NSE (Nairobi Securities Exchange) closed July on a bullish note with the broad market returning 6.1% compared to 9.0% in June 2026. The benchmark N10, NSE 20, and NSE 25 indices grew 5.8%, 9.0%, and 5.8%, respectively.
According to a Research Note from Standard Investment Bank(SIB) Safaricom was the top traded stock accounting for 25% of the month’s turnover, while banking counters dominated the remainder of the top-traded list.
Britam was the NSE top gainer in July, soaring 38.6% to KSh 17.40. Home Afrika, on the other hand, shed 22.2% to KSh 1.05 closing as the top loser.
Foreign investors at the NSE continued to flee from the NSE as they engaged in profit-taking, snapping a two-month run of net inflows. Net foreign outflows in the month of July totalled US$ 13.1 million, with the banking and telecommunications sectors driving most of the selling pressure.
NSE: Corporate Actions in July
During the month; Nedbank Group Limited’s offer to acquire approximately 66% of NSE listed NCBA Group PLC’s issued ordinary shares was oversubscribed, receiving a subscription rate of 79.90% of total shares through a mix of pro-rata entitlements (55.88%) and excess applications (24.02%).
Nedbank’s final post-settlement holding will be capped at the targeted 66%, with existing shareholders retaining 34%.
Kenya, Rwanda, Tanzania, and regional trade bodies have already been secured, with remaining regulatory clearances expected by the end of Q3 2026. Upon the offer becoming fully unconditional, settlement and share transfers will begin within 10 to 14 trading days, leading to full completion by late Q3 or early Q4 2026.
NCBA will remain listed on the NSE as it continues to satisfy minimum public shareholding requirements.
Centum notified its shareholders and the investing public of sale a 60% equity stake in Nabo Capital Limited to Rock Investment Bank. Following this, Nabo ceases to be a subsidiary of Centum and will become an associate company, with Centum retaining a 40% shareholding.
British American Tobacco Kenya Plc (BAT Kenya) recorded a 3.1% growth in profitability from KSh 3.0Bn in 1H2025 to KSh 3.1Bn in 1H26.
Behind the growth in net revenues of 4.6%, which offset the 6.8% growth in operating costs to record an 80-bps in operating profits.
The BAT board of directors has approved the payment of a KSh 10.00 per share interim dividend (similar to 1H25) to shareholders on the register as of the close of 28th August 2026. The dividend will be paid on or about 25th September 2026.
While BAT management’s cost-optimization initiatives are commendable, structural top-line headwind will likely weigh on net margins over the long term. On a positive note, the resumption of Velo sales should help to somewhat cushion the decline in traditional combustibles, with management targeting a 15–20% top-line contribution from Velo over the medium term.
BAT Kenya remains an exceptional cash cow; strong cash flow conversion and healthy balance sheet reserves that should comfortably support medium-term dividend distributions that exceed net earnings.
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