Nairobi Securities Exchange — UNGA Jumps 7.5% as NSE 25 Sinks 21.32%, Banks Drive Turnover
UNGA posted the week’s strongest gain in Nairobi at 7.5%, even as the NSE 25 fell 21.32% in a mixed market. Trading was concentrated in Safaricom, NCBA and KCB, while 20 corporate announcements kept the exchange busy.
|7 min read
A striking divergence defined trading on the Nairobi Securities Exchange for the week of July 6-10, 2026: Unga Group surged 7.5% to KES 28.7, even as the NSE 25 Index fell 21.32% to close at 3,011.32 points. That gap between strong stock-specific gains and a sharply weaker headline index underlines a familiar reality in Nairobi: index moves can be dominated by a handful of heavyweight counters, while the broader tape tells a more mixed story.
Market breadth was far from catastrophic. The exchange recorded 23 gainers, 27 losers and 7 unchanged stocks out of 57 counters, pointing to a split market rather than a uniform selloff. For readers tracking NSE Kenya today, that distinction matters: the benchmark looked weak, but selective buying remained visible in banks, consumer names and a few mid-caps.
Key figures
- NSE 25: 3,011.32 points, down 21.32% for the week
- UNGA: +7.5% to KES 28.7, the week’s top gainer
- Britam: +5.7% to KES 14.9; Portland Cement: +5.3% to KES 100.0
Trading activity was concentrated in the market’s most liquid names. Safaricom, still the defining stock on the exchange because of its index weight, M-Pesa franchise and Ethiopia expansion narrative, rose 2.9% to KES 36.0 on KES 210.98 million in traded value. NCBA Group followed with KES 191.33 million in turnover and a 1.4% gain, while KCB Group advanced 3.8% to KES 82.0 on KES 129.17 million.
Those flows make sense in the week’s macro backdrop. The USD/KES weakened 0.69% to 129.16, a move that matters for an import-dependent economy and for companies exposed to dollar-priced inputs. At the same time, Brent crude rose 6.0% over the week to $76.32 a barrel. For Kenya, a net fuel importer, higher oil prices can feed through to transport costs, imported inflation and pressure on the current account. That helps explain why investors leaned toward liquid financials and telecoms with stronger balance sheets and more diversified earnings streams.
The divergence between the index and the broader market also suggests a composition effect. Several important financial names posted gains despite the sharp headline decline, including Equity Group Holdings, up 2.4% to KES 86.5, I&M Holdings, up 3.9% to KES 67.0, and Nairobi Securities Exchange Plc, which gained 3.7% to KES 23.8.
UNGA leads gainers as defensive buying returns
The clearest stock story of the week was UNGA’s 7.5% rise, ahead of Britam Holdings at +5.7% and East African Portland Cement at +5.3%. Together, those three names captured the market’s selective appetite for defensives, financials and domestic recovery plays.
UNGA’s move points to renewed interest in staple-linked consumer exposure. Global agricultural commodities were mixed during the week: wheat rose 5.6% to 645.5, while coffee fell 8.2% and cocoa dropped 4.0%. For a food-related counter, those swings matter because they shape expectations around input costs, pricing power and household demand. The stock’s gain suggests the market focused more on UNGA’s defensive profile than on a simple inflation-cost narrative.
Britam’s 5.7% rise to KES 14.9 reinforced the week’s broader financial-sector strength. Insurance names did not move in lockstep, but Britam clearly benefited from the same rotation that lifted banks. In a week when the shilling softened and oil rose, investors appeared to favour financial groups seen as better positioned to absorb macro volatility.
East African Portland Cement climbed 5.3% to KES 100.0, a notable move for a stock tied to construction and infrastructure themes. Cement producers are not immune to higher energy and transport costs when oil rises, so the gain suggests stock-specific factors outweighed macro concerns. That is a useful reminder that the Kenya stock market is still highly selective: macro sets the tone, but individual counters can detach from it.
Banks carried the Nairobi stock exchange today
If one sector defined the week on the Nairobi stock exchange today, it was banking. KCB rose 3.8% to KES 82.0, I&M added 3.9% to KES 67.0, Equity gained 2.4% to KES 86.5, and NCBA advanced 1.4% while ranking among the top turnover names. That performance was reinforced by a structural market development on July 10, when the exchange launched a Banking Sector Index.
