Mwenendo
African Markets
The NSE, African exchanges, stocks, bonds, currencies, commodities and crypto.
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.
Investor Cap: Ethiopia Limits Dangote Refinery Offer to 100 Qualified Investors
Ethiopia's Capital Market Authority said in a notice dated 13 October that the Dangote refinery offering is not an offer to the general public and is capped at 100 qualified investors. The base offer is about 2.15 trillion naira (KSh 207.52B or $1.6B), and the application period was extended to 27 October after approval from Nigeria's securities regulator. Kenya takes a different route: a short-form prospectus was submitted on 5 October for eligible investors to buy global depositary receipts representing shares in the Nigerian company.
US Wholesale Inflation Hits 6.3%: Fed Hike Bets Push Rand Down and Raise African Borrowing Risks
US producer prices rose 6.3% in the year to September, the fastest annual pace since December 2022, after a 1.3% jump in the month alone, according to the US Labor Department. The South African rand weakened about 0.8% to 16.62 per dollar after hot US consumer prices, as traders put the chance of a Federal Reserve hike this month at about 44%. Higher US rates and a stronger dollar raise the cost of dollar debt for African borrowers, and the Fed meets again in about two weeks with a further hike possible.
Absa Index: African Financial Markets Hit Decade-High Score of 56 as 20 Economies Cut Inflation
The tenth Absa Africa Financial Markets Index puts the average score across 29 economies at 56 out of 100, six points above the first edition in 2017 and the highest in ten years. All 29 countries improved their GDP growth scores, while inflation fell in 20 economies and external debt as a share of output improved in 20, lifting the macroeconomic pillar. Kenya was cited for infrastructure-backed securities, yet the authors caution that market expansion and market development are not the same, and wars and high oil prices remain risks.
Fund Ratings Plan: CMA Weighs Independent Risk Scores for Kenya's Money Market Funds
The Capital Markets Authority is working on proposals for independent risk ratings of money market funds and the firms that manage them, with Kenya leaning towards a voluntary regime. The industry managed KSh 948.70B ($7.31B) at June 2026 for about 4.14 million Kenyans, and assets are expected to pass KSh 1T ($7.70B) before the end of this year. Nigeria is the model, where every money market fund must be rated, but the CMA says a rating would not remove investment risk or guarantee returns for savers.
Treasury Bill Bids Reach KSh 68.50B for KSh 28B Offer as Three-Month Rate Slips to 8.75%
Investors bid KSh 68.50B ($0.53B) for the KSh 28B ($0.22B) of Treasury bills on offer, a subscription of 244.64%, and the Central Bank accepted KSh 52.32B ($0.40B). The three-month bill drew KSh 49.80B ($0.38B) in bids against KSh 8B ($0.06B) offered, a subscription of 622.46%, and its accepted rate eased to 8.7500%. The 182-day rate slipped to 8.8600% from 8.8744%, while the one-year rate edged up to 9.0383% from 9.0352%, leaving the one-year bill undersubscribed at 66.43%.
Shares Fall Again: NSE All Share Index Closes at 238.10, Down 4.52 Points
The Nairobi Securities Exchange All Share Index closed at 238.10 on 14 October, extending the slide that began a day earlier. Across the two sessions the index lost about 2.94%, which would cost a KSh 100,000 ($771) market-wide portfolio roughly KSh 2,940 ($22.66). At this level the index sits about 6.75% below its 52-week high but still almost 40% above its low.
CBK Borrows KSh 57.51B From Investors at Rates Above 12.70% on Long Bonds
The sale raised KSh 57.51B, with the 15-year bond covered only 1.21 times by bids. Investors demanded an average 13.60% on the 20-year bond, above its 12.87% coupon. Most of the money came from small bidders who accept whatever rate the auction sets. Borrowing this long at double-digit rates locks in interest costs for years.
