Mwenendo
African Markets
The NSE, African exchanges, stocks, bonds, currencies, commodities and crypto.
Africa's Corporate Bond Market: Shrinks to KSh 4.55T as Local Currency Borrowing Stays Thin
Africa's corporate bond market has shrunk to KSh 4.55T ($35B), leaving companies reliant on loans and foreign currency borrowing. Only 17% of corporate debt issued across the continent in 2025 was in local currency, exposing borrowers to exchange-rate swings and higher refinancing risk. Six countries hold 80% of outstanding corporate debt, while a handful of bond issues in 2025 came almost entirely from financial firms.
Rand Weakens to 16.53 Per Dollar as ANC Support Falls Near 32% in Municipal Count
South Africa's rand traded at 16.5275 to the dollar on Friday morning, 0.3% weaker, as the municipal election count passed 72% of votes. The ANC held about 32% of counted votes, down from 46% in 2021, with the DA on about 24% and city administrations in question. Economists say the key question is whether the vote yields stable administrations in key cities, while a stronger dollar and bond yields add pressure.
Naira Slips to N1,350.45 Per Dollar as Interbank Turnover Falls to $82.16M
The naira closed at N1,350.45 per dollar on 5 November, N2.45 weaker than the previous session and N4.44 down since 2 November. Interbank turnover fell to about KSh 10.67B ($82.16M) across 88 deals, below the KSh 13.11B ($100.93M) traded a day earlier. Kenyan holders of Nigerian assets, from Dangote receipts to Airtel Africa dividends, carry the currency risk.
Japan's Nikkei Enters Bear Market as Kospi Falls 6.02%, Raising Frontier Market Outflow Risk
Japan's Nikkei 225 closed 6% lower on Friday, more than 20% below its June peak, confirming a technical bear market. South Korea's Kospi ended down 6.02% at 5,059.65 after a circuit breaker, its eleventh trigger this year. Frontier markets such as Nairobi now face a test of whether global fund selling reaches African equities and currencies.
Nairobi Defies Sell-Off: NSE Market Value Returns Above KSh 4T as Safaricom Gains 3.68%
Nairobi's market value climbed back above KSh 4T ($31.2B) on Thursday while Asian and US technology stocks were being sold hard. Safaricom rose 3.68% to KSh 35.20 and made up 41.1% of the day's equity turnover after its half-year results. Foreign investors were still net sellers of about KSh 61M ($0.47M), and equity turnover fell to just KSh 405.5M ($3.12M).
Airtel Africa Fixes Naira Rate at N1,347.44 for 3.1 US Cent Interim Dividend
Airtel Africa has set the naira rate that decides what Nigerian shareholders receive for its 3.1 US cent interim dividend. The N1,347.44 per dollar rate gives NGX holders about N41.77 a share (about KSh 4.03), below last year's N1,456.00 rate. Holders who want dollars must return a currency election form by 23 November, or they are paid in naira by default.
Kospi Halted After 8% Plunge: KSh 323T ($2.5T) Nasdaq Rout Spreads to Asia
South Korea halted trading for 20 minutes on Friday after its main index fell more than 8% in a global tech sell-off. The Nasdaq lost 5.5% overnight, erasing a record KSh 323T ($2.5T) of market value in a single session. African investors now watch for foreign outflows from frontier markets if the sell-off carries into European and US trading.
Brent Sinks Below KSh 12,200 ($94.11): Peace Hopes Meet Gulf Risk Before EPRA Review
Brent crude fell more than 8% on Thursday to a near two-month low, giving Kenya's fuel importers a rare moment of relief. By Friday morning in Asia the benchmark had recovered 3.88% to KSh 12,699 ($98.29) as Gulf shipping incidents returned to the headlines. EPRA's 14 November review will weigh a full month of import costs, not a two-day swing in crude futures.
