NSE market value tops KSh4.12trn as quarterly share trading drops 72% from June high

Get breaking business news on WhatsApp

The value of companies listed on the Nairobi Securities Exchange (NSE) rose to KSh4.12 trillion at the end of September, but the amount of money changing hands on the market fell sharply from the record set in June, according to the Capital Markets Authority’s quarterly statistical bulletin for July to September 2026.

Market capitalisation closed the quarter at KSh4,121.65 billion, up 9.57% from KSh3,761.74 billion at the end of June. The regulator says it is the first time market capitalisation has crossed KSh4 trillion.

“Overall, the strong performance recorded during the quarter, characterised by market capitalisation crossing KShs. 4 trillion for the first time, demonstrates the confidence, resilience, and competitiveness of Kenya’s capital markets,” CMA chief executive Wyckliffe Shamiah says in the bulletin.

Indices up, trading down

The NSE All Share Index (NASI) gained 9.57% in the quarter to 245.60 points, from 224.15. The NSE 20 Share Index rose 14.95% to 4,316.96 points.

Equity turnover told a different story. Shares worth KSh72.72 billion were traded in the three months, down 72.44% from KSh263.87 billion in the April to June quarter. The number of shares traded fell 75.74% to 1.87 billion.

The fall reflects how unusual June was. That month alone, KSh233.55 billion worth of shares changed hands, against monthly totals of KSh16.15 billion in July, KSh27.66 billion in August and KSh28.91 billion in September. Measured against the same quarter last year, turnover was still up 57.32% from KSh46.23 billion.

Market value peaked in August at KSh4,217.91 billion before slipping in September. Over the past week the NASI has fallen further, as CBK’s weekly data showed.

Ten companies, 80% of the market

The bulletin shows how concentrated the bourse remains. The ten largest listed firms made up 80.51% of market value on average over the quarter. Safaricom alone averaged KSh1,487.10 billion, followed by Equity Group at KSh359.13 billion, KCB Group at KSh290.55 billion, EABL at KSh223.99 billion and Co-operative Bank at KSh212.98 billion.

Trading was just as lopsided. The top ten counters accounted for 85.11% of monthly turnover, led by Safaricom at an average of KSh5.39 billion a month. Absa Bank Kenya stood out in August, when KSh6.90 billion of its shares were traded, against about KSh210 million in July and KSh251 million in September.

Foreign investors sold more than they bought

Foreign investors took a bigger share of trading, averaging 32.97% of activity against 25.58% in the previous quarter. They bought shares worth KSh21.7 billion and sold KSh27.4 billion. The CMA puts net foreign portfolio outflows for the quarter at KSh5,667 million, up from KSh1,203 million in the April to June period.

Its tables show net outflows of KSh15.65 billion for the first nine months of 2026, with September the heaviest month of the quarter at KSh3.61 billion. Outflows have continued into October, taking the year’s total past last year’s.

Bonds, funds and a new banking ETF

Bond trading rose 34.62% from the second quarter to KSh837.13 billion, almost all of it in Treasury bonds. The government raised KSh585.32 billion in the primary market through twelve reopened bonds and three switch bonds.

Assets managed by collective investment schemes, which include money market funds, reached KSh948.7 billion at the end of June, 11% more than the KSh851.7 billion reported at the end of March. Our report on falling money market fund returns looks at where that money is now going.

During the quarter the CMA approved the listing of the WSA Banking Index ETF, which it describes as Kenya’s first locally domiciled and locally sponsored exchange-traded fund. Issued by Wallstreet Africa Group and managed by Tradiam Asset Managers, it tracks the NSE Banking Index and gives exposure to 11 listed banks. It brings the number of ETFs on the NSE to three.

The bulletin also records 25,885 new investor accounts opened at the Central Depository and Settlement Corporation in the quarter, 25,167 of them by local individuals. September had the most sign-ups, at 10,460. For new investors, our guide explains how to open a CDS account and buy shares on the NSE.