NSE Shares to Watch in 2026: The Case For and Against Kenya's Most-Searched Counters
What makes an NSE share worth watching in 2026?
It is not simply a share that has gone up recently. A stronger candidate combines business performance, valuation, dividends, growth prospects and the risks that could change the story.
For Kenyan investors searching for NSE stocks to buy now, five names frequently draw attention: Safaricom, KCB Group, Equity Group, Co-operative Bank and East African Breweries (EABL). They are not recommendations or a ranking. Instead, here is the case for and against each.
Important: "Watch" does not mean "buy." Always research the company and consider your own risk tolerance.
Alt text: Infographic comparing five NSE shares to watch in 2026: Safaricom, KCB Group, Equity Group, Co-operative Bank and EABL, with key reasons to watch and risks to consider.
1. Safaricom (SCOM)
Safaricom remains one of the most closely followed companies on the NSE, with its mobile, data and M-Pesa businesses giving investors exposure to Kenya's telecommunications and financial-services ecosystem. The company's investor-relations materials provide financial results and share-performance information.
The case for
M-Pesa and diversification: Safaricom's ecosystem extends beyond traditional voice services, giving it multiple sources of revenue.
Strong investor interest: Safaricom has consistently been one of the market's most actively traded counters. Recent 2026 market reporting also showed it driving a large share of NSE activity.
Ethiopia opportunity: Its Ethiopian operation provides a potential long-term growth avenue beyond Kenya.
The case against
Execution risk in Ethiopia: Expanding into a new market requires significant investment and comes with operational and competitive risks.
Valuation matters: A strong company can still be a poor investment if bought at an excessive price.
Concentration: Safaricom's size means movements in the counter can have a meaningful effect on the wider NSE.
2. KCB Group (KCB)
KCB gives investors exposure to banking across Kenya and the wider East African region.
Its H1 2026 results provide a strong reason for investors to keep watching it. KCB reported KSh49.3 billion profit before tax, up 20.8% year-on-year. The board also approved an interim dividend of KSh3 per share, compared with KSh2 previously.
The case for
Strong earnings: The H1 2026 profit increase indicates continued earnings momentum.
Dividend potential: The increased interim dividend is significant for investors seeking income.
Regional diversification: KCB operates beyond Kenya, giving the group exposure to several markets.
The case against
Credit risk: Banks remain exposed to borrowers who may struggle to repay loans.
Asset quality: KCB reported an improvement in its non-performing-loan ratio, but credit quality remains an important metric to monitor.
Economic sensitivity: Slower economic growth or higher credit losses could affect future earnings.
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3. Equity Group (EQTY)
Equity Group is another major banking counter to watch in 2026, particularly because of its regional expansion and technology-led strategy.
For H1 2026, Equity reported KSh45.5 billion profit after tax, a 32% increase from KSh34.6 billion a year earlier. Group assets increased 20% to KSh2.16 trillion.
The case for
Strong profit growth: The 32% increase in H1 profit provides a positive earnings story.
Regional presence: Growth from markets including Tanzania and the Democratic Republic of Congo adds diversification.
Technology: Equity continues investing heavily in digital banking and technology.
The case against
Regional risk: Operating across several countries exposes the group to different economic and regulatory environments.
Credit risk: Rapid loan growth must be accompanied by careful risk management.
Market expectations: Investors may already price strong growth into the share, making valuation important.
4. Co-operative Bank (COOP)
Co-operative Bank remains another closely followed banking counter.
Its FY2025 results showed profit before tax of KSh40.3 billion, up 15.8%, while profit after tax increased 16.9% to KSh29.75 billion. The bank proposed a total FY2025 dividend of KSh2.50 per share, including the KSh1 interim dividend.
The case for
Profit growth: The bank delivered its strongest reported performance at the time of its FY2025 announcement.
Dividend appeal: Its dividend policy makes it relevant to income-focused investors.
Large customer base: Its connection to Kenya's cooperative movement provides a distinctive market position.
The case against
Banking-sector concentration: Like other banks, Co-op remains exposed to Kenya's economic and credit conditions.
Interest-rate environment: Changes in interest rates can affect lending demand and margins.
5. East African Breweries (EABL)
EABL offers something different from the banking-heavy group above: exposure to consumer goods and alcoholic beverages.
Its FY2025 results reported KSh128.8 billion in net sales and KSh12.2 billion profit after tax, while total dividend per share increased to KSh8.
The case for
Strong brands: EABL has established brands across East African markets.
Consumer demand: A broad product portfolio provides exposure to consumer spending.
Dividend history: The FY2025 total dividend of KSh8 per share is attractive to investors looking for income.
The case against
Consumer affordability: Rising living costs can affect demand for discretionary products.
Input costs: Higher production and distribution costs can pressure margins.
Regulation and taxation: Changes in excise duties and alcohol regulations can affect the business.
So, which NSE share is the best?
Alt text: Infographic comparing five NSE shares—Safaricom, KCB, Equity, Co-op Bank and EABL—showing each stock’s main attraction and key risk.
There is no universally best share to buy now in Kenya.
The five counters above offer different investment stories:
| Share | Main attraction | Key risk |
|---|---|---|
| Safaricom | M-Pesa, telecoms, Ethiopia | Execution and valuation |
| KCB | Earnings and dividends | Credit risk |
| Equity | Regional growth | Regional and credit risk |
| Co-op Bank | Earnings and dividends | Economic/credit conditions |
| EABL | Consumer brands and dividends | Costs, taxation and affordability |
Before buying any NSE stocks to buy today, check the latest share price, financial results, dividend announcements and valuation.
The NSE itself provides market statistics, listed-company information and company announcements for investors.
Bottom line: These are shares worth watching, not automatic buys. The strongest investment decision is the one supported by current data, reasonable valuation and a clear understanding of the risks.
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