Nairobi Defies Sell-Off: NSE Market Value Returns Above KSh 4T as Safaricom Gains 3.68%Nairobi Defies Sell-Off: NSE Market Value Returns Above KSh 4T as Safaricom Gains 3.68%
Key Highlights
- 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).
Nairobi shrugged off a brutal global technology sell-off on Thursday, as the Nairobi Securities Exchange (NSE) pushed its market capitalisation back above KSh 4T ($30.8B) on the back of a 3.68% jump in Safaricom shares.
The rebound matters because it came while Asian and US technology stocks were being sold hard, and because foreign investors still took money out. For Kenyan savers with exposure through pension funds and unit trusts, it shows local buyers, not foreign funds, are holding up the market for now.
What the NSE data shows
According to the Nairobi Securities Exchange daily market statistics for 5 November 2026, market capitalisation rose by about KSh 80.43B ($619M) to KSh 4,054.6B ($31.2B). All the main indices closed higher: the NSE 20 Share Index gained 0.72% to 4,167.97 points, the NSE 25 rose 1.63%, the NSE 10 climbed about 1.88% and the Nairobi All Share Index (NASI) advanced about 2.02%.
Safaricom closed at KSh 35.20 ($0.27) a share, up 3.68%, and accounted for 41.1% of the day's equity turnover. The move followed the telecom's half-year results, in which group net income rose 35.9% to KSh 58.2B ($448.2M).
As Mwenendo earlier reported, M-Pesa revenue topped KSh 100B for the first time, and investors also focused on narrowing losses in the company's Ethiopia operations.
Thin trading, foreign selling
Equity turnover was only KSh 405.5M ($3.12M), roughly 60% lower than the previous session, on 15.3 million shares traded. Bond turnover was about KSh 8.1B ($62.4M). Foreign investors were net sellers, with net outflows of about KSh 61M ($0.47M), although their purchases rose and their sales fell compared with the session before.
The quiet session follows a record. Turnover hit KSh 107.7B ($829M) on Tuesday 3 November, driven by the block trade in which Nedbank took a 66% controlling stake in NCBA Group, a deal Mwenendo covered in its report on the NCBA trading halt and Nedbank takeover. Strip out that one trade and a day of KSh 405.5M is closer to a normal Nairobi session.
Winners and losers
Among the other movers, Longhorn Publishers rose 7.50% to KSh 2.58 ($0.02) and Crown Paints Kenya gained 6.08% to KSh 61.00 ($0.47). Olympia Capital Holdings fell 10.00% to KSh 13.50 ($0.10) and Sasini slipped 4.30% to KSh 22.25 ($0.17). Olympia has been volatile since its shares surged after a politician disclosed a stake, as Mwenendo reported in its story on Olympia Capital's 198% rally.
What it means for investors
Nairobi's gain was driven by one heavyweight counter. Safaricom's weight in the market means a single results-driven rally can lift NASI and total market value even when most stocks barely trade.
Thin volumes also mean prices can reverse quickly if the global sell-off, which Mwenendo tracked in its report on the Kospi halt and Nasdaq rout, reaches frontier markets through fund redemptions.
Friday's close will show whether Thursday's rebound was a one-day decoupling or the start of a steadier recovery.
In Summary
- Who drove the rebound?
- Safaricom, which rose 3.68% to KSh 35.20 and made up 41.1% of equity turnover.
- What happened to NSE market value?
- It rose about KSh 80.43B ($619M) to KSh 4,054.6B ($31.2B), back above KSh 4T.
- When did it happen?
- At the close of trading on Thursday 5 November 2026.
- Where was the move recorded?
- On the Nairobi Securities Exchange, where all main indices closed higher.
- Why did Safaricom gain?
- Investors reacted to half-year net income up 35.9% to KSh 58.2B ($448.2M) and narrowing Ethiopia losses.
- How strong was trading?
- Equity turnover was KSh 405.5M ($3.12M) and foreign investors were net sellers of about KSh 61M ($0.47M).