The Nairobi Securities Exchange closed the week on a firmly positive note, with the NSE All-Share Index (NASI) settling at 206.21 — up 0.45 points (+0.22%) on the day and a solid +19.63 (+10.52%) year-to-date. Market capitalization now stands at KES 3.45 trillion, reflecting growing investor confidence in Kenya’s equity markets as the bourse continues its 2026 rally.
Market Snapshot
| Metric | Value | Change |
| NASI | 206.21 | +0.45 (+0.22%) |
| YTD Performance | +19.63 | +10.52% |
| Market Cap | KES 3.45 Trillion | — |
| Top Gainers | 21 stocks | — |
| Bottom Losers | 19 stocks | — |
The market breadth was positive, with 21 gainers outnumbering 19 losers — a sign of broad-based participation rather than narrow blue-chip driven moves.
Top Gainers of the Week
The standout performer was Kakuzi Plc (KUKZ), surging +6.18% to close at KES 446.75. The agricultural heavyweight has been on a tear, buoyed by strong export demand and favorable commodity prices for its avocado and macadamia output.
Nation Media Group (NMG) followed closely, jumping +5.32% to KES 13.85. The media giant appears to be benefiting from improved advertising revenues and a strategic pivot toward digital platforms that’s starting to show results.
Olympia Capital Holdings (OCH) added +4.73% to close at KES 6.64, while ScanGroup (SCAN) gained +4.19% to KES 2.24 on the back of heavy trading volume — 182,903 shares changed hands, one of the highest on the board.
Rounding out the top five, Longhorn Publishers (LKL) rose +3.87% to KES 2.95 and Flame Tree Group (FTGH) climbed +3.05% to KES 2.03.
Biggest Losers
On the downside, Sasini Tea & Coffee (SASN) took the hardest hit, plunging -8.74% to KES 27.15. The tea producer’s sharp decline likely reflects profit-taking after recent gains and concerns over global tea price volatility.
Eaagads (EGAD) dropped -4.93% to KES 31.85, while the NSE’s own listed shares (NSE) fell -4.36% to KES 18.65 — ironic given the exchange’s strong overall market performance.
Jubilee Holdings (JUB) slipped -2.89% to KES 360.75, Unilever Kenya (UNGA) lost -2.98% to KES 26.05, and Shri Krishana Overseas (SKL) declined -2.69% to KES 9.42.
Most Active by Volume
The most heavily traded counters by volume were:
- Equity Group Holdings (EQTY) — 4,707,390 shares at KES 76.00 (+0.75)
- Kenya Power (KPLC) — 2,547,015 shares at KES 15.40 (flat)
- KenGen (KEGN) — 1,274,204 shares at KES 9.18 (+0.00)
- Absa Bank Kenya (ABSA) — 1,276,634 shares at KES 28.75 (flat)
- Co-operative Bank (COOP) — 493,233 shares at KES 32.25 (-0.10)
Equity Group’s massive turnover is notable — the banking giant saw nearly 5 million shares trade hands, suggesting institutional repositioning ahead of its upcoming earnings season.
Blue-Chip Watch
The NSE’s heavyweights had a mixed but generally positive week:
- Safaricom (SCOM) — KES 30.75 (+0.15) on 562,531 shares
- KCB Group (KCB) — KES 66.75 (flat) on 449,819 shares
- NCBA Group (NCBA) — KES 88.25 (flat) on 71,428 shares
- I&M Holdings (IMH) — KES 50.00 (flat) on 74,402 shares
- EABL — KES 244.75 (+1.00) on 21,950 shares
- BAT Kenya — KES 503.00 (-2.00) on 11,839 shares
- Standard Chartered (SCBK) — KES 335.00 (-1.50) on 8,646 shares
- BK Group (BKG) — KES 46.20 (flat) on 9,802 shares
Safaricom’s slight uptick is encouraging for the index, given its outsized weight in the NASI. The telco’s stability above the KES 30 mark continues to anchor market sentiment.
Sector Highlights
Banking & Financial Services
The sector was the engine room of the week’s activity. Equity Group’s volume surge, combined with steady performances from KCB, NCBA, and Co-op Bank, signals that investors are positioning for Q2 earnings. The banking sector has been a key driver of the YTD rally.
Agriculture & Tea
A tale of two sub-sectors. Kakuzi’s stellar run contrasts sharply with Sasini’s plunge and Williamson Tea’s decline (-1.49%). Investors appear to be differentiating between diversified agri-players and pure tea exporters facing margin pressure.
Telecommunications
Safaricom’s resilience above KES 30 remains a bellwether for the broader market. Any sustained move above KES 31 could trigger the next leg up for the NASI.
Energy & Utilities
Kenya Power’s massive volume (2.5M shares) but flat price suggests accumulation. KenGen’s slight uptick to KES 9.18 adds a modest positive.
What to Watch Next Week
- Equity Group’s volume trend — If the heavy trading continues, expect a price breakout in either direction. Institutional flows don’t happen in silence.
- Kakuzi’s momentum — After a +6.18% weekly pop, watch for profit-taking or continuation. The stock is approaching all-time high territory.
- Safaricom’s KES 31 test — A decisive break above this level could pull the entire market higher.
- Tea sector stabilization — Sasini and Eaagads may see bargain-hunting if the sell-off exhausts itself.
- NSE’s own shares — Down -4.36% this week despite the exchange’s strong market performance. Could be a contrarian buy if the bourse’s business fundamentals remain solid.
The Big Picture
The NSE’s +10.52% YTD return puts it among the better-performing frontier markets in 2026. With the NASI at 206.21 and climbing, the market is showing none of the fatigue that typically accompanies a mid-year rally. The breadth of participation — 21 gainers vs 19 losers, volume spread across banking, agriculture, and telecom — suggests this isn’t a flash in the pan.
Kenya’s macro backdrop remains supportive: a stabilizing shilling, easing inflation, and the Central Bank’s accommodative stance are all tailwinds for equities. The question isn’t whether the NSE will test 210 — it’s whether it can hold there.
Data sourced from NSE and AFX Market Data. All prices in Kenyan Shillings (KES). Last updated: May 22, 2026.
Disclaimer: This summary is for informational purposes only and does not constitute investment advice. Always conduct your own research or consult a licensed investment advisor before making trading decisions.