Nairobi Securities Exchange — AMAC Jumps 12.2% as NSE 25 Sinks 20.29% in Week of July 27-31
AMAC posted the NSE’s top weekly gain at 12.2%, while the NSE 25 slumped 20.29% in the week to July 31, 2026. Safaricom led turnover at KES 335.5 million as the market digested a firmer dollar at 129.25 and Brent crude at $90.04.
|7 min read
A sharp divergence defined trading on the Nairobi Securities Exchange in the week of July 27-31, 2026: Africa Mega Agricorp (AMAC) surged 12.2% to KES 120.0, even as the NSE 25 slumped 20.29% over the same period, according to verified market data. That gap captures a market where a handful of stock-specific stories still found buyers, while the broader tape remained under pressure amid a firmer USD/KES at 129.25, up 0.67%, and Brent crude at $90.04 a barrel, up 1.9% on the week.
Those macro moves matter directly for the Kenya stock market. A weaker shilling raises the cost of imported inputs, while higher oil prices feed into transport, power and distribution expenses across listed sectors. That helps explain why the index fell sharply even as several smaller counters posted solid gains: investors were not buying the market wholesale, they were picking isolated names with company-specific catalysts or more defensive earnings profiles.
Key figures
- NSE 25: -20.29% for the week ended July 31, 2026
- AMAC: +12.2% to KES 120.0, the week’s top gainer
- Safaricom turnover: KES 335.5 million, highest on the market
Market context: index damage outweighed by selective buying
The picture from the Nairobi stock exchange today was negative, but not indiscriminately so. Weekly breadth came in at 18 advancers, 24 decliners and 14 unchanged out of 56 stocks. That matters because it suggests the NSE 25 decline was likely magnified by weakness in heavyweight names or technical adjustments in index components, rather than a full-market washout.
Turnover data supports that reading. Safaricom Plc, still the market’s anchor because of its telecom scale and M-Pesa franchise, led activity with KES 335.5 million traded. It was followed by KCB Group at KES 265.4 million, Equity Group at KES 41.8 million, Standard Chartered Kenya at KES 37.1 million, and Carbacid at KES 32.6 million. Even though the safaricom share price today rose only 0.6% to KES 36.6, the stock’s liquidity again underlined its central role in domestic and institutional portfolio positioning.
Macro conditions were hardly supportive. Brent at $90.04 is a headwind for Kenya as a net fuel importer, especially for transport-linked, consumer and industrial businesses that cannot fully pass through higher costs. At the same time, the dollar at KES 129.25 increases pressure on importers and on companies with foreign-currency obligations. That combination tends to compress margins and makes earnings quality more important than headline revenue growth.
AMAC leads the board, but dispersion tells the bigger story
The week’s strongest move came from AMAC, up 12.2% to KES 120.0. In a week when the NSE 25 lost more than 20%, that kind of gain points first to stock-specific demand rather than broad risk appetite. The fact that AMAC topped the leaderboard ahead of ScanGroup at +8.5%, Shri Krishana Overseas at +7.0%, and Kenya Re at +6.1% shows the market was rotating into selective mid- and small-cap stories rather than simply hiding in the largest defensives.
Shri Krishana Overseas also released financial statements for the year ended December 31, 2025 on July 31, according to official NSE announcements. Its 7.0% rise to KES 11.4 suggests the market welcomed either the numbers themselves or the added visibility from the filing. By contrast, earnings releases did not automatically translate into gains elsewhere. Car and General Kenya published audited 2025 results but fell 3.3% to KES 152.0, while Express Kenya dropped 6.7% to KES 7.02 despite releasing its annual financial statements.
That split is useful for reading NSE share prices in the current environment. When the index is under stress, the market is not rewarding disclosure alone; it is differentiating between balance-sheet strength, margin resilience and the ability to absorb macro shocks such as currency weakness and higher energy costs. That also helps explain the relative strength in Kenya Re, which climbed 6.1% to KES 3.84. Insurers and reinsurers can sometimes look better positioned than import-heavy industrial names when inflation and FX pressures are building.
A flood of announcements, with the exchange itself in focus
Corporate news flow was unusually heavy, with 20 official announcements logged on July 31 alone. Nairobi Securities Exchange was at the center of that flow, announcing the appointment of Sterling Capital Limited as a market maker in the NEXT Derivatives Market, a new push to expand retail investor access, the appointment of a non-executive director, AGM notices and proposed amendments to its articles of association. NSE Plc shares rose 2.0% to KES 25.1, suggesting the market took the institutional updates in stride.
The most strategically important announcement may have been the planned listing of the Satrix MSCI World Feeder ETF on the NSE, which would give Kenyan investors access to global markets through a locally listed vehicle, according to the exchange’s statement. That matters in a week when global headlines were dominated by trade barriers, commodity dislocations and warnings of a potential “super-squeeze” in raw materials. A local route to international diversification could broaden portfolio options without requiring investors to leave the domestic exchange ecosystem.
That push also fits a longer-term market development agenda. Deepening derivatives, widening retail access and adding global feeder products are all part of the effort to make Nairobi more competitive as a capital markets hub in East Africa. The immediate price impact may be limited, but the structural significance is greater than a single day’s move.
Winners, losers and earnings: what the tape said this week
Beyond AMAC, the week’s notable gainers included ScanGroup up 8.5% to KES 2.18, Kenya Re up 6.1% to KES 3.84, Carbacid up 1.6% to KES 35.45, and Centum up 1.6% to KES 16.2. KenGen added 0.9% to KES 10.8, a modest move but one worth noting in a week when higher oil prices again highlighted the value of domestic energy exposure, even if KenGen’s generation mix is very different from imported hydrocarbons.
On the downside, pressure was heavier in smaller names. Longhorn Publishers fell 7.7% to KES 2.86, Sameer Africa lost 7.3% to KES 16.5, Express Kenya dropped 6.7% to KES 7.02, Sasini Tea and Coffee slid 5.7% to KES 23.95, and Uchumi declined 5.3% to KES 1.6. Sasini’s move is especially interesting in the commodity context: coffee fell 2.4% on the week to 315.25, which can weigh on sentiment around agricultural counters exposed to that value chain, even if no single commodity price fully explains a company’s fundamentals.
The day’s earnings slate also included Home Afrika, down 1.0% to KES 1.03, Nation Media Group, up 0.4% to KES 13.05, and TotalEnergies Marketing Kenya, whose 2025 audited results were among the official filings. With Brent near $90, fuel marketers are being assessed on margin management, inventory handling and working-capital discipline.
Banking names remained active without dramatic price moves. The KCB share price slipped 0.3% on KES 265.4 million of turnover, while the Equity Bank share price also eased 0.3% on KES 41.8 million traded. That extends a pattern already visible on the bourse: banks remain highly liquid and central to index formation, but stock selection is dominating while the market digests mixed macro signals.
Outlook: earnings digestion, retail access and FX sensitivity
The next week will be shaped first by how the market digests the heavy batch of July 31 disclosures, including results from Safaricom, TotalEnergies Marketing Kenya, Car and General, Nation Media Group and Home Afrika. The key question is not simply who reported, but which companies can protect margins with USD/KES at 129.25 and oil still close to $90.
Investors will also be tracking implementation details around the NSE’s retail-access push, derivatives market-making and the planned Satrix feeder ETF. For anyone following NSE Kenya today, those initiatives matter because they speak to market depth, liquidity and Nairobi’s ability to keep domestic savings engaged at a time when global capital markets are becoming more fragmented.
