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
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.
Context is everything. Stay ahead of shifting trends with today’s market updates, and uncover emerging opportunities using the Serrari Group Market Index and Marketplace. Then, take control of your own financial future by exploring our Money & Life Reset Transformation Blueprint ™ to build stronger habits, create better systems, and design a path toward lasting wealth.
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
| Index | Market Coverage | Constituents | Weighting Method | What It Tells You | Main Limitation |
|---|---|---|---|---|---|
| NASI | Broad listed-equity market | Broad universe | Market-cap weighted | Overall NSE equity direction | Large companies can dominate |
| NSE 25 | Selected large/liquid companies | 25 | Market-cap/free-float adjusted | Wider selected-company performance | Excludes companies outside basket |
| NSE 20 | Selected established companies | 20 | Price weighted | Traditional blue-chip benchmark | Price weighting differs from company size |
| NSE 10 | Concentrated leading/liquid companies | 10 | Float-adjusted market cap | Performance of concentrated leading shares | Highest concentration |
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.
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.
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.