Long-Dated Appetite: CBK Accepts KSh 57.51B in Reopened 15-Year and 20-Year Bonds
Investors bid KSh 80.56B ($620.00M) for two reopened long-dated bonds, and the Treasury accepted KSh 57.51B ($442.55M) of it. The 20-year bond cleared at a weighted average yield of 13.60%, nearly one percentage point above the 15-year bond. Most of the money accepted came from non-competitive bids, which leave the yield to be set by the auction.
NSE Slips as Foreign Investors Net Sell KSh 737M: NASI Falls 1.00% in the Week
Foreign investors sold a net KSh 737M of Kenyan shares last week, pulling the All Share Index down 1.00% to 244.93. Foreign participation in trading fell to 23.70% from 40.10% a week earlier, while turnover dropped 14.40%. I&M Holdings led the gainers with a 6.10% rise, even as Safaricom, KCB and Equity Group slipped. The All Share Index is still up 31.30% for the year as Quick Mart and Dangote offers compete for investor cash.
Record Lending: Kenyan Banks Disburse KSh 99.40B in September, Beating May's Peak
Kenyan banks disbursed a record KSh 99.40B in September, about KSh 10.60B above the previous peak set in May this year. Private sector credit growth quickened to 10.60% in September, a long way from the contraction recorded in January 2025. Bad loans fell to 13.90% of total loans, giving lenders more room to keep extending credit to borrowers. Average lending rates still sit near 14.40%, well below the 17.20% charged in November 2024.
Treasury Bill Demand Surges: Investors Bid KSh 75.37B for KSh 28B as Yields Slip
Investors bid KSh 75.37B for the KSh 28B of Treasury bills on offer on 8 October, a subscription of 269.3%. Average rates fell on all three maturities, with the one-year bill at 9.035% and the three-month bill at 8.762%. The government accepted KSh 45.50B, well above the amount it advertised, as the three-month bill drew the most interest.
Kenyan Banks See Bad Loans Fall to 13.9% in September
Kenya's gross non-performing loan ratio fell to 13.9% in September, down from 14.8% in June and 17.6% in August 2025, easing one measure of banking stress. The ratio measures the value of loans classified as non-performing against total gross loans, so it does not mean that 13.9% of Kenyan borrowers missed payments. The decline is encouraging on its face, but the figures alone do not show whether repayments improved, bad debts were written off, or the total loan book changed.
Standard Investment Bank's MansaX Funds Win International ID Numbers to Court Foreign Investors
Two MansaX funds run by Standard Investment Bank now carry international identity numbers that custodians, banks and institutional investors can use to identify, hold and report their holdings. The bank wants to widen its investor base beyond individuals to pension funds, corporates, family offices and international investors. No fund sizes or returns were disclosed, so how much money the two funds manage remains unclear.
Kenyan Shares Slip: NSE All Share Index Closes 1.10% Lower at 242.62
The NSE All Share Index closed at 242.62 on 13 October 2026, down 2.70 points or 1.10% from the previous close of 245.32. At that level the index sits about 5% below its 52-week high of 255.34 and about 42.4% above its low of 170.34. A fall of 1.10% would cost a portfolio mirroring the whole market about KSh 1,100 ($8.48) for every KSh 100,000 ($771) invested, before dividends and fees.
Naira Holds Near N1,333 as Foreign Exchange Turnover Swings
The naira closed at N1,332.99 per US dollar on 12 October, slightly weaker than N1,332.49 on 9 October, according to Central Bank of Nigeria figures cited by Nairametrics. Reported daily turnover moved unevenly across early October, while the latest entry showed no NFEM turnover figure at filing time even as interbank turnover was reported separately. The distinction matters because an exchange rate alone does not show how much currency is changing hands or whether businesses can consistently access dollars for payments.
OPay Files for New York Listing as Standard Bank Lines Up Investment
OPay’s October filing with the US Securities and Exchange Commission confirms a proposed New York listing and a concurrent investment agreement with Standard Bank Group’s Stanbic Africa Holdings. The filing caps the subscription at US$200M (about KSh 25.95B), the US-dollar equivalent of 0.98% of Standard Bank Group’s qualifying regulatory capital, or a share-based formula linked to the IPO price. The agreement is conditional on the IPO closing and regulatory approvals, while the prospectus says the parties’ earlier collaboration memorandum did not itself require either side to implement a project.
