Equities Market
Equity prices closed the week on a high note, with prices edging up by 0.7% on average, largely driven by gains in the Banking (3.0%) and Telecommunication (2.4%) sectors. NSE 10 gained the most at 2.9%, followed by the NSE 25 and NSE 20 indices, which rose by 2.7% and 2.2%, respectively.
Trading activity surged week on week, with turnover up 3,002.1% to KES 110.06Bn, driven by a 1.09Bn-share NCBA Group block trade worth KES 107.38Bn linked to Nedbank’s acquisition of a 66% stake in the Group.
Excluding the transaction, weekly trading activity weakened, with traded volumes declining by 26.9% to 80.74Mn shares from 110.41Mn shares, resulting in market turnover falling by 24.3% to KES 2.68Bn from KES 3.55Bn week-on week.
Foreign activity rose to 49.6%, with a net foreign inflow of KES 106.60Bn compared to a net foreign outflow of KES 884.75Mn the previous week. The large net foreign inflow was largely supported by a KES 107.41Bn inflow linked to Nedbank’s acquisition of NCBA shares from existing shareholders. Excluding the NCBA Group transaction, foreign activity thinned to 32.8% from 48.9% the previous week.
Market activity was heavily concentrated in the banking, telecommunications, and energy and petroleum sectors, which jointly accounted for 99.8% of total turnover and 99.0% of traded volumes. The banking sector dominated the market with 98.7% of turnover, while all the other sectors accounted for less than 1% each.
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Bonds Market
Secondary bond market activity declined for the second consecutive week, with turnover falling by 11.3% week-on-week to KES 50.69Bn from KES 57.17Bn. The slowdown was largely attributed to the primary bond auction held on 4th November 2026.
FXD1/2020/15yr bond, reopened in June, emerged as the most actively traded paper, recording a turnover of KES 7.22Bn, followed by the FXD1/2026/030yr bond, which posted a turnover of KES 7.04Bn.
Looking ahead, secondary market activity is expected to pick up in the coming week, largely due to the entry of November’s primary papers into the secondary market.
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Yield Curve
The yield curve displayed mixed movement week-on-week, largely impacted by the primary’s auction papers of FXD3/2019/15yrs and FXD1/2026/30yrs that took place on Wednesday 4th November 2026.
The middle section of the curve, particularly around the FXD3/2019/15yr paper, saw an upward shift as investors pushed for better discounts ahead of the primary auction that took place during the week.
Additionally, the long end, around FXD1/2026/30yr, also had an upward shift as investors positioned themselves ahead of the primary auction.
Looking ahead, yields are expected to ease slightly in the coming week as trading-oriented investors push rates lower to market yields to capitalize on capital gains by selling the same papers to those who missed the primary.