Long-Dated Appetite: CBK Accepts KSh 70.86B as 30-Year Bond Clears at 14.13%
Investors bid almost twice what the Central Bank of Kenya wanted at its first November bond auction, and the 30-year paper led the demand. The new 30-year bond cleared at 14.13%, more than 1.38 percentage points above the 15-year bond that drew weaker demand. The Treasury took in KSh 70.86B ($549M) against a KSh 50B ($388M) target, which shows how much borrowing the market is still absorbing.
Carbacid Profit Rises 12 Per Cent as Investment Gains Lift Earnings
Carbacid Investments increased annual net profit to KSh1.13 billion, but its core carbon dioxide business recorded only marginal revenue growth. Gains from shares held in Nairobi and Dar es Salaam helped lift the result, while operating cash flow fell by 14.2 per cent. The company has kept its final dividend at KSh2 per share, matching last year's payout.
US Midterms Leave Markets Cautious as Tech Rebounds and Oil Stays Mixed
Americans vote in the 2026 midterm elections with Wall Street trading cautiously ahead of results that could reshape AI policy and energy costs. Tech shares attempt a rebound after recent AI-related selloffs that pushed the Nasdaq into a correction. Oil prices stay mixed on Middle East developments, with swings that could raise or ease fuel costs for Kenyan importers.
Egypt Faces Fresh Pressure as Foreign Investors Pull KSh455 Billion
Foreign investors withdrew a reported KSh455 billion from Egyptian Treasury bills in October, more than four times September's outflow. The withdrawals came as the Egyptian pound weakened and the central bank raised its main interest rates. The figures point to fresh pressure on the country's currency and the cost of government borrowing.
OPEC+ Holds December Oil Targets Steady: 2027 Quota Decision Pushed to 29 November
Seven core OPEC+ producers have kept December oil output targets unchanged, leaving the harder 2027 quota decision for a full meeting later this month. Brent closed Friday near KSh 15,330 ($118) a barrel, its highest since April, just two weeks before Kenya's next fuel price review. Analysts warn the group faces an extremely difficult call because surplus barrels could return if Gulf flows normalise.
KSh 163B on Offer, Not a Shilling for the Firms: Kenya's Share Revival Pays the Sellers
More than KSh 163B ($1.26B) of Kenyan shares has been sold or offered this year, yet the companies themselves have not received a shilling. The only 2026 share sale open to Kenyans that raises money for expansion sends it to a refinery in Lagos. Nairobi's exchange is busier than in years, but the figures suggest it now works better for owners leaving than for firms building.
Dangote Cement Surges 33.12% in October as Nigerian Stocks Add KSh 195.85B ($1.51B)
Dangote Cement shares rose 33.12% in October, from N1,066.70 to N1,420, lifting its market value to about KSh 2.34T ($18B). The Nigerian Exchange All-Share Index gained 1.23% over the month, adding about KSh 195.85B ($1.51B) to total equity value. The rally came as the company lines up a London share sale, while banking stocks dragged, with the sector index down 10.42%.
Banking Sell-Off: Nigerian Stocks Lose KSh 68.06B ($525.55M) as NGX All-Share Index Slips 0.44%
Profit-taking in Nigeria's biggest lenders snapped a winning streak and pulled the benchmark index back below 253,000 points. One heavyweight holding company fell by the maximum daily limit, while a rival lender bucked the trend with a sharp gain. Trading volume collapsed by more than nine tenths in a single session, a swing the market has yet to explain.
Gold Slumps to 2026 Low: Hawkish Fed Bets and Tech Rout Hit African Exporters
Gold futures fell 3.63% to a 2026 low as a Big Tech sell-off and December rate-rise bets drove investors into cash. The Nasdaq Composite lost 2.86% on Friday and closed October about 5.2% lower, its worst month since March 2025. Ghana and Tanzania, which lean on bullion exports, now face weaker earnings just as Kenya watches its dollar debt costs.
