Kenya Markets
Weekly read on the NSE, KES, T-bills & bonds, MMFs and Kenyan macro signals — from the Serrari desk in Nairobi.
Latest from the desk
Weekly view from our Nairobi desk on the NSE, the Shilling, T-bills, bonds and MMFs. Built for the analyst, the SACCO treasurer and the everyday saver alike.
Grouped by subcategory · Updated weekly
Fixed Income & Banking
CBR, T-bills, T-bonds, MMFs and the banking sector.
Fixed Income & