NSE Indices Explained: NASI, NSE 20, NSE 25 and NSE 10 Compared.

Introduction

Kenyan market reports regularly say "NASI gained", "NSE 20 fell" or "NSE 10 closed higher".

But these numbers are not measuring exactly the same thing.

The Nairobi Securities Exchange Plc (NSE)—still sometimes searched for as the Nairobi Stock Exchange—uses several indices to measure different sections of Kenya’s listed-equity market.

So, which NSE index should you watch, and what does each one actually tell you?

What Is an NSE Stock Market Index?

Think of an index as a market scoreboard.

Instead of checking every share individually, an index combines the performance of a defined group of companies into one number. Companies included in that group are called constituents.

An index quoted at 4,000 points is not worth KSh4,000. Index points simply show how the basket has moved relative to its calculation base.

Different indices can also rise or fall differently because they contain different companies and give those companies different weights.

Meet Kenya’s Four Main NSE Equity Indices

NASI — NSE All Share Index

The NSE All Share Index (NASI) provides the broadest view of listed Kenyan equities. It is market-capitalisation weighted, meaning larger companies have more influence on the index than smaller companies.

NASI is useful when you want a broad picture of the NSE market rather than the performance of a small selected basket.

NSE 20 Share Index

The NSE 20 Share Index follows 20 selected companies and is a price-weighted index. Constituent selection considers market capitalisation, shares traded, deals/liquidity and turnover in a 4:3:2:1 weighting.

Because its calculation differs from NASI, a relatively strong price move in an NSE 20 constituent can affect it differently from a market-cap-weighted index.

NSE 25 Share Index

The NSE 25 Share Index measures 25 selected companies and is market-capitalisation weighted. Its methodology incorporates investability or free-float adjustments—the proportion of shares reasonably available to investors.

Selection considers factors including market size and trading activity. It therefore provides a wider selected-company benchmark than the NSE 20.

NSE 10 Share Index

Launched in September 2023, the NSE 10 Share Index concentrates on 10 leading liquid companies. It uses a float-adjusted market-capitalisation approach, making it particularly sensitive to movements among its relatively small group of large, actively traded constituents.

Current Constituents of the NSE 10, NSE 20 and NSE 25

Data Freshness

Constituents verified: 26 August 2026Latest public NSE benchmark review checked: May 2025 annual review, with subsequent constituent and corporate-name changes checked through 26 August 2026Primary source: Nairobi Securities Exchange Plc

Index membership can change following NSE reviews or corporate events. Sasini Plc subsequently replaced Trans-Century Plc in the NSE 25, while HF Group Plc changed its name to HFCB Group Plc effective 22 May 2026.

NSE 10 Share Index — Current Constituents

NSE 20 Share Index — Current Constituents

NSE 25 Share Index — Current Constituents

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What About NASI Constituents?

NASI is different. It is designed as a broad-market index rather than a hand-picked 10-, 20- or 25-company basket. Its eligible listed-equity universe therefore changes as companies list, delist, suspend trading or otherwise become affected by NSE eligibility rules.

Why Can NASI, NSE 10, NSE 20 and NSE 25 Move Differently?

The indices contain different shares and use different weighting methods.

A large company can have significant influence on a market-cap-weighted index, while the price-weighted NSE 20 responds differently. Sector concentration also matters: banking, telecommunications or energy shares may be strongly represented in one selected basket.

That is why "the NSE rose" does not necessarily mean every index—or every listed share—rose.

Simple Example

Imagine a large Kenyan company rises 5%, several smaller companies fall 1%, and one bank rises sharply.

Hypothetically, NASI may rise because the large company carries significant market value. NSE 10 may react strongly if both companies are major constituents, while NSE 20 could show a different move because of its price-weighted calculation.

Same market. Different scoreboards.

How the Four NSE Indices Compare

What Do NSE Index Movements Actually Tell Investors?

Indices help investors judge market direction, compare performance over time and benchmark portfolios.

They do not automatically prove that Kenya’s economy is strengthening, every company is rising or a particular share is attractive.

Always ask which index moved and what companies drove that move.

Where Can You Check NSE Share Prices and the Market Today?

NSE share prices, the NSE daily price list and index levels are time-sensitive. Use the official NSE market statistics and recognised market-data services rather than an evergreen guide for "NSE share price today" searches.

What Should Investors Consider?

When reading an index, consider its methodology, concentration, sector exposure and the period being measured.

When assessing an individual share, go further: examine earnings, valuation, dividends, debt, governance, industry conditions and diversification. Index membership alone does not make a company a good investment.

Past performance does not guarantee future results.

Common Mistakes to Avoid

• Assuming every NSE index measures the same companies.
• Assuming a rising NASI means every share rose.
• Treating index constituents as a "stocks to buy" list.
• Comparing index-point levels as though they have identical bases.
• Using outdated constituent lists.
• Confusing Kenya’s Nairobi Securities Exchange with India’s NSE.

Frequently Asked Questions

What is the main NSE index in Kenya?

There is no single benchmark for every purpose. NASI gives the broadest market view, while NSE 10, NSE 20 and NSE 25 measure selected baskets.

What is the difference between NASI and NSE 20?

NASI is broad and market-cap weighted. NSE 20 contains 20 selected companies and is price weighted.

What is the difference between NSE 20 and NSE 25?

They contain different numbers of companies and use different weighting methodologies.

What companies are in the NSE 10?

The current 10 are shown in the verified table above.

How often do constituents change?

Membership changes during scheduled NSE reviews and can also change following corporate events such as suspensions or replacements.

Does a rising NSE index mean all Kenyan shares are rising?

No. Some constituents can rise strongly enough to lift an index while other shares fall.

Where can I see NSE share prices today?

Check current NSE market statistics or a verified market-data service and confirm the timestamp.

Does index membership mean a share is good to buy?

No. Index membership is a benchmark classification, not an investment recommendation.

How do I buy NSE shares?

Investors generally require a CDS account and access through an authorised market intermediary.

Key Takeaway

Think of the four indices this way:

NASI → broad market pictureNSE 25 → wider selected large/liquid-company benchmarkNSE 20 → traditional 20-company price-weighted benchmarkNSE 10 → concentrated view of 10 leading liquid companies

No single index tells you everything about the Nairobi Securities Exchange.

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