The exchange’s monthly barometer shows market capitalisation fell 2.28% to Sh4.12tn A digital display screen at the Nairobi Securities Exchange trading floor /FILE Kenya's capital markets came under pressure in September, with the Nairobi Securities Exchange (NSE) shedding nearly Sh96.3 billion in market capitalization, as the equities market tracked a broader decline in share prices.
The NSE’s market capitalisation fell by 2.28 per cent to Sh4.12 trillion at the end of September, from Sh4.22 trillion in August and higher values earlier, according to the NSE’s September 2026 Monthly Barometer. The decline included a sharp mid-September dip where the market briefly fell below the Sh4 trillion mark (losing over Sh336 billion across late August into mid-September before stabilising).
NSE crossed the Sh4 trillion market capitalisation milestone for the first time on August 3, 2026, when it closed at Sh4.013 trillion. During the September month under review, the All-Share Index (NASI), the broadest measure of the performance of listed equities, also declined by 2.28 per cent, pointing to a weaker overall market despite gains recorded by selected counters and sectors.
The NSE 20 Share Index fell marginally by 0.20 per cent, while the NSE 25 Share Index bucked the trend to rise 0.25 per cent. The exchange said the performance came against a mixed global and domestic economic backdrop, with Kenya’s annual inflation rising to 6.8 per cent in September from 6.6 per cent in August.
“The market capitalisation decreased by 2.28 per cent to Sh4,121.65 billion,” the NSE said in its monthly barometer. During the month under review, trading activity remained concentrated in a handful of large companies, with Safaricom retaining its position as the most actively traded stock.
Safaricom accounted for 24.23 per cent of total equity turnover during the month, generating Sh7.01 billion in traded value. Absa Bank followed with Sh5.19 billion, equivalent to 17.96 per cent of turnover.