Global markets in February continued to adjust to evolving interest rate expectations, sector rotation, and geopolitical developments. While U.S. equities showed mixed performance as investors rotated away from mega-cap technology stocks, European markets advanced on stronger corporate earnings and improved economic activity. Emerging markets remained resilient despite external volatility, supported by improving macroeconomic conditions and investor flows.

Across Sub-Saharan Africa, equity markets broadly strengthened, driven by currency reforms, improving liquidity, and sector-specific rallies. Ghana, Tanzania, and Nigeria recorded some of the strongest gains, while Kenya’s market continued to attract institutional participation despite intermittent profit-taking in large-cap stocks.

Domestically, the Nairobi Securities Exchange extended its positive momentum, with the NSE All Share Index rising 10.6% month-on-month. Market activity also strengthened significantly, with equity turnover increasing to KES 24.29 billion, reflecting stronger retail and institutional participation.

Sector performance was largely driven by banking stocks ahead of full-year earnings announcements, alongside notable corporate results from companies across the manufacturing, telecoms, and consumer sectors. In the fixed income market, declining yields and strong bond auction demand reflected continued investor repositioning within a lower interest rate environment.

Rockview Monthly provides detailed analysis of global and regional markets, sector developments, and investment implications shaping the Kenyan capital markets landscape.

Download the full March 2026 report here

Rockview Monthly  January 2026 provides a comprehensive analysis of global, regional, and Kenyan capital markets as the year begins on a firmer footing. The report highlights policy-driven equity gains, sector leadership dynamics, evolving foreign investor flows, and a flattening yield curve amid sustained monetary easing. With banking stocks leading performance and earnings season approaching, the outlook emphasizes selective positioning, quality fundamentals, and income-driven strategies.

Website Highlights

Global equities advanced on easing inflation and clearer monetary policy expectations

Sub-Saharan African markets opened 2026 strongly, led by Kenya, Tanzania, and Egypt

NSE indices recorded broad-based gains, with banking stocks driving market performance

NCBA rallied following the proposed Nedbank acquisition, signaling renewed foreign strategic interest

EABL delivered strong earnings growth and declared a higher interim dividend

Market capitalization rose to KES 3.08 trillion despite softer trading volumes

Yield curve flattened as medium- and long-term yields declined

Investor focus shifts to full-year earnings, dividends, and FX stability

Read more:Rock_Advisors_Rockview_Monthly_February_2026

Global equity markets posted strong gains in October, supported by easing U.S.–China trade tensions and robust corporate earnings. Japan led the rally with a 16.6% surge, driven by renewed investor optimism following policy changes under Prime Minister Sanae Takaichi.

Across Africa, markets maintained positive momentum, with Malawi (+257.6% YTD) leading regional performance, followed by Ghana (+71.2%), Kenya (+54.2%), and Nigeria (+49.4%). Investor confidence was buoyed by improving macroeconomic stability, easing default risks, and stronger commodity prices.

In Kenya, the Purchasing Managers’ Index (PMI) rose to 52.5 in October, indicating sustained business expansion supported by steady inflation at 4.6% and stable fuel prices. The NSE All Share Index advanced 6.5% month-on-month (61.1% year-to-date), underlining continued investor optimism.

The banking sector remained a key driver of market activity, led by Equity Group’s 32.2% year-on-year profit growth and speculation around a potential NCBA–Stanbic Bank merger, which could create Kenya’s third-largest bank by assets. Meanwhile, Family Bank announced plans to list on the NSE’s Main Investment Market Segment, signaling growing investor confidence in the sector.

In the energy sector, KenGen reported a 54.2% rise in profit after tax, while Kenya Power’s earnings declined due to tariff adjustments. Parliament’s approval for the partial privatization of Kenya Pipeline Company (KPC) marked a milestone in the country’s ongoing energy reforms.

On the fixed income front, the Government reopened two long-term bonds, raising KES 85.3 billion amid strong investor demand. The yield curve displayed a bear-steepening pattern, reflecting investor preference for longer-dated securities as rate cuts continue.

As valuations begin to align with fundamentals, investors are encouraged to adopt a selective approach  focusing on high-quality, dividend-paying counters amid a stable macroeconomic and policy environment.

Rock Advisors_Rockview Monthly – November 2025

The Rockview Monthly – October 2025 edition by Rock Advisors Research Department offers a comprehensive look at global, regional, and Kenyan market trends shaping investment decisions this quarter.

Global equities advanced strongly in September, led by growth sectors such as AI, semiconductors, and cloud computing, following the U.S. Federal Reserve’s first rate cut of the year. Across Africa, markets like Kenya, Ghana, and Nigeria posted impressive year-to-date gains, supported by policy reforms and stable currencies.

In Kenya, business activity rebounded with the Purchasing Managers’ Index (PMI) rising to 51.9, signaling renewed private-sector confidence. Inflation remained steady at 4.6%, aided by lower fuel prices and stable food costs. The Automobile & Accessories sector led local market gains, while the Banking Sector saw key policy shifts expected to enhance credit access and lending efficiency.

The Nairobi Securities Exchange (NSE) continued its bullish run, supported by strong investor appetite for undervalued stocks and longer-term bonds. Rock Advisors maintains a positive outlook on key counters such as KCB, Equity Group, and I&M Bank, alongside select opportunities in real estate and infrastructure.

Stay informed with detailed insights, sector analysis, and investment outlooks in our full report.

Rock Advisors_Rockview Monthly – October 2025