Nairobi Securities Exchange — TotalEnergies Kenya Posts 2025 Results as NSE 20 Slumps 49.44%
TotalEnergies Marketing Kenya released its audited 2025 results in a volatile session that saw the NSE 20 fall 49.44% and the NSE 25 lose 9.82%. Safaricom’s 3.0% gain helped cushion a market weakened by broad losses and a firmer dollar at KES 129.55.
|6 min read
The standout development on the Nairobi Securities Exchange on Tuesday, June 2, 2026 was not just the release of audited 2025 earnings by TotalEnergies Marketing Kenya, but the sharp disconnect between company-level news and a deeply distorted market session. The NSE 20 plunged 49.44% to 1,016.78, while the NSE 25 fell 9.82% to 5,091.3, in a market where 25 stocks declined, 22 advanced and 9 were unchanged.
That contrast matters. On the one hand, the session carried several earnings announcements and gains in selected blue chips. On the other, the headline index moves were severe enough to dominate sentiment. The broader explanation lies in how the Kenya stock market absorbs both local disclosures and global macro pressure: USD/KES rose 0.89% to 129.55, while Brent crude held at $95.1 a barrel, up 1.5% over the week. For an import-dependent economy with listed banks, telecoms and fuel marketers, those two variables shape margins, liquidity and risk appetite far beyond a single day’s price action.
Market context: index shock, but the tape was more mixed than the headline suggests
The first reading of NSE Kenya today is dramatic, but the underlying tape was less one-directional than the index collapse implies. Safaricom, the market’s dominant telecom and mobile money name, rose 3.0% to KES 31.0, while East African Breweries added 2.7% to KES 246.5. Co-operative Bank gained 1.3% to KES 32.0, and BAT Kenya edged up 1.0% to KES 520.0.
Trading activity was concentrated in the usual liquid counters. Safaricom led by value traded at KES 407.7 million, followed by Equity Group at KES 92.1 million, Diamond Trust Bank Kenya at KES 43.1 million, Kenya Re at KES 41.6 million, and KCB Group at KES 39.9 million. That concentration is important because Safaricom often carries an outsized weight in local benchmarks, and its earnings profile is structurally different from banks and industrials thanks to M-Pesa’s fee income and the longer-term optionality of Ethiopia.
Still, breadth was negative at 22 gainers versus 25 losers, confirming that the session was not simply an index calculation anomaly. Among the top losers, Nation Media Group fell 4.1% to KES 12.95, Express Kenya dropped 2.8% to KES 6.9, and Diamond Trust Bank lost 4.0% to KES 145.0. On the upside, Africa Mega Agricorp jumped 11.2% to KES 114.5, Jubilee Holdings rose 9.6% to KES 400.0, and East African Portland Cement gained 7.3% to KES 77.25.
TotalEnergies Kenya earnings: resilience tested by oil and currency pressure
The core earnings story is the audited 2025 release from TotalEnergies Marketing Kenya, formally announced on June 2, 2026. The stock rose 3.8% to KES 47.75, suggesting a constructive initial market reaction. However, the detailed income statement figures were not included in the data provided here, so any claim about revenue growth, operating profit or net earnings would go beyond the verified record. For an earnings analysis, that limitation matters: price action alone is not a substitute for audited line items.
What can be assessed with confidence is the backdrop in which those results landed. Fuel marketers in Kenya are operating under tighter external conditions than they were a few quarters ago. Brent at $95.1 per barrel raises the cost base for imported refined products, while a shilling at 129.55 per dollar increases the local-currency burden of those imports. If pump-price adjustments lag procurement costs, or if regulated pricing mechanisms create timing mismatches, gross margins can come under pressure even when volumes hold up.
That is why the 3.8% gain in TotalEnergies Kenya stands out. It suggests the market may be reading the 2025 numbers as more resilient than feared, potentially because of cost discipline, product mix, network economics or working-capital management. Global headlines have been pulling in different directions — from U.S.-Iran peace talks to a bearish 2026 oil outlook and renewed focus on Strait of Hormuz disruptions. For Kenyan investors, the practical takeaway is straightforward: local energy distributors are exposed not only to crude prices, but to the interaction between global oil volatility and domestic FX weakness.
Safaricom steadies the market, while banks show macro sensitivity
The other major earnings release came from Safaricom, which published audited results for the year ended March 31, 2026. The stock climbed 3.0% to KES 31.0, with the day’s largest traded value at KES 407.7 million. That move is consistent with Safaricom’s role as the market’s anchor. Its earnings base is supported by telecom services, M-Pesa transaction flows and a still-developing Ethiopia business that investors increasingly treat as a medium-term growth lever rather than a pure drag.
In practical terms, Safaricom’s strength helped offset weakness elsewhere in the market. That matters because anyone checking the safaricom share price today is also, indirectly, checking the tone of the wider exchange. When Safaricom rises on heavy turnover, it can cushion benchmark declines and signal that domestic institutional money is still willing to back quality earnings visibility.
Banks, by contrast, sent a more cautious message. Diamond Trust Bank fell 4.0%, Equity Group slipped 0.7%, and KCB rose only 0.4%. That divergence reflects the market’s sensitivity to funding costs, regional credit exposure and currency risk. With USD/KES up 0.89%, investors are reassessing the pressure on borrowers with foreign-currency obligations and on lenders with cross-border books in East Africa. For readers tracking the Equity Bank share price or KCB share price, the session showed that bank valuations remain tied not just to earnings releases, but to the broader macro mix of rates, FX and regional trade momentum.
Supporting earnings stories: media, logistics and property remain under strain
Several other issuers released audited 2025 numbers on the same day, including Nation Media Group, Express Kenya, Home Afrika, Limuru Tea, Car & General Kenya and Shri Krishana Overseas. The market reaction was unforgiving in some cases. Nation Media Group fell 4.1% to KES 12.95, underscoring continued pressure on traditional media models as advertising budgets migrate online and cost inflation remains sticky. Express Kenya dropped 2.8% to KES 6.9, pointing to the still uneven recovery in logistics-linked activity.
Home Afrika lost 5.5% to KES 1.2, a reminder that listed property names remain highly sensitive to domestic liquidity conditions and the cost of credit. By contrast, Carbacid rose 0.7% to KES 29.75, Crown Paints gained 4.8% to KES 59.75, and BAT Kenya added 1.0% to KES 520.0, suggesting investors still favour selected defensive and industrial names with some pricing power.
The exchange itself was also active on the market-structure front. The NSE announced the appointment of Sterling Capital as a market maker in the NEXT derivatives market, admitted Fintrust Securities as an authorized securities dealer in fixed income, and launched a banking sector index. It also said investors would soon gain access to global markets through the listing of the Satrix MSCI World Feeder ETF, according to the exchange statement. Those developments did not prevent the day’s volatility, but they do point to a gradual broadening of the local market toolkit. Afrivestia previously examined that trend in our report on product diversification at the NSE.
