Global Markets Rebound Amid Policy Clarity

Global equity markets staged a strong recovery this week, rebounding from prior volatility driven by geopolitical tensions and AI disruption concerns.

• U.S. Markets:

  • Nasdaq Composite: +1.5%

  • S&P 500: +1.0%

  • Dow Jones: +0.3%
    Gains were supported by improved sentiment following a U.S. Supreme Court ruling on global tariffs and renewed confidence in economic resilience.

• Europe: STOXX Europe 600 gained over 2%, with the FTSE 100 and DAX closing higher on strong earnings and industrial momentum.

• Asia: Mixed performance, with Japan’s Nikkei easing slightly while Chinese markets recorded thin trading during Lunar New Year holidays.

• Global Fixed Income:
  U.S. yields edged higher (10-year at ~4.09%) amid shifting rate expectations, while European and Japanese yields softened modestly.

 Kenya Equity Market Overview

The Nairobi Securities Exchange experienced a sharp correction, marking its first full-week decline since March 2025.

 Market Performance

• NASI: 209.88 (-3.1% W/W)

• Market Cap: KES 3.31 Trillion (-3.1%)

• Equity Turnover: KES 5.81 Billion (-21.0%)

• Net Foreign Outflows: KES 855.40 Million

Investor wealth declined by approximately KES 107.47 Billion, reflecting profit-taking after extended gains and shifting liquidity toward bonds following the CBK rate cut.

 Sector & Stock Movers

 Top Gainers

• Uchumi Supermarkets (+37.3%)

• Shri Krishana Overseas (+32.9%)

• Eaagads Ltd (+19.0%)

• CIC Insurance Group (+12.3%)

• Flame Tree Group (+12.2%)

 Top Decliners

• Eveready East Africa (-19.2%)

• Sasini Plc (-12.4%)

• Nation Media Group (-6.7%)

• Express Kenya (-6.5%)

• Kenya Airways (-5.8%)

Insurance stocks showed relative resilience, while telecommunications and select large caps saw notable profit-taking.

 Weekly Top Movers by Turnover

Stanbic Holdings led trading activity with KES 1.35 Billion in turnover and strong foreign participation (85.9%), closing up 5.6%.

Major banking counters, Safaricom, and East African Breweries also featured prominently in weekly activity.

 Fixed Income Market Update

 Treasury Bills

Investor appetite remained strong:

• 91-Day: 7.59% (▼ 1.95bps)

• 182-Day: 7.75% (▼ 2.01bps)

• 364-Day: 8.90% (▼ 7.45bps)

Bond turnover in the secondary market surged 58.0% to KES 113.4 Billion, reflecting heightened demand amid expectations of further monetary easing.

 Eurobond Market

Eurobond yields edged up slightly (≈4bps) following recent rallies supported by Moody’s upgrade and improved macro sentiment.

 Macroeconomic Spotlight

Kenya’s $500M Eurobond Buyback & $2.25B New Issuance

In a proactive debt management move:

• Kenya launched a $500M Eurobond buyback targeting 2028 and 2032 maturities.

• Issued $2.25B dual-tranche Eurobond (2034 & 2039 amortizing notes).

• The issuance was oversubscribed, signaling renewed investor confidence.

• The move smooths Kenya’s external debt maturity profile and reduces refinancing risk.

This aligns with broader African sovereign refinancing trends amid improving global market conditions.

 Outlook

Market direction will hinge on:

• Upcoming full-year earnings announcements

• Dividend declarations

• Bond yield movements

• Foreign investor flows

• Liquidity conditions post-rate cut

While equities corrected sharply this week, strong bond demand and improved external financing conditions suggest underlying macro stabilization.

Read more: Weekly Rock Pulse – 20th February 2026

Market Overview

The Nairobi Securities Exchange recorded another decline in benchmark indices on 17th February 2026. However, trading activity surged significantly, and foreign outflows reduced sharply  suggesting a potential shift in investor positioning.

 Performance Snapshot

• NASI: 215.05 (-0.4%)

• Equity Turnover: KES 2.07 Billion (+54.6%)

• Market Capitalization: KES 3,393.74 Billion (-0.4%)

• Net Foreign Outflows: KES 31.99 Million

• Banking Sector Index: +0.6%

Despite the index decline, the sharp rise in turnover indicates renewed trading interest, particularly in large-cap counters.

