Safaricom has reclaimed the KSh1.5 trillion market cap milestone after its share price climbed to a more than four-year high, helping push the total value of companies listed on the Nairobi Securities Exchange (NSE) to a record KSh4.17 trillion. The telecommunications giant gained 4.12% during the week to close at KSh37.85, after briefly touching KSh38.00 on Friday, its highest price since February 2022.
The strong performance by Safaricom came as the wider Kenyan stock market continued its impressive 2026 run. NSE market capitalisation increased by KSh61.82 billion during the week, rising from KSh4.106 trillion to KSh4.168 trillion. The All Share Index (NASI) advanced 1.51% to 248.38, lifting its year-to-date gain to 33.12%, while the NSE 20 Index rose 1.78% to 4,309.45.
Safaricom remained the heavyweight of the market, accounting for 46.01% of weekly equity turnover and ending the week with a valuation of approximately KSh1.52 trillion. Other major stocks also held their ground, with KCB closing unchanged at KSh93.50 and maintaining a market value of about KSh300.46 billion. Equity Group ended at KSh93.25, giving it a valuation of roughly KSh351.89 billion.
However, the market rally was not without a major setback. Car & General, which has been the NSE’s standout performer in 2026, plunged 37.40% during the week to close at KSh234.25 after recording losses in every trading session. Despite the sharp correction, the stock remains up an extraordinary 359.31% since the start of the year, well ahead of Africa Mega Agricorp and Shri Krishana Overseas, which have gained 145.74% and 145.10%, respectively.
The broader market also recorded weaker trading activity, with equity turnover falling 53.34% to KSh5.81 billion and traded volume dropping 46.62% to 171.87 million shares. Foreign investors recorded a net outflow of KSh921.84 million, reversing the previous week’s KSh2.62 billion inflow. Meanwhile, Treasury bills attracted KSh56.74 billion against KSh28 billion on offer, while yields declined across all three maturities. The shilling remained relatively stable at KSh129.47 to the dollar, with foreign-exchange reserves standing at US$14.93 billion, equivalent to 6.2 months of import cover.
source: kenyanwallstreet