Stanbic Bank Botswana Opens 20% IPO: Standard Bank Sells Existing Shares Worth KSh 12.19B
Standard Bank Group is selling a fifth of its Botswana lender to the public in an offer that closes on 27 November. Every share on offer already exists, so the sale hands cash to the seller and gives local investors a stake without funding growth. Trading is expected to begin on 7 December, and about a fifth of the shares is set aside for retail investors.
Stuck Coins, No Referee: Binance Freeze Hits Kenyans Five Days Before Crypto Licence Deadline
Binance's frozen withdrawals arrive five days before Kenya's crypto grace period ends, and no exchange holds a Kenyan licence yet. Kenya's new law demands segregated coins, a local office and a Kenyan bank account, but it offers holders no compensation fund. Section 40 allows prison terms for unlicensed operators, leaving regulators three uncomfortable choices once 4 November passes.
Binance Faces KSh613 Billion Outflows After KSh819 Billion Wallet Breach
Binance customers withdrew billions after services returned, turning a major security breach into a test of confidence in the exchange. The company says it has covered about 95% of the affected amount, while further withdrawals are returning in phases. A large share of the money customers moved has since flowed back, although that does not prove confidence has fully recovered.
Bank of Japan Holds at 1.25%: One Dissent for a Hike Signals Tighter Money Ahead
The Bank of Japan kept its policy rate at 1.25% on Friday, but one board member voted to raise it to 1.5%. The bank unanimously agreed to more than double the pace of its exchange-traded fund sales from January 2027. Markets had priced about an 80% chance of a December hike, which could tighten global money flows that reach frontier markets.
Iran Strike Talk Lifts Oil: Brent Holds Near KSh 14,400 a Barrel Ahead of US Midterms
Oil edged higher in Asian trade after reports that the White House discussed military options on Iran with a senior US commander. Brent, the global benchmark that sets Kenya's import costs, gained 11% in October and reached a six-month high. Traders now watch whether any strike follows the 3 November US midterm elections, with Kenya's next pump-price review approaching.
Google Parent Alphabet Loses KSh65 Trillion as AI Spending Alarms Investors
Alphabet shares suffered their steepest one-day fall in more than two decades after quarterly results exposed the cost of its AI expansion. The company spent KSh6.68 trillion on equipment and infrastructure in three months, while free cash flow turned negative. Google Cloud more than doubled its revenue, but investors focused on the gap between fast-growing AI costs and the returns still to come.
Oil Jumps Above KSh15,000 as Fresh Iran Fears Rattle Markets
Crude prices surged in early Asian trading on Friday as renewed fears of possible US strikes on Iran revived concerns about Middle East supplies. Brent was quoted at KSh15,314 (US$117.80) a barrel, although the expiring December contract makes the latest comparison more complicated. Kenya's next fuel price review will depend on a wider set of import-cost data, not one overnight market move.
Lagarde to Quit ECB on 7 February 2027: Race to Succeed Her Opens for Global Markets
Christine Lagarde will leave the European Central Bank presidency on 7 February 2027, opening a succession contest global investors will watch closely. She told the Governing Council and European Council President António Costa on 29 October 2026, and the council gave her a long standing ovation. The ECB gave no reason, and African borrowers, from Nairobi to Kampala, will track who takes over and how fast.
Olympia Capital Shares Soar 198% After Ndindi Nyoro Buys Stake
Olympia Capital shares surged on the Nairobi Securities Exchange after investor and MP Ndindi Nyoro disclosed a 9.76 per cent stake. The rally came despite the company reporting lower half-year profit, leaving investors weighing the takeover ambitions against its earnings. The price jump also highlights how thin trading in smaller listed companies can magnify market moves.
Meta plans equity raise of up to KSh 12.35T for AI infrastructure
Meta Platforms said on 26 October it plans to raise as much as KSh 12.35 trillion through stock offerings for AI infrastructure. The package includes about KSh 4.55 trillion in public offerings and a further at-the-market programme of up to KSh 7.8 trillion. Chipmakers have expressed interest in buying a portion of the Class A shares on offer.
