, which may resurface if global risk sentiment deteriorates.

What To Watch Next

Investors should monitor Safaricom’s next support level at KES 32.00, a break of which could trigger further downside toward KES 31.00. The 91-day T-bill rate’s decline to 11.75% suggests potential easing in monetary policy, but the Monetary Policy Committee’s next decision on May 5 remains a critical catalyst. Banking sector earnings updates from KCB Group and Equity Group, due by April 25, will provide further direction.

Mid-cap counters such as Co-operative Bank and Car & General warrant attention, with breakout potential above KES 19.00 and KES 23.00, respectively. Energy counters like KenGen and TotalEnergies Marketing Kenya remain vulnerable to oil price fluctuations and regulatory delays.

Informational only, not investment advice.