The Kenyan equity market continued its upward momentum in November 2025, extending the rally that began in the third quarter. A key milestone was reached during the period, with the total market capitalization surpassing the KSh 3 trillion mark for the first time in history. The rally has been supported by robust corporate earnings, appealing valuations relative to regional and frontier peers, and sustained participation from domestic investors.
Build the future you deserve. Get started with our top-tier Online courses: ACCA, HESI A2, ATI TEAS 7, HESI EXIT, NCLEX-RN, NCLEX-PN, and Financial Literacy. Let Serrari Ed guide your path to success. Enroll today.
Market Performance (Week Ending November 10, 2025)
| Index | Weekly Performance (w/w) |
| NASI (All Share Index) | +2.0% |
| NSE 10 | +5.3% |
| NSE 20 | +4.4% |
| NSE 25 | +4.2% |
Trading activity strengthened, with total weekly turnover rising by 39.4% to USD 27.9 million.
Key Corporate Movements and Sector Highlights
Banking Sector Strength
Financial stocks led the market’s advance.
- KCB Group and Equity Group reached new all-time highs, gaining 13.8% and 5.3% respectively.
- Absa, Co-operative Bank, and I&M Bank also recorded strong price appreciation, reflecting sustained investor confidence in banking earnings resilience and capital strength.
Safaricom Activity and Earnings
Safaricom remained the most heavily traded counter, accounting for 32.2% of total weekly turnover. The company reported a 52% increase in half-year profit for FY2026/2027, with mobile data revenue surpassing voice for the first time—an important shift in its revenue composition. Despite the positive earnings story, Safaricom’s share price eased by 2.5% w/w to close at KSh 29.50, as some investors booked profits following the earlier rally.
Other Notable Movers
- East African Breweries Plc (EABL) gained 5.8% on renewed demand and improving consumption trends.
- KenGen rose 2.4% amid continued investor interest in infrastructure and energy-linked counters.
- NSE Plc, the operator of the exchange, was the week’s top gainer, rising 27.1%, supported by improved trading activity expectations.
One decision can change your entire career. Take that step with our Online courses in ACCA, HESI A2, ATI TEAS 7, HESI EXIT, NCLEX-RN, NCLEX-PN, and Financial Literacy. Join Serrari Ed and start building your brighter future today.
Corporate Earnings Snapshot
| Company | Period | Earnings Performance |
| Equity Group | Q3 2025 | Profit up 32% to KSh 54.1 billion |
| KenGen | FY 2025 | Earnings up 54% |
| Naivas Supermarkets (Private) | FY 2025 | Net profit up 43% |
The earnings momentum across both listed and major private firms signals continued resilience in Kenya’s corporate sector.
Investor Sentiment and Market Outlook
Analyst Positioning
Faida Investment Bank’s November outlook advised caution, noting that significant gains recorded year-to-date may limit further upside potential in the near term. The firm maintained selective “Buy” recommendations—most notably on Co-operative Bank and KCB—while keeping a neutral “Hold” view on many other stocks as valuations normalize.
Investor Flows
Foreign investors remained net sellers, recording outflows of USD 9.2 million during the week. However, strong domestic investor participation has continued to underpin market stability and momentum, mitigating the impact of foreign exits.
Market Milestone
The market’s climb past KSh 3 trillion in total capitalization represents the highest valuation level in four years. This reflects improving investor confidence, strengthened corporate fundamentals, and renewed interest in equities as an asset class despite wider global capital market volatility.
Overall, market sentiment remains broadly constructive, supported by earnings strength and domestic investor engagement. However, analysts are increasingly recommending selective positioning as valuations tighten and the year-end approaches.
Ready to take your career to the next level? Join our Online courses: ACCA, HESI A2, ATI TEAS 7 , HESI EXIT , NCLEX – RN and NCLEX – PN, Financial Literacy!🌟 Dive into a world of opportunities and empower yourself for success. Explore more at Serrari Ed and start your exciting journey today! ✨
Track GDP, Inflation and Central Bank rates for top African markets with Serrari’s comparator tool.
See today’s Treasury bonds and Money market funds movement across financial service providers in Kenya, using Serrari’s comparator tools.
Article, Financial and News Disclaimer
The Value of a Financial Advisor
While this article offers valuable insights, it is essential to recognize that personal finance can be highly complex and unique to each individual. A financial advisor provides professional expertise and personalized guidance to help you make well-informed decisions tailored to your specific circumstances and goals.
Beyond offering knowledge, a financial advisor serves as a trusted partner to help you stay disciplined, avoid common pitfalls, and remain focused on your long-term objectives. Their perspective and experience can complement your own efforts, enhancing your financial well-being and ensuring a more confident approach to managing your finances.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are encouraged to consult a licensed financial advisor to obtain guidance specific to their financial situation.
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an as-is basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2025