Dangote Refinery Offer Puts Kenyan Investors on Conflicting Deadlines
Kenya’s Capital Markets Authority said the local share offer was due to close on 13 October, while Reuters reported Nigeria had extended the refinery’s wider IPO to 27 October. The Kenyan offer uses global depositary receipts intended to be listed on the Nairobi Securities Exchange, but that listing remains subject to further approvals and successful allocation. Investors should rely on the approved Kenyan prospectus and their licensed selling agent for the applicable deadline, minimum application and refund terms rather than assume the extension automatically applies.
Bond Trading Tops KSh2.5T, but NSE Data Does Not Prove Investors Are Switching
A 13 October market brief put NSE secondary bond turnover above KSh2.5T for 2026, while reporting a KSh40.06B loss in equity market value across two weeks. Those figures point to heavy activity in government securities, but turnover measures trades completed, not the amount investors hold or money moving net into bonds. The Capital Markets Authority’s second-quarter bulletin recorded bond turnover of KSh621.83B, down from KSh1.081T in the first quarter, while equity turnover climbed over the same period. The evidence supports a story about market activity and changing risk appetite, but it does not by itself prove a broad investor migration from shares into bonds.
Indices Close Lower: NSE All Share Ends at 244.93 on 9 October
The Nairobi Securities Exchange All Share Index closed at 244.93 on 9 October 2026, down 0.41 points from the previous session according to official market statistics. The NSE 20 Share Index finished at 4,315.49, down 7.77 points, while the NSE 25 Share Index closed at 6,964.04, down 3.34 points. Market capitalisation stood at KSh 4,110.46 billion, a decline of KSh 6.91 billion from the prior day.
Letshego Seeks P800 Million to Strengthen Its Balance Sheet
Letshego says the fully underwritten rights offer will strengthen its capital position, but its announcement does not yet explain the final price or shareholder allocation. The P800 million fundraising target is about KSh 7.54 billion at an indicative 9 October exchange rate, with the final conversion changing as currencies move. Investors will need the full offer documents to assess the subscription deadline, dilution risk, underwriting arrangements and how the group plans to use the new capital.
A Closed Door: Most Kenyans Still Cannot Buy Dangote Shares
The sale is Nigerian, closes on 13 October, and was never approved as a Kenyan public offer. Seven licensed firms can pass an order through. A walk-in at the NSE cannot. The minimum is 10 shares at 525 naira. Custody sits with a bank, not in a CDS account. This is not a share in the Lamu plant.
From a Hundred Shillings: Safaricom Opens a Shari'ah Fund on M-PESA
Safaricom and Gulfcap have opened the Ziidi Shari'ah money-market fund on M-PESA. A customer can start with KSh 100, add KSh 10, and move money in and out at no charge. The fund does not pay interest.
A Named Desk: Seven Firms Can Take Kenyan Orders for Dangote's Nigeria Sale
The Capital Markets Authority has named seven licensed firms that can place Kenyan orders in the Nigerian sale of Dangote Petroleum Refinery shares. The offer closes on 13 October. It is not a sale of the Lamu project.
A New Scorekeeper: Africa Opens Its Own Credit Rater on Wednesday
The Africa Credit Rating Agency launches in Port Louis on 7 October. The African Union set it up to rate sovereigns and firms with local context. A launch is not a rating, and Kenya's coupon does not move on the night.
The Price Is Out: Quickmart Shares Open at KSh 7.50
Sokoni Retail Kenya is selling 2 billion existing shares at KSh 7.50, a KSh 15 billion book that values the chain at KSh 30 billion. The offer opened on 5 October and closes on 30 October. Quickmart receives none of the cash.
Nigeria's 61% Stock Market Rally Leaves Investors Facing a Tougher Fourth Quarter
Nigeria's NGX All-Share Index has risen 61.43% in the first nine months of 2026, but the gains have been concentrated in a smaller group of stocks. The next quarter could put more focus on valuations, earnings and fresh catalysts rather than momentum alone.