Anthropic files for Nasdaq IPO with KSh 2.12T first-half revenue
Anthropic disclosed KSh 2.12 trillion in first-half 2026 revenue in its S-1 filing on 26 October, a 1,304 per cent rise. The Claude maker plans to list under ticker ANT, with most of the net loss from non-cash charges. Chipmakers and the AI trade rallied on the filing that put a concrete number on enterprise AI spending.
Quickmart IPO Reserves Nearly Half the Shares for Major Investors
Quickmart has revised its share allocation after four cornerstone investors disclosed commitments worth up to KSh7.12 billion for the KSh15 billion offer. The revised plan reserves 48% of the shares for cornerstone investors, while Kenyan and East African retail investors receive an indicative 12% allocation. The offer closes on 30 October, but part of the headline commitment remains conditional and the sale proceeds go to the existing shareholder.
Dangote Stake Defence: Ruto Warns Brokers and Extortionists Against Interfering With Kenya Pipeline Deal
President William Ruto has defended Aliko Dangote's purchase of almost a quarter of Kenya Pipeline Company and warned brokers against interfering. Critics led by Kiharu MP Ndindi Nyoro question how the shares were sold, but his allegations about public institutions have not been independently established. Ruto also said the share price had risen about 10% this week, a gain he argued should benefit Kenyans rather than a few individuals.
Brent Closes Week at KSh 15,160.76 ($116.72): Six-Month High Raises Risk for Kenya's November Fuel Review
Brent crude finished the week at its highest settlement in almost six months as Gulf supply fears intensified. The 6% weekly gain lands ahead of EPRA's next pump price review on 14 November. Houthi attacks on Saudi Arabia and a UAE tanker spill drove Friday's jump.
Record Tax Bill: Kenyan Banks Pay KSh 205.58B ($1.58B) as Withholding Tax Jumps 29.40%
Kenya's banks paid a record KSh 205.58B ($1.58B) in taxes in 2025, passing KSh 200B for the first time on the sector's own count. Taxes banks collect for government now exceed taxes they bear directly for the first time since the study began, reshaping the sector's tax profile. Withholding tax jumped 29.40% after the 2024 tax amendments widened royalties, while banks say frequent law changes and five-day filing deadlines raise compliance costs.
Brent Hits KSh 14,937.20 ($114.99): Crude Climbs to a Five-Month High on Gulf Fighting
Brent crude climbed 1.5% to KSh 14,937.20 ($114.99) a barrel by 1300 GMT on 23 October, touching its highest level since 4 May 2026. Reports that Saudi Aramco ordered its Dhahran headquarters evacuated and a UAE oil spill off Umm Al Quwain added to fresh Gulf supply worries. Kenya's pump price ceilings hold until 14 November, but crude at this level raises the risk of another increase at the next EPRA review.
KPC Shares Jump 7.9% to KSh 9.78 as Investors Welcome Dangote's 24.7% Stake
Kenya Pipeline Company shares touched KSh 9.78 ($0.08) on 22 October, up about 7.9% from the previous close of KSh 9.06 ($0.07). The rally followed disclosure that Aliko Dangote had bought a 24.7% stake, which Business Daily said was viewed as a vote of confidence. The stake sits just under the 25% line at which Kenyan takeover rules require an offer to all shareholders.
Dangote Refinery IPO Could Expand Nigeria’s Active Investor Base Fivefold
Nigeria’s biggest share offering is being pitched as a way to bring millions more people into investing, with implications beyond its home market. The exchange chief says active investors could grow three to five times, although he has not supplied a firm target. Kenya is among the markets involved in efforts to make cross-border share investment easier, but some arrangements still await approval.
