Equities & Forex
Kenya Markets — Week ending 23 May 2026
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.
The Read
Safaricom rallies +8.42%: NSE NASI up 0.3% WoW to 206.21; YTD gain now 10.52%.
NSE 20 flat at 3,488: Blue-chip banks mixed; KCB down 0.37%, Equity leads volumes.
KES/USD at 129.70: Marginally weaker (-0.27% MoM), supported by CBK reserves and diaspora flows.
Key Metrics
NASI: 206.21 — +0.30% WoW | +10.52% YTD
NSE 20: 3,488 — +0.09% WoW
KES/USD: 129.70 — -0.27% MoM
Turnover: KES 558M — 9,297 deals (22 May)
NSE Index Performance — 12-Week Trend
Source: Nairobi Securities Exchange daily market reports.
Top Gainers & Losers (22 May 2026)
TOP GAINERS
Safaricom PLC: +8.42%
Kakuzi: +6.18%
Nation Media Group: +5.32%
Olympia Capital: +4.73%
ScanGroup: +4.19%
TOP LOSERS
Sasini Tea & Coffee: -8.74%
Eaagads: -4.93%
NSE PLC: -4.36%
BK Group: -3.10%
Stanbic Holdings: -2.85%
KES/USD Exchange Rate — 12-Week Trend
Source: CBK indicative exchange rates. Mid-rate.
Analysis
The NSE had a positive week, lifted principally by Safaricom which added 8.42% on the back of strong M-Pesa transaction volume data and renewed foreign investor interest. The NASI closed at 206.21, up 0.3% for the week and carrying a 10.52% year-to-date gain. Equity Group led volumes with 4.71 million shares traded. On the losing side, agriculture names sold off — Sasini dropped 8.74% on a soft earnings outlook.
The shilling was broadly stable at 129.70 per dollar, supported by adequate CBK reserves and steady diaspora remittances, though the mild MoM weakening reflects elevated oil import bills earlier in May. Friday's Brent crash to ~USD 95 (from ~USD 110) on US-Iran peace deal news could ease FX pressure if sustained. A total of 14.19 million shares across 9,297 deals traded on Friday, with 21 gainers and 19 losers out of 57 participating equities.
The Week Ahead
Earnings season: NSE mid-year earnings kick off — Equity Group, KCB and Co-op Bank results expected in coming weeks.
FX watch: Monitor Brent crude and CBK reserves for KES/USD pressure signals.
Disclaimer
Content and publications across our platforms are provided for informational purposes only and do not constitute personalized investment advise.
Serrari acts as an independent financial advisor authorised by its partner network of investment banks and asset managers to act on their behalf, and is a digital publisher accredited by the Media Council of Kenya.
Serrari does not process, hold or manage any customer funds.
As a digital publisher and an independent financial advisor, Serrari provides research, information, recommendations and investment facilitation to support informed choices as the number one investments decision intelligence platform. The reader and or customer retains sole discretion and final responsibility for approving investment decisions and issuing transaction instructions, having considered their financial objectives, risk tolerance, liquidity needs and the relevant provider’s terms, fees and risk disclosures. The customer accepts the investment risks associated with their approved decisions, including the potential loss of capital. Serrari does not guarantee investment returns or capital preservation, and past performance is not a guaranteed indicator of future results.
Media accreditation relates to publishing and does not constitute endorsement or approval of any investment product.
Nothing in this disclaimer excludes any duty or liability of Serrari that cannot lawfully be excluded.