Nigeria's Big Investors: New Rules on Share Ownership Explained
When major investors build large stakes in public companies, market regulators step in. Here is how Nigeria's legal thresholds mandate transparency on the exchange.
Glencore Raises 2026 Commodity Trading Profit Outlook Above $5B
Glencore now expects its 2026 commodity-trading profit to exceed $5B after a near-record first half driven by volatile oil, gas and freight markets. The group is also resetting its longer-term profit framework from 2027.
A New Crypto Safeguard: Institutional Custody Is Changing Digital Assets
As financial institutions enter the digital asset space, corporate-grade crypto vaults rely on complex mathematics, split keys, and strict legal boundaries to secure capital.
Ghana Pension Fund Raises Stake in Société Générale to 24.36%
Ghana's Social Security and National Insurance Trust has raised its stake in Société Générale Ghana from 19.36% to 24.36%. Attijariwafa Bank will become the majority owner after Société Générale Group's exit.
Dangote IPO Access Delayed as Kenya Regulator Reviews Local Share Offer
Kenya's proposed route into Dangote refinery shares remains under CMA review; investors cannot use the NSE receipts until approval is granted.
Treasury Bill Demand Jumps as Investors Bid KSh47.7B for KSh28B Offer
Investors submitted KSh47.7B for Kenya's latest Treasury bills, up from KSh41.7B in the previous auction, while CBK accepted KSh41.2B. Demand strengthened across two maturities, while accepted rates edged slightly lower.
Liberty Kenya Profit Falls 46% as Investment Income Shrinks
Liberty Kenya's first-half profit fell to about KSh231 million as investment income dropped, despite a sharp improvement in its insurance service result.
Airtel Money Sets £5.3 Billion Valuation for London IPO
Airtel Money priced its London IPO at £1.96 per share, implying a £5.3 billion valuation. Conditional trading is expected on 9 October.
A Denial Is Not a Register: Mbadi Says Ruto Holds No Dangote Refinery Shares
Treasury CS John Mbadi said President William Ruto has no personal shares in the Dangote refinery project. He pointed to a Dangote Group listing and a 30 per cent East African offer. The Lagos IPO is the only published Dangote refinery share sale. No Lamu issuer register has been filed.
No Lamu Share Form Exists After Ruto Names the NSE
Ruto said in Kilifi that small savers will buy Lamu refinery shares on the Nairobi bourse. There is no CMA prospectus, no price and no application. The only open Dangote offer is the Lagos plant at N525 a share, closing 13 October. Money paid this week for 'Lamu units' is not going through the exchange.
Africa Financial Summit Heads to Luanda With Kenya Among Key Markets
The Africa Financial Summit will be held in Luanda on 3 and 4 November, bringing together senior leaders from banking, insurance, fintech and capital markets. The organisers say more than 1,250 senior leaders are expected, while a Nairobi roadshow has already brought the event's agenda to Kenya.
Open Up Cross-Border Trade: How Regional Customs Bonds Cut Freight Costs
A regional customs bond can cover transit cargo across participating countries, reducing repeated guarantees and the working capital tied up by transporters.
A New Retail Bet: Quickmart Prepares to Offer Up to 57.5% Stake in NSE Listing
Supermarket chain Quickmart moves to float up to a 57.5 per cent stake on the Nairobi Securities Exchange, marking a major retail listing for Kenya's capital markets.
US Senate Rejects Limits on Iran Military Action as Oil Markets Watch
The US Senate's rejection of a resolution to curb war powers against Iran signals continued executive flexibility in the Middle East, leaving global energy markets and oil-dependent African economies exposed to ongoing geopolitical risk premiums.
A Global Ripple Effect: Offshore Market Volatility Hits Local Investors
Global sell-offs can reach Kenya through foreign investor withdrawals, shilling pressure and borrowing costs; the impact depends on where money moves and how local markets respond.
Beyond the Paper Gains: market value Actually Works in Emerging Markets
When stock markets announce massive gains overnight, it is easy to assume companies are thriving. Here is how paper valuations actually work in frontier markets.