Foreign Investors Sell KSh 2.1B of KCB Shares as Kenyans Buy More
Foreign investors cut their KCB Group holdings in the three months to September, while Kenyan institutions and individual investors bought more shares. The bank's shareholder profile shows overseas holdings fell by 23.6 million shares, continuing a shift that has made local investors more influential. The figures do not identify which foreign investors sold or why they made the decision.
Import Costs Stay Stable as Kenya Shilling Hits 129.92 Against Dollar
The Central Bank of Kenya posted the daily indicative rate of 129.92 shillings per US dollar on 21 October 2026. The pound sterling traded at 173.76 and the euro at 145.82 on the same day. The rate helps businesses and households gauge the cost of imports, travel and foreign payments.
SpaceX Posts $14.6B Quarter: AI Unit Drives 161% Revenue Jump and After-Hours Rally
SpaceX reported third-quarter revenue of KSh 1.90T ($14.6B), a 161% rise on a year earlier, and its shares jumped after the market closed. Its artificial intelligence unit earned KSh 987.39B ($7.6B), more than Starlink and launches combined, shifting what investors buy when they hold the stock. The shares ended Tuesday slightly lower, so the after-hours move shows how much weight investors put on the figures.
Quickmart Lands UK Backer: MOBILIST Subscribes KSh 1.94B as IFC Pledge Awaits Board
The UK government's MOBILIST programme has subscribed KSh 1.94B ($15M), adding a second large named buyer to the KSh 15B Quickmart share sale. The International Finance Corporation has pledged a matching amount, but that commitment still depends on approval by its own board of directors. The offer closes on 30 October, and trading on the Nairobi Securities Exchange is expected to begin on 12 November 2026.
Just Shy of a Takeover: The Rules That Let 24.76% of Kenya Pipeline Change Hands
About 4.5 billion Kenya Pipeline shares worth KSh 42.5B ($327.12M) changed hands in one deal, and nobody has named the buyer. The stake stopped about 43 million shares short of the 25% line where Kenyan law demands an offer to every shareholder. A KPC saver who bought at KSh 9 had no say in this trade, but would have had one under takeover rules.
KSh 1.5B Sold, KSh 74B Lost on Paper: The Small-Trade Maths Behind Kenya's Share Slide
Foreign investors sold a net KSh 1.50B ($11.56M) of Kenyan shares in the week to 16 October, yet the exchange's paper value fell almost 50 times as much. Only about eight shillings in every KSh 10,000 of market value changed hands that week, but the prices those few trades set were applied to every listed share. Every share foreign funds sold found a Kenyan buyer, though local institutions demanded a discount while Treasury bills paying 8.75% gave them a safer place to wait. Local appetite for government paper dwarfed the stock market, with one week's Treasury bill bids running at about 21 times the value of every share traded on the exchange. A saver holding KSh 100,000 ($770.59) across the market lost about KSh 1,810 ($13.95) on paper, a loss that only turns into real cash if they decide to sell.
Foreign Selling Deepens: NSE Market Value Falls KSh 134.41B in Three Weeks
Foreign investors sold a net KSh 1.50B ($11.58M) of Kenyan shares in the week to 16 October, double the KSh 741.92M ($5.72M) recorded the week before. Market capitalisation dropped KSh 74.35B ($572.76M) in the latest week to KSh 4.04T ($31.09B), its third straight weekly decline, leaving a three-week loss of KSh 134.41B ($1.04B). Net foreign outflows have reached KSh 17.79B ($137.05M) so far in 2026, above the full-year totals of 2025 and 2024, while the NSE All Share Index fell 1.81% to 240.50.
NCBA Trading Halt: Shares Suspended 21 October to 2 November as Nedbank Completes 66% Takeover
Trading in NCBA shares on the Nairobi Securities Exchange stops from close of business on 21 October until close of business on 2 November so the share register can be reconciled. Shareholders tendered 1,316,357,895 NCBA shares, equal to 79.90% of the bank's issued shares, so excess applications were scaled back pro rata to bring Nedbank's holding to about 66%. The block trade moving shares to Nedbank is set for 3 November, when settlement and cash payments begin, while the remaining 34% stays with the public and NCBA keeps its NSE listing.
