Investors at the Nairobi Securities Exchange (NSE) saw the total market value of listed shares rise by about Sh1.18 trillion in the first nine months of 2026, as share prices rallied, according to the Capital Markets Authority (CMA).
In its third-quarter 2026 Statistical Bulletin, the CMA reported that the NSE’s market capitalisation rose from Sh2.94 trillion at the end of December 2025 to Sh4.12 trillion at the end of September 2026.
The increase represents growth in the combined market value of shares listed on the exchange. The CMA report showed strong gains in the equities market during the third quarter, with the NSE 20 Share Index rising 14.95 per cent to 4,316.96 points from 3,755.44 points in the previous quarter. The NSE All Share Index (NASI) gained 9.57 per cent, closing at 245.60 points.
On an annual basis, market capitalisation rose 48.02 per cent to Sh4.12 trillion from Sh2.78 trillion in September 2025, according to the regulator.
NSE Market Capitalisation Rises to Sh4.12 Trillion
The CMA bulletin showed that the increase in market capitalisation reflected the rise in the market value of listed companies. The exchange had crossed the Sh4 trillion mark earlier in 2026 before closing September at Sh4.12 trillion.
Safaricom remained the NSE’s largest listed company by market value, averaging Sh1.49 trillion during the third quarter. Other leading companies included Equity Group, KCB Group, East African Breweries, Co-operative Bank of Kenya and Absa Bank Kenya.
According to the CMA, the 10 largest listed companies accounted for more than 80 per cent of the exchange’s total market capitalisation, showing that much of the market’s value was concentrated among a relatively small number of firms.
NSE Trading Activity Rises to Sh72.72 Billion
The CMA reported that equity turnover increased by 57.32 per cent to Sh72.72 billion during the third quarter, indicating a rise in the value of shares traded on the exchange.
Turnover measures the value of shares traded, rather than the profits investors made. The increase came alongside gains in the main market indices and higher market capitalisation.
The regulator also reported that foreign investor participation averaged 32.97 per cent during the quarter, up from 25.58 per cent in the previous quarter.
Foreign investors bought shares worth Sh21.7 billion and sold shares worth Sh27.4 billion during the period, according to the CMA.
The CMA bulletin also recorded growth in the fixed-income market. Bond turnover rose by 34.6 per cent to Sh837.13 billion during the third quarter, with government securities continuing to account for a significant share of trading.
Collective investment schemes also expanded, with assets under management reaching Sh948.7 billion, according to the regulator.
These schemes pool investors’ money and invest it in assets such as shares and bonds, depending on each fund’s objectives. Their growth brings the sector closer to the Sh1 trillion mark and reflects the increasing amount of money managed through pooled investment products.
CMA Approves New Investment Products
The regulator also reported the approval of new investment products during the quarter. These included the WSA Banking ETF, described in the bulletin as Kenya’s first locally domiciled and locally sponsored exchange-traded fund.
The CMA also approved the Britam Multi Asset Special Fund, Enhanced Global Equities Special Fund and Green Investment Fund.
The new products add to the range of investment options available in Kenya’s capital markets. The bulletin also records licensing and approvals involving market intermediaries as part of developments in the sector.
CMA’s third-quarter bulletin reported growth across equities, bonds and collective investment schemes. The rise in NSE market capitalisation was one of the main indicators of the stock market’s performance during the first nine months of 2026.
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