The Nairobi Securities Exchange (NSE) lost nearly Ksh 96.3 billion in market value in September as falling share prices weighed on listed companies, even as derivatives trading picked up and a new route for cross-border investment emerged.
The exchange’s September 2026 Monthly Barometer showed market capitalisation fell 2.28 per cent to Ksh 4.12 trillion from Ksh 4.22 trillion in August. It briefly slipped below Ksh 4 trillion midway through the month before recovering some ground.
“The market capitalisation decreased by 2.28 per cent to Ksh 4,121.65 billion,” the NSE said.
The Nairobi All Share Index (NASI), which tracks listed shares, also dropped 2.28 per cent. The NSE 20 Share Index fell 0.20 per cent, while the NSE 25 Share Index gained 0.25 per cent, showing varied performance across counters.
The decline came as annual inflation rose to 6.8 per cent in September from 6.6 per cent in August, adding to the mixed economic backdrop facing investors.
Trading remained concentrated in a few large companies. Safaricom led equity turnover with Ksh 7.01 billion, accounting for 24.23 per cent of the total. Absa Bank followed with Ksh 5.19 billion, while Equity Group recorded Ksh 4.26 billion and KCB Group Ksh 4.13 billion. The top 10 companies accounted for 87.70 per cent of trading, slightly above August’s 87.59 per cent.
Some shares moved against the broader market. Africa Mega Agricorp, formerly Kenya Orchards Limited, was September’s biggest gainer, rising 107.16 per cent. Shri Krishana Overseas recorded the steepest fall, losing 20.23 per cent.
Derivatives deals rose 75.18 per cent to 240, while traded volume climbed 234.25 per cent to 48,854. Turnover grew 223.49 per cent to Ksh 235.5 million. Bond trading weakened, with turnover falling 14.08 per cent from Ksh 342 billion in August to Ksh 293 billion.
Kenya’s Capital Markets Authority on October 5 also approved a prospectus allowing eligible investors to participate in the Dangote Petroleum Refinery and Petrochemicals IPO through global depositary receipts (GDRs). The offer opened on September 14 and closes on October 13.
The CMA said the receipts would represent shares in the Nigerian refinery and could be listed on the NSE after share allocation and further regulatory approval. It stressed the offer does not cover the proposed Dangote refinery project in Lamu.
The development could widen access to foreign investments for local investors, while September’s figures underline the market’s continued reliance on a small group of heavily traded companies.
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