Equities Market
The overall stock market grew by 2.0% in the first week of November 2025, as measured by the Nairobi All -Share Index (NASI). This was attributed by the large market capitalization counters (NSE 10) that had the most gain of 5.3% due to the recently released half year improved financials by Safaricom. The NSE 20 and NSE 25 counters followed with a 4.4% and 4.2% rise respectively. The banking sector jumped by 2.0% week on week on average.
Weekly market turnover spiked by 39.2% to record a value of KES 3,618.62Mn, largely attributed by a 19.6% increase in volume traded, from 109.87Mn the previous week to 131.42Mn shares.
Foreign participation surged to 37.0% from 26.9% the week before accompanied by a rise in net foreign outflows from KES 173.09Mn to KES 1186.32Mn. Major foreign inflows happened on KCB Group while Safaricom, Equity Group and EABL attracted notable foreign outflows.
Market activity concentrated on the banking, telecommunication and manufacturing sectors which accounted for 87.1% of the markets total turnover. Moreover, the same sectors jointly accounted for 52.2% of the total shares traded during the week.
The Telco giant, Safaricom, was the top mover of the week with a turnover of KES 1161.22Mn from 38.46Mn shares traded in the week. The recently released half year financials exhibited a rise in PBT by 63.1% from KES 33.86Bn in HY2025 to KES 55.24Bn in HY2026; PAT also soared by 191.6% from KES 10.01Bn to KES 29.19Bn. The performance was supported by improved service revenue & improved Safaricom Ethiopia results.
Equity Group retained the second mover position with a turnover of KES 708.84 Mn with 10.30Mn shares changing hands this week as compared to 6.51Mn shares last week.
EABL took third mover position with KES 418.67Mn after changing hands 1.76Mn shares.
Nairobi Securities, Crown Paints and KCB Group were the top three gainers of the week with each of their counter prices improving by 27.1%, 19.4% and 13.8% respectively resulting in their share prices being KES 20.65, KES 60.00 and KES 70.00 respectively.
[Graph in PDF]
Bonds Market
The secondary bonds market registered a growth in the week ending 7th November 2025, with turnovers jumping by 7.9% from KES 37.96Bn to KES 40.95Bn accompanied by a slight rise in the number of deals despite an auction taking place during the week.
IFB1/2018/15Yr was the most traded paper despite its yield rising from 11.7116% to 11.7998% against 12.9934% accepted in the primary market.
The primary auction for the two reopened November papers , FXD1/2012/020 (7-year, 12.000% coupon) and FXD1/2022/015 (11.4-year, 13.942% coupon) took place this week and the market is expected to go back to normal as investors shift back to the secondary market and begin cashing in on the November Papers.
[Graph in PDF]
Yield Curve
The yield curve recorded a mixed reaction during the week with upward shift noted at 8 to 11 year papers and 19 to 21 year papers while downward shift is experienced from 13 to 15 years .
The short-end of the yield curve remained relatively stable on minimal activities in the section as the market focused on the auction of the November papers. The middle curve around the re-opened FXD1/2022/015 (11.4-year, 13.942% coupon) shifted upwards slightly as investors pushed for better rates and there after dropped to a low of 66.78bps up to the 15 year papers.
In the coming week, we expect a downward trend on the short to medium-term papers as investors who obtained the primary papers begin to cash in by selling the papers to those who missed.
[Graph in PDF]
Interbank
Interbank rate remained relatively stables with an average of 9.3% in the week despite the rise in closing demand. However, the average interbank rate recorded a marginal drop of 0.01 bps, maintaining overall stability in short-term market rates.
Bank excess reserves was relatively stable, noted by a slight movement from KES 12.4 billion to KES 12.3billion. The moderate liquidity levels was supported by inflows from T-Bills maturities as well as the settlement of pay as you earn (PAYE) tax due on 9th November 2025.
Liquidity demand accelerated by 182.7% to KES 10.90 billion while average demand easing 40.9% to KES 6.27 Bn, indicating a temporary spike in liquidity demanded in the market throughout the week.
[Graph in PDF]
Treasury Bills
The weekly T-bills auction remained oversubscribed at 166.1%, receiving KES 39.86 billion in bids against a target of KES 24.0 billion, with KES 39.85 billion accepted.
Investor preference shifted sharply toward the 91-day paper, which was oversubscribed at 383.13% (KES 15.33 billion in bids, of which KES 15.32 billion was accepted). The 182-day and papers was undersubscribed while the 364-day was oversubscribed at 219.29% indicating a strategic investment made by investors.
Yields across the 182 day and 91 day papers dropped slightly by 0.11bps, and 0.02bps to 7.7934%, and 7.7919% for the 182- and 91- day tenors, respectively.
[Graph in PDF]
Currency
The shilling remained quite stable in the week, trading at an average of KES 129.24 per US dollar. Week on week the shilling was largely stable against the US dollar while strengthening against the British pound, the euro and the Japanese yen at 0.3%, 0.3% and 0.5%, respectively.
Year-to-date, the shilling has appreciated slightly by 0.1% against the dollar. However, gains from rising foreign exchange reserves continue to be countered by high external debt obligation.
Forex reserves stabilized at USD 12.16 billion, equivalent to 5.3 months of import cover which is well above the CBK’s 4.0-month minimum target. The reserves remain supported by Eurobond inflows, diaspora remittances, and agricultural export receipts.
Diaspora remittances stabilized at USD 419.63Mn in September 2025, similar to USD 419.63Mn received in August 2025. Year on year, foreign remittances improved 0.3% against that of USD 418.50Mn received in September 2024.
