Executive Summary We have upgraded our investment recommendation for Kenya Power from a HOLD to BUY, deriving a fair value estimate of KES 25.57 (+65.0% upside) per share, with a sensitivity range of KES 12.04 to KES 43.44. Despite core challenges faced by the business, our revised analysis underscores robust underlying value within the business,…
This fiscal update provides an in-depth look at Kenya’s financial position at the close of the third quarter (Q3) of the 2025/2026 fiscal year. The data reveals a government balancing significant debt obligations against a resilient, though slightly under-target, revenue performance.
Private sector credit growth stood at 5.9% in December 2025, compared to a contraction of 2.9% at the start of that year. The rate has jumped to 8.1% as of March 2026
Highlights: Continued conflict in the Middle East and fluctuating oil prices dominated market sentiment, causing U.S. equities to close lower in the week. Energy markets were particularly volatile as investors balanced fears of supply disruptions through the Strait of Hormuz—one of the world’s most critical oil transit routes—against occasional indications that tensions might ease. Investor…
Dear Readers, As we look ahead to the opportunities of 2026, it is vital to reflect on the significant shifts that defined the last year. Our “Outlook 2025: Ride the Bull and Chart the Bonanza” accurately captured the market sentiment, noting the trend of capital reallocation from traditional fixed-income securities toward the higher returns offered…
The Year of the Synchronized Pivot Warren Buffett loves to quote his mentor Ben Graham, who once said: “In the short run, the market is a voting machine but in the long run it is a weighing machine.” The recently retired Oracle of Omaha often talked about how the stock market resembled a person with…
Highlights United States U.S. equity markets posted gains during the shortened holiday trading week, with both the S&P 500 and the Dow Jones Industrial Average reaching new all-time highs. Trading activity and news flow were relatively subdued, but encouraging economic indicators and continued enthusiasm around artificial intelligence helped sustain investor optimism. According to preliminary figures…
CBK successfully raises KES 47.1bn as investors hunt for higher returns despite longer duration | Private sector credit growth hits 5-year high as business activity picks up.
Equity Market Summary The market closed the week on a bearish note with the NASI, N10, NSE 20, and NSE 25 easing by 0.8% w/w, 0.7% w/w, 2.3% w/w, and 1.0% w/w, respectively. Market activity declined to USD 20.1m (-17.3% w/w). Safaricom dominated market activity, accounting for 39.1% of the week’s turnover. The counter’s price…
MONEY MARKET STATISTICS Interbank lending increased during the week, with the average traded volumes jumping by 62.38% w/w to KES 16.24bn, from KES 10.00bn in the prior week. Consequently, the number of interbank deals rose by 38.89% w/w to 25. The Kenya Shilling Overnight Interbank Average (KESONIA) notched higher (+1.19bps w/w) to an average of…
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