NSE Weekly Wrap: NASI Gains 1.8% as Banking Stocks Rally
The Nairobi All-Share Index closed the week higher, driven by renewed investor interest in KCB, Equity, and Co-operative Bank. Here's what moved the market.
Key Takeaways
- KCB Group: +4.2% to KES 42.50 — strong Q4 earnings preview
- Equity Group: +3.1% to KES 51.75 — regional expansion narrative
- Co-operative Bank: +2.8% to KES 14.90 — dividend expectations
Market Overview
The Nairobi Securities Exchange posted a strong week, with the NASI closing at 112.45 — up 1.8% from last Friday's 110.47. Total market turnover hit KES 3.2 billion, a 22% increase week-on-week, signalling renewed institutional interest.
Banking stocks led the rally, with the sector index gaining 2.4%. The positive momentum was attributed to strong Q4 2025 earnings previews and expectations of a further CBK rate cut in April.
Top Movers
Gainers:
- KCB Group: +4.2% to KES 42.50 — strong Q4 earnings preview
- Equity Group: +3.1% to KES 51.75 — regional expansion narrative
- Co-operative Bank: +2.8% to KES 14.90 — dividend expectations
- Safaricom: +1.5% to KES 28.40 — stable ARPU growth
Losers:
- BAT Kenya: -2.1% to KES 345.00 — regulatory concerns
- Bamburi Cement: -1.6% to KES 32.50 — construction slowdown
- East African Breweries: -0.8% to KES 165.00 — profit-taking
What to Watch Next Week
- CBK's Monetary Policy Committee meets Tuesday — consensus expects a 25bps cut to 10.5%
- Safaricom half-year results due Wednesday
- Treasury bond auction on Thursday with strong demand expected
The banking sector is repricing ahead of rate cuts. We expect this trend to continue through Q2, though selectivity will matter — not all banks are positioned equally for a lower-rate environment.
Foreign Investor Activity
Net foreign selling continued but at a reduced pace — KES 180M net outflows vs. KES 420M the prior week. This suggests the sell-off is moderating, which is typically a bullish signal for the medium term.
The shilling held steady at 128.50 against the dollar, providing a stable backdrop for equities.
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