The Nairobi Securities Exchange (NSE) wrapped up the month in bullish territory, building on the solid momentum experienced in 2025, with gains recorded across major indices mirroring improved investor confidence.
The Nairobi All Share Index (NASI), which tracks the performance of all listed companies, closed the month at 195.36 points, up 4.7% compared to the close of the previous month. NASI’s gain was mainly supported by upside trends in large-cap stocks. The index has gained 4.7% year-to- date.
The NSE-20 index recorded the highest gain, rising by 5.1%, closing the month at 3,299.28 points compared to 3,139.19 points previously. The NSE-25 index, which tracks the top 25 most liquid and well-capitalized companies, stood at 5,321.96 points, up 4.4%, while the NSE-10 edged up 4.2% to 2,046.82 points.
Market capitalization grew by 4.7% to KES 3.08 trillion from KES 2.94 trillion, supported by gains in blue-chip stocks including Co-operative Bank, Absa Bank Kenya, and NCBA. The three equities added KES 17.6 billion, KES 19.1 billion, and KES 14 billion in market capitalization, respectively, translating to 36.6% of the KES 138.5 billion added to total market capitalization in January 2026.
Trading activity during the month slowed, evidenced by a decline in the number of shares traded. Volume fell by 19.5% to 410 million shares, compared to 509.6 million shares traded in the previous month. Similarly, equity turnover declined by 23.6% to KES 13 billion from KES 17 billion.
Top gainers and losers
Nairobi-based airline, Kenya Airways, emerged as the top gainer, rising 36.8%, to close the month at KES 4.83. The stock’s upward trend was primarily driven by announcements of intentions by Temasek Holdings and Qatar Airways to acquire control of the airline. Other notable gainers included Uchumi Supermarket (23.3%), Absa NewGold ETF (15.6%), Car and General (15.2%), and East Africa Portland Cement 14%).
On the losers’ side, Olympia Capital Holdings emerged as the top loser, shedding 9.5% to settle at KES 8.22. WPP ScanGroup ranked second, losing 8.6%, followed by Home Afrika, Nairobi Business Ventures, and Liberty Kenya, which depreciated by 6.7%, 6.1%, and 5.2%, respectively.
NSE-listed Lenders Shine
The Banking sector emerged as the key driver of the market’s rally, with all banks closing the month in the green, highlighting strong investor confidence in financial stocks supported by earnings expectations. Out of the eleven listed lenders, four posted double-digit gains. The Banking sector index rose by 5.6% to 215.03 points.
