Kenya Markets
Weekly read on the NSE, KES, T-bills & bonds, MMFs and Kenyan macro signals — from the Serrari desk in Nairobi.
Latest from the desk
Weekly view from our Nairobi desk on the NSE, the Shilling, T-bills, bonds and MMFs. Built for the analyst, the SACCO treasurer and the everyday saver alike.
Grouped by subcategory · Updated weekly
Fixed Income & Banking
CBR, T-bills, T-bonds, MMFs and the banking sector.
Fixed Income & Banking
T-bill yields plateau (91-day 8.39%, 364-day 8.59%), the 10-year bond holds at 11.52%, the May bond re-opening drew healthy demand at KES 80bn, and most bank fixed-deposit rates lag T-bills.
CBK Treasury Bills Auction — 01 June 2026
Demand was weak overall at 69.3% of offer, heavily skewed by strong 91-day demand. KShs 16.62bn accepted versus KShs 30.15bn in redemptions implies a net repayment of KShs 13.53bn. 84.7% of bids and accepted value sat in the 91-day paper — the market is comfortable with very short paper but reluctant to lock in longer bills.
Retail Investment Products
MMFs, SACCOs, unit trusts and platforms for individual investors.
Equities & Forex
NSE indices, sector flows and the Kenya Shilling.
Equities & Forex
Safaricom rallied +8.42% to lift the NASI to 206.21 (+10.52% YTD), the NSE 20 held flat at 3,488, and the Shilling closed at 129.70 — marginally weaker but cushioned by reserves and diaspora flows.
NSE Earnings Season Opens — Q1 2026 Banks Preview
The opening read is constructive but uneven. Equity Group, KCB and Co-op Bank are carrying the profit pool; lower rates create a clear split between lenders with cheap deposit franchises and those exposed to asset-yield compression. Top 3 control 61.2% of the selected KSh 74.7B PAT pool.
Compliance & Strategy
Regulatory, policy and structural shifts shaping Kenya’s markets.
Market Highlights
CBR held at 8.75% after 10 consecutive cuts, April CPI ticked up to 5.60%, and the CMA pushed through major licensing reform — variable fees for fund managers and mandatory RBCA reporting.
KNBS May 2026 CPI Analysis
Headline CPI rose sharply to 6.7% YoY (up from 5.6%) but remained inside the CBK 2.5–7.5% target band. Transport inflation jumped to 16.5% YoY; core inflation stayed at 3.2%. The desk read: a transport- and food-led cost shock that narrows the room for policy easing and squeezes household purchasing power.
Kenya Markets Investment Outlook
The flagship weekly synthesis — what to do next.