Oil Dips: Brent Eases to KSh 14,026.60 ($107.98) as US Waives Some Russian Energy Sanctions
Brent crude futures fell 1.7% to KSh 14,026.60 ($107.98) a barrel in Asian trade on Monday, giving back part of Friday's rise to the highest level since May. President Donald Trump signed an executive order waiving some sanctions and duties on Russian energy, and the United States is expected to receive more than 300,000 tonnes of Russian diesel initially. Further Houthi attacks on Saudi Arabia and Iran's conditional proposal to reopen the Strait of Hormuz limited the decline, leaving the market sensitive to Gulf supply news. Kenya's pump price ceilings hold until 14 November, so October's crude strength, which one softer session has not reversed, will be tested at the next EPRA review of import costs.
A Receipt, Not a Share: Kenya's KSh 535 Dangote Stake Carries Naira Risk and No Vote
A Kenyan paying KSh 535 ($4.12) for ten Dangote Kenya GDRs gets a receipt held in trust by Renaissance Capital, not a share registered in their own name. The receipts cost KSh 53.50 ($0.41) each, about 4.5% above the shilling value of the N525 Lagos price on Mwenendo's arithmetic, and the memorandum never states the exchange rate used. If the naira weakens 10% against the shilling while the share price stands still, a KSh 5,350 ($41.22) holding drops to about KSh 4,815 without the refinery doing anything wrong. Any dividend loses 10% to Nigerian withholding tax at source, and Kenya has no active double taxation agreement with Nigeria to soften that cut for local holders. Holders cannot vote individually or swap receipts for the underlying shares, and no receipts will be issued at all unless Nigeria's Securities and Exchange Commission approves.
Dangote GDR Offer: Kenyans Can Now Buy In From KSh 535 After Deadline Extension
The Nairobi Securities Exchange has cut the minimum Dangote Kenya GDR purchase from 2,000 receipts to 10, so a Kenyan can now take part from KSh 535 ($4.12). Each receipt costs KSh 53.50 ($0.41), and the offer now closes on 27 October 2026 instead of 13 October after a 14-day extension. Applications run through a web portal or the *483250# USSD code, need a valid CDSC account and full payment in shillings, including through M-Pesa.
NSE Slides Over 2%: NASI Falls 2.57% in Week as Foreign Money Chases Higher US Yields
The NSE All Share Index fell 2.57% in the week to 15 October 2026, while the NSE 25 dropped 2.52% and the NSE 20 slipped 1.97%, the Central Bank of Kenya bulletin shows. Total shares traded fell 25.91% but equity turnover rose 33.42%, meaning investors moved more money in fewer shares during the correction. Analyst Dedan Maina blames institutional rebalancing, higher US Treasury yields and positioning before third-quarter earnings, and advises keeping 10% to 30% of portfolios in liquid reserves.
Pay KSh 88,342 Today, Collect KSh 100,000 in 2056: Kenya's Bond Rules Decoded
A KSh 100,000 slice of Kenya's reopened 30-year bond costs about KSh 88,342 ($680.65), because investors demanded a 14.18% yield on a bond paying a 12.5% coupon. After the 10% withholding tax, the bond pays KSh 5,625 every six months, or roughly 12.73% a year on the money a small investor actually puts in. Non-competitive bids from KSh 50,000 ($385.24) made up KSh 30.66B ($236.20M) of the amount accepted, yet a much smaller pool of competitive bidders set the yield they received. Investors offered KSh 83.83B ($645.86M) against KSh 50B ($385.24M) on sale, but the Central Bank took only KSh 53.05B, turning away bids that would have raised its borrowing costs. Selling before 2056 exposes holders to price swings, and on Mwenendo's arithmetic a rise in yields to 15% would cut the bond's value by about KSh 4,760 ($36.67).