 Top Gainers

• Eaagads Plc (+9.6%)

• Crown Paints (+9.3%)

• Unga Group (+9.1%)

• Uchumi Supermarkets (+7.4%)

• Britam Holdings (+7.0%)

Top Losers

• Longhorn Publishers (-6.3%)

• Car & General (-3.5%)

• Express Kenya (-2.6%)

• Safaricom (-2.1%)

Trading Activity & Sector Insights

• Stanbic Holdings dominated trading, contributing 53.7% of total turnover (KES 1.11 Billion) and closing 4.5% higher at KES 256.25.

• Foreign investor participation increased to 63.5%, while local participation declined to 36.5%.

• The banking sector showed resilience, closing in positive territory.

Market Insight

Although indices remain under pressure, improved liquidity and a significant reduction in foreign outflows suggest emerging stabilization. Increased foreign participation and strong performance in select banking counters may provide directional support in the near term.

Read more : 17th February 2026- Market Rockers Report

Global markets experienced mixed performance during the week, with U.S. equities retreating amid renewed concerns over AI-driven disruption and shifting rate expectations, while European and Asian markets showed relative resilience. Bond markets rallied globally as yields declined on softer inflation data and risk-off sentiment.

Locally, the Nairobi Securities Exchange delivered a historic rally, with investor wealth increasing by over KES 220 billion. Strong domestic participation and increased trading activity underscored renewed confidence in Kenyan equities.

Key Highlights

 Global Markets

• Nasdaq -2.1%, S&P 500 -1.4%, Dow -1.2%

• FTSE +0.7%, DAX +0.8%

• Nikkei +5.0% to multi-year highs

• U.S. 10-year yield declined to 4.06%

 Kenya Equities

• NASI +6.9% to 216.69

• Market cap at KES 3.42 trillion

• Turnover up 54.3% to KES 7.35 billion

• Strong retail momentum following Ziidi Trader launch

• Sasini Plc (+53.6%) and Eveready EA (+28.5%) among top gainers

 Fixed Income

• Treasury bill auction oversubscribed by 308.8%

• 364-day yield declined to 8.98%

• Secondary bond turnover rose 33.2%

• Eurobond yields eased on improved sovereign outlook

 Macroeconomic Update

• Fuel prices revised downward (Petrol: KES 178.28)

• CBK cut CBR to 8.75%

• Improved liquidity and stable inflation expectations

As Q2 approaches, focus shifts to upcoming earnings releases, inflation data, and CBK guidance, which will determine the sustainability of the current bullish momentum across equities and fixed income markets.

For full analysis and detailed market tables, download the complete Weekly Rock Pulse report. Weekly Rock Pulse – 13th February 2026_

The Weekly Rock Pulse – 6 February 2026 provides a comprehensive overview of global and local market developments, highlighting mixed global equity performance, resilient African markets, and strong domestic investor sentiment.

Global equities reflected cautious optimism as earnings performance and central bank signals drove sector rotation. Locally, the Nairobi Securities Exchange recorded robust gains, supported by increased trading activity, strong participation in large-cap stocks, and positive corporate actions. Fixed income markets remained active, with Treasury Bills auctions significantly oversubscribed, indicating strong appetite for longer tenors amid easing rate pressures.

The report also captures key macroeconomic trends, including Kenya’s PMI remaining in expansion territory and easing inflation, offering constructive signals for economic momentum into early 2026.

Website Highlights

• Global Markets: Mixed performance as investors rotated from mega-cap tech to value and cyclical stocks amid earnings season and Fed policy signals.

• Kenya Equities: NSE All Share Index rose 3.8%, driven by strong gains in telecommunications and increased market participation.

• Safaricom: Investor sentiment strengthened following the declaration of an interim dividend of KES 0.85 and progress on digital investment platforms.

• Trading Activity: Equity turnover increased 6.9% week-on-week, reflecting improved liquidity and active foreign participation.

• Fixed Income: Treasury Bills auctions were heavily oversubscribed, with strongest demand in the 364-day tenor, signaling confidence in longer-dated instruments.

• Eurobonds: Yields declined on improved sovereign credit outlook and stronger investor confidence.

