The rebound was driven by Nedbank’s acquisition of a controlling stake in NCBA Group, Safaricom’s robust half-year earnings Kenya’s capital markets staged a strong recovery in the week ended November 6, as major corporate developments renewed investor activity at the Nairobi Securities Exchange and reversed weeks of declining share prices.
The rebound was driven largely by South African banking group Nedbank’s acquisition of a controlling stake in NCBA Group, Safaricom’s robust half-year earnings and an encouraging response to Quickmart’s initial public offering. The Nedbank transaction, valued at approximately Sh107.3 billion, involved acquiring a 66 per cent controlling interest in NCBA, making the Kenyan lender a subsidiary of the South African financial services group.
The deal was completed on October 19, following regulatory approvals, with the transfer of shares executed through an NSE block trade on November 3. Safaricom provided another boost to market sentiment after reporting a 35.9 per cent increase in group net income to Sh58.2 billion for the six months ended September 30, 2026.
The growth was supported by strong performance in its Kenyan operations and improving prospects in Ethiopia, where losses continued to narrow. M-Pesa remained the standout performer, generating Sh100.1 billion in revenue, a 13.6 per cent increase from the previous corresponding period and the first time the mobile money platform crossed the Sh100 billion mark in a six-month reporting period.
The results reinforced Safaricom’s position as a key driver of NSE activity. Its shares initially gained 3.68 per cent on Thursday, November 5, closing at Sh35.20 as investors responded to the earnings announcement. The market’s recovery was also reflected in the broader indices.
According to the Central Bank of Kenya's weekly market data, the Nairobi All Share Index (NASI), NSE 25 and NSE 20 gained 1.68 per cent, 3.14 per cent and 1.37 per cent, respectively.