Shilling Firms at KSh 129.81 as Reserves Slip KSh 6.10B and Short-Term Bill Rates Ease
The shilling closed the week to 15 October at KSh 129.81 to the dollar, slightly stronger than KSh 129.94 a week earlier, while import cover held at 5.9 months. Reserves fell KSh 6.10B ($47M) to KSh 1.91T ($14.69B) and the 91-day Treasury bill rate eased to 8.75%, with bids at 6.2 times the amount offered. The All Share Index fell 2.57% on the week and market capitalisation dropped to KSh 4.01T, while September remittances of KSh 56.92B ($438.5M) rose 4.5% from a year earlier.
Lagos Listing Pipeline: Nigerian Exchange Says Several Firms Are in Talks After Dangote Offer
Nigerian Exchange Group chief executive Temi Popoola says the exchange is in private talks with several companies in energy, technology and state-owned sectors and is optimistic about listings from 2027. The Dangote refinery offer of 4.1 billion shares at KSh 51.29 ($0.39) each targets about KSh 207.90B ($1.6B), and the closing date was extended from 13 October to 27 October. Nigeria's Securities and Exchange Commission warned the public this week not to buy refinery shares through WayvePay, while its operator says no investor has subscribed through the platform.
Botswana Drag: Famous Brands Warns Half-Year Earnings Could Fall Up to 33%
Famous Brands expects half-year earnings per share of 157 to 205 cents (KSh 12.47 to KSh 16.28), down 13% to 33% on a year earlier, after a Botswana impairment. The writedown of KSh 324.85M ($2.5M) hits Retail Group, which runs 51 company-owned restaurants in Botswana, where weak diamond demand and economic conditions left the business underperforming. Famous Brands will sell 21% of Retail Group, cutting its stake from 51% to 30%, as part of a move to a lighter, franchise-led model outside South Africa.
Simpler Structure: Sanlam Allianz Kenya Plans to Fold Life Subsidiary Into Listed Parent
Sanlam Allianz Holdings (Kenya) PLC plans to absorb Sanlam Allianz Life Insurance (Kenya) Limited, transferring its insurance portfolio, liabilities and fund administration operations to the listed parent before dissolving the subsidiary. The subsidiary holds assets of KSh 38.47B ($296.06M), including KSh 33.10B ($254.73M) in government securities, against insurance contract liabilities of KSh 31.83B ($244.96M) and equity of KSh 4.51B ($34.71M). Shareholders vote on 12 November on renaming the listed company Sanlam Allianz Life Insurance (Kenya) PLC, while the transfer still needs Insurance Regulatory Authority and Retirement Benefits Authority approval.
Brent Hits KSh 14,270.81 ($109.86): Crude Reaches Its Highest Since May on Gulf Supply Fears
Brent crude settled at KSh 14,270.81 ($109.86) a barrel on 16 October, up 3.72% on the day and 4.91% on the week, touching its highest level since May. A Saudi-led coalition intercepted a missile aimed at the Yanbu export port, while Ukrainian strikes shut a primary crude unit at Russia's Ryazan refinery, adding to supply worries. Kenya's pump price ceilings hold until 14 November, so this month's crude strength will be tested at the next EPRA review, which looks at import costs over the full pricing month.
Bid Rejections: Nigeria Allots 26% of Treasury Bill Demand as One-Year Rate Rises to 15.90%
Nigeria's 14 October Treasury bill auction drew bids of KSh 100.87B ($776.52M), but the Debt Management Office allotted only KSh 26.30B ($202.45M), about 26.07% of the total. The 364-day stop rate rose 5 basis points to 15.90% from 15.85%, its first increase since August, while the 182-day and 91-day rates held at 15.80% and 15.50%. Kenya's latest auction cleared its one-year bill at 9.04% and its three-month bill at 8.75%, far below Nigeria's rates.