• Macroeconomics: Kenya’s PMI remained above the 50-point threshold, signaling continued private-sector expansion despite moderating growth.

Read More: Weekly Rock Pulse – 6th February 2027

The Weekly Rock Pulse provides a concise snapshot of global and Kenyan financial markets, helping investors and decision-makers stay grounded amid shifting macro and policy dynamics.

This week, global markets were mixed as earnings season, central bank policy signals, and sector rotation shaped sentiment. In the U.S., strong mega-cap earnings supported equities despite lingering uncertainty around interest rate direction. Europe showed resilience in defensives, while Asian markets softened on growth and consumption concerns.

Locally, the Nairobi Securities Exchange recorded bullish momentum, driven by stronger trading activity and renewed domestic investor participation. Select earnings — particularly in manufacturing and banking  guided sector performance, while fixed income markets saw strong demand for longer-dated Treasury Bills, reflecting cautious but confident positioning.

Inflation continued to ease, remaining within the CBK target range, reinforcing expectations of macro stability in 2026. Overall, the week highlighted a market balancing opportunity with caution, anchored by improving local fundamentals and evolving global signals.

Weekly Rock Pulse – 30th Januar…

Key Highlights

• Global equities ended mixed as earnings, policy uncertainty, and sector rotation dominated sentiment

• U.S. mega-caps delivered strong earnings, while AI-related spending raised near-term questions

• Kenyan equities posted a 0.4% weekly gain, supported by higher turnover and domestic participation

• Trading activity rose sharply to KES 4.45 billion, with domestic investors accounting for over 70% of activity

• Treasury Bills auction was heavily oversubscribed, with strong demand for 364-day paper

• Eurobond yields declined following improved investor confidence and Moody’s upgrade

• January 2026 inflation eased to 4.4%, remaining comfortably within the CBK target range

• Market focus shifts to upcoming earnings releases, inflation data, and policy direction

Read More: Weekly Rock Pulse – 30th January 2026_

Kenya’s capital markets recorded a positive performance over the week, underpinned by strong domestic investor participation and selective sector gains, despite reduced trading activity and sustained foreign investor outflows.

Equity Market Overview

• The Nairobi All Share Index (NASI) rose 1.0% week-on-week to 193.87 points

• Market capitalisation increased to KES 3.06 trillion

• Equity turnover declined to KES 2.57 billion, reflecting cautious trading

• Domestic investors dominated activity, accounting for 68.5% of total turnover

Sector Performance

• Construction & Allied led gains, supported by strong performance in East African Portland Cement

• Agriculture stocks advanced on improved earnings outlooks and favourable commodity trends

• Automobiles & Accessories gained on continued investor interest in Car & General

• Manufacturing & Allied and Telecommunications lagged due to company-specific and regulatory concerns

Fixed Income Market

• Treasury bill auctions recorded strong subscription levels, particularly in longer-dated tenors

• Short-term yields declined modestly, reflecting easing liquidity conditions

• Secondary bond market turnover increased significantly, driven by activity in longer-dated FXD instruments

Outlook

Investor focus in the coming weeks will remain on corporate earnings, dividend announcements, monetary policy signals, and evolving global geopolitical developments.

Read more: Weekly Rock Pulse 16th January 2026

Highlight:
A strategic weekly market review combining data-driven analysis, sector insights, and macroeconomic updates to guide medium-term investment decisions.

Summary:
The Weekly Rock Pulse offers a thorough assessment of market performance over the week, providing investors with a broader perspective on trends shaping both local and global financial markets. The report examines equity market movements, index performance, trading activity, and foreign investor flows, while highlighting the key stocks and sectors that drove gains or losses during the period.

In addition to equities, the Weekly Rock Pulse delivers detailed coverage of the fixed income market, including treasury bill and bond performance, yield curve movements, and secondary market activity. The report also incorporates global market developments, macroeconomic indicators such as PMI data, and key geopolitical and policy events influencing investor sentiment. Forward-looking sections outline upcoming economic releases, corporate actions, and events to watch, making the Weekly Rock Pulse a valuable resource for investors seeking context, clarity, and strategic insight into evolving market conditions.

Read more: Weekly Rock Pulse 9th January 2026