The timing is telling. The new index formalises what trading data already showed: banks remain central to Nairobi’s liquidity, sector leadership and macro interpretation. When the shilling weakens by 0.69% and Brent rises by 6.0%, investors tend to prefer lenders with pricing power, regional diversification and strong deposit franchises. That is one reason search interest around KCB share price and Equity Bank share price remains a practical proxy for local market sentiment.
Not all financials joined the rally. CIC Insurance fell 1.3% to KES 4.5, Kenya Re lost 1.5% to KES 3.35 despite KES 28.19 million in turnover, and Sanlam Kenya dropped 2.4% to KES 8.2. The message is clear: this was not a blanket sector move, but a concentrated bid for the most liquid and institutionally followed names.
Twenty announcements kept the market busy
The exchange released 20 official announcements on July 10 alone, spanning governance, annual meetings, earnings and market development. According to the NSE disclosure feed, the most relevant items included:
•audited results from Safaricom for the year ended March 31, 2026
•audited results from TotalEnergies Marketing Kenya for the year ended December 31, 2025
•audited group results from Nation Media Group for the year ended December 31, 2025
•financial statements from Express Kenya, Home Afrika, Car & General Kenya and Limuru Tea
•the launch of a Banking Sector Index
•admission of Fintrust Securities as an Authorized Securities Dealer in fixed income
•appointment of Sterling Capital as a market maker in the NEXT Derivatives Market
•notice that investors will soon be able to access global markets through the listing of the Satrix MSCI World Feeder ETF on the NSE
That ETF announcement may prove one of the week’s most strategically important developments. It gives Kenyan investors a local-market route into global equities, potentially keeping more retail and institutional savings within the NSE ecosystem. The exchange also said it was taking steps to expand retail access, according to its July 10 press release, which fits a broader push to deepen participation beyond the traditional blue-chip base.
Secondary movers: utilities up, tea under pressure
Beyond the headline gainers, several stocks posted meaningful moves. Eaagads rose 4.0% to KES 29.7, Eveready East Africa gained 3.9% to KES 1.06, KenGen added 2.5% to KES 9.9, and Kenya Power climbed 1.7% to KES 18.3. The gains in KenGen and Kenya Power are worth noting in a week when oil rose 6.0%: the market appeared to distinguish domestic power names from businesses more directly exposed to imported fuel costs.
On the downside, Kapchorua Tea posted the steepest loss at 7.0% to KES 320.0, followed by Home Afrika at -6.2% and Sameer Africa at -4.5%. TPS Eastern Africa Serena fell 4.4% to KES 15.2, Express Kenya lost 4.1% to KES 7.0, and Standard Group dropped 3.1% to KES 6.2. For tea-linked counters, the move in Kapchorua came against a volatile global agricultural backdrop and highlights how export-facing Kenyan names remain sensitive to commodity pricing, currency moves and external demand.
For readers following NSE share prices, it is also worth flagging that East African Breweries slipped only 0.4% on KES 45.06 million in turnover. EABL remains one of the market’s best consumer bellwethers, even if this week’s leadership came from banks and selective defensives rather than broad-based consumption plays.
Outlook: earnings digestion, new products and FX watch
Next week’s focus will be on how the market digests the dense batch of disclosures released on July 10, especially results from Safaricom, Nation Media Group, Car & General and other issuers that reported late in the week. Traders will also watch the rollout implications of the new Banking Sector Index, the planned Satrix MSCI World Feeder ETF, and any follow-through in the exchange’s retail-access strategy.
Macro will remain tightly linked to local pricing. If Brent holds near $76.32 or moves higher, Kenya’s fuel import bill will stay in focus. If the shilling stabilises after weakening 0.69% to 129.16 per dollar, import-sensitive domestic names could find support. For now, Nairobi ends the week with a two-speed market: a sharply weaker NSE 25, but clear pockets of strength in banks, selected defensives and the exchange’s most liquid counters. For recent context, see Bourse de Nairobi — Home Afrika gagne 4,2% après ses comptes 2025, malgré 35 replis sur le marché.
