The Nairobi Securities Exchange that has been glowing green due to the strong price rally that occurred between July and September, has lifted the paper wealth of some of the big shareholders of leading companies at the Nairobi bourse.
For instance, the I&M Group strong third quarter share-price performance created significant paper gains for some of its largest shareholders.
Suresh Shah’s 174.95 million shares at the Bank rose from KSh 70 on July 1st to KSh 83.50 on September 29th, an increase of 19.3%, lifting the value of his stake from US$ 94.4 million to US$ 112.6 million, an increase of US$ 18.2million, largely driven by the share-price jump.
The I&M Group share price rally was due to its first half results, with net profit rising 22% to KSh 10.2 billion. The Group’s regional businesses are now a key contributor, with non-Kenyan operations accounting for 33% of I&M Group’s pre-tax profit up from 25% a year earlier.
Two other Shah Family holdings also recorded substantial paper gains during this period.
Q3 results for most listed banks are expected to begin streaming in November, making the coming weeks an interesting period for investors tracking earnings and potential interim dividends.
According to market watchers, I&M Group and Co-op Bank are among names to watch for interim dividend announcements, although other banks could also join the bandwagon. At this stage, that remains a probability rather than a certainty.
I&M has a Price-to Earnings (P/E) Ratio of 6.04x. The P/E Ratio measures how much investors are paying for each shilling of a company’s earnings. For example, if a share trades at KSh 50 and earns KSh5 per share, its P/E Rati is 10x. This means investors are paying KSh 10 for every shilling the company earns. P/E provides a starting point for valuation analysis not a standalone buy or sell decision.
An investor should consider historical P/E, Peer P/E, earnings growth, business quality and future expectations-what earnings does the current share price appear to be pricing in.
Meanwhile, as the NSE moves into October, attention will also be on Carbacid and the possibility of a dividend declaration towards the end of the month.
For those keen on building positions around income and long-term compounding, I&M, Co-op Bank and KenGen remain interesting names to gradually accumulate ahead of their respective/corporate action cycles and at valuations that make sense.
“The objective is simple: Position thoughtfully before the announcements, rather than chase them after the market has already reacted,” said CFA Dedan Maina, Ketu Capital.
I&M was among the 10 ten best performers at the NSE over the past 10 months period
I&M Group was the 5th best performing counter at the Nairobi Securities Exchange(NSE) between January and September 2026, its share price having risen 94.35% from KSh 42.45on December 31st 2025 to KSh 82.50 on September 3oth 2026.
I&M is behind top performer Car& General whose price rose 470.11% from KSh 51.35 in December 2025 to KSh 292.75 on September 30th, followed by Africa Mega Group, Shri Krishana Overseas and Britam Holdings.
The worst performers over the 10-month period ending September 30th were led by Eveready, followed by Umeme, Home Afrika, WPP ScanGroup, Nairobi Business Ventures, Family Bank, Kurwitu Ventures, Longhorn Publishers, Liberty Kenya and Absa NewGold ETF.
Leave a comment