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