A Weekly Borrowing Wheel: Kenya's Treasury Bill Cycle Works
Every Thursday, the Central Bank of Kenya auctions short-term debt paper to keep state operations funded. Here is how the weekly Treasury Bill cycle works and why it impacts interest rates across the economy.
A Sovereign Benchmark: Tanzania Issues 10.25 Per Cent Five-Year Treasury Bond
The Bank of Tanzania opens bidding for a five-year Treasury bond offering a 10.25 per cent coupon, establishing a key benchmark for sovereign borrowing and market liquidity.
A Major Retail Move: Quickmart Seeks Public Ownership
Kenya's modern retail sector prepares for a landmark public listing as private equity firm Adenia Partners plans to float up to 2 billion existing shares in Quickmart on the Nairobi Securities Exchange.
Liquidity Boost: Dar es Salaam Equity Turnover Touches TZS 4.30 Billion
Strong investor participation drives activity across Tanzanian equities, bonds, and exchange-traded funds, providing key liquidity signals for regional capital market investors.
Tanzania Interbank Trading Hits TZS 214 Billion as ease of buying and selling Demand Shifts
Central bank data shows commercial lenders traded TZS 214.6 billion ($80.4 million) in seven-day money market liquidity on 18 September 2024.
A Strong Financial Push: Absa Headline Earnings Rise 8% to R12.8 Billion
Absa Group delivered a 8 per cent increase in headline earnings to R12.8 billion ($710 million / KSh 91.9 billion) for the first half of the year, supported by customer growth and a 4 per cent rise in revenue.
Inside the NSE Bond Market: Kenya's Fixed-Income Debt Trading Actually Works
Understanding how government debt and corporate bonds trade on the Nairobi Securities Exchange is key to navigating Kenya's economy and open up fixed-income investments.
A Fresh Debt Push: Kenya Opens September Treasury Bond Offer
The Central Bank of Kenya has issued the prospectus for its September Treasury bond sale, offering investors a fresh opportunity to lock in government debt yields.
The Mega-IPO Challenge: Why Capital Markets Struggle With Trillion-Naira Listings
Multi-trillion-naira public listings test the structural limits of regional equity exchanges, revealing deep liquidity bottlenecks and complex financial syndicate workings.
Market Workings: Stock Performance and Currency Shifts Shape African Wealth Valuations
Behind every headline wealth valuation is a mix of equity price shifts and currency conversions, revealing how public stock markets really work.
Decoding Global Reserves: The US Dollar per SDR Exchange Rate Works
Understanding the workings behind global reserve assets: how the IMF's Special Drawing Rights are valued against the greenback, and why the conversion rate matters for public finance and debt.
Treasury Pays Back KSh 15.2 Billion From 12-Year Tax-Free Infrastructure Bond
The National Treasury has settled a KSh 15.2 billion 12-year tax-free infrastructure bond upon maturity, pushing substantial liquidity back into the hands of institutional and retail investors seeking fresh yields.
Equities Surge: Nigerian Stocks Hit Record High as Buyer Appetite Outpaces Dangote IPO Buzz
Sustained buying interest across listed corporate shares pushes West Africa's primary stock index to unprecedented heights, demonstrating strong domestic liquidity ahead of major market listings.
A Paper Shift: NSE Market Value Actually Works
When headlines declare that the Nairobi Securities Exchange has lost billions in a single day, it sounds like cash has vanished from a bank vault. Here is how paper market capitalisation actually works, why no cash disappeared, and who gains when prices fall.
Market Rate Shifts: Kenyan Shilling Reaches 129.64 Against Dollar
The Kenyan shilling moved to 129.64 per dollar in live market trading on 16 September, underlining the gap between real-time commercial quotes and official reference benchmarks.
A Historic Share Offer: Dangote Refinery Launches Africa's Largest Public Listing
Nigeria clears the initial public offering for the Dangote Petroleum Refinery, setting off Africa's largest share sale and testing local market appetite.