Diesel Warning: Brent Eases to KSh 13,656.69 ($105.10) as IEA Sees Shortage Lasting Into 2027
Brent crude fell 0.77% to KSh 13,656.69 ($105.10) a barrel on Friday morning, yet stayed on course for a weekly gain of 0.32% as the Iran war entered its eighth month. The International Energy Agency said the global diesel shortage will last well into 2027, with depleted inventories not expected to recover until the second half of that year. For Kenya, diesel drives transport and freight costs, so the 90-day fuel VAT extension and the EPRA review due by 14 November are the next pressure points.
MNT-Halan Egypt Listing Draws 11.2 Times Institutional Demand Ahead of Cairo Trading Debut
MNT-Halan's Egyptian unit covered its institutional tranche 11.2 times, or 19.4 times excluding cornerstone investors, on a 20% stake worth about KSh 19.49B ($150M) at the offer price. The EGP 24.50 offer price (KSh 61.07, or $0.47) values the unit at about KSh 97.46B ($750M), a 5.5% discount to the independent adviser's fair value estimate. Retail bids covered the public tranche 2.68 times at the 12 October count, and trading on the Egyptian Exchange is expected on 20 October. The sale is secondary, so existing shareholders collect the proceeds, while a separate capital increase of up to KSh 9.88B ($76M) follows after the listing.
Airtel Money Slips Below Its 196p Offer Price as Unconditional London Trading Opens
Airtel Money shares fell to 181.28p on 14 October, about 7.5% below the 196p offer price, on the first day of unconditional trading on the London Stock Exchange. The offer valued the mobile money business at about KSh 909.58B ($7B), short of the $8B to $9B range reported while the listing was being prepared. The sale was entirely secondary, so selling shareholders took the proceeds and Airtel Money received no new capital from the main offering.
Oil Squeeze: Brent Near KSh 13,703 ($105.46) as IEA Flags Lowest Onshore Stocks in a Decade
Brent crude held near KSh 13,703 ($105.46) a barrel on Friday, down 0.21%, while physical North Sea Dated cargoes traded around KSh 17,412 ($134), far above the futures screen. The International Energy Agency says on-land oil stocks fell 113 million barrels in September to their lowest since at least 2016, leaving global observed stocks 509 million barrels below pre-war levels. Kenya's pump prices are capped until 14 November after EPRA raised Nairobi petrol by KSh 12.93 ($0.10) a litre, so October's crude strength would reach motorists at the next review.
Your KSh 3,750 Pays the Owners: Inside the Rules of Quickmart's Share Sale
Quickmart is selling 2 billion existing shares at KSh 7.50 each, so the KSh 15B ($115.61M) raised goes to its owners rather than into new stores. The offer lapses entirely unless applications cover at least 1.5 billion shares, about KSh 11.25B ($86.71M), and nobody has underwritten the shares left unsold. Kenyan retail investors share a pool of just 400 million shares, so a heavily oversubscribed book could hand applicants a fraction of the shares they paid for. Refunds begin on 11 November without interest, meaning money paid when the book opened on 5 October can sit idle for more than five weeks. Sokoni Retail Kenya has agreed to hold 60% of its remaining shares for 24 months after listing, but the other 40% carries no such promise.
Record Capital: Africa's Top 100 Banks Hold KSh 20.10T as Kenyan Lenders Enter Table
Combined Tier 1 capital at Africa's 100 largest banks reached KSh 20.10T ($155B) in 2026, up 23% on a year earlier and above the previous record set in 2022. Standard Bank leads with KSh 2.04T ($15.7B) of capital, National Bank of Egypt ranks second, and West and Central Africa grew fastest, up 32% to KSh 2.54T ($19.6B). National Bank of Kenya debuts at 38th and I&M Bank at 41st, while the entry threshold rose to KSh 35.93B ($277M) from KSh 28.79B ($222M) a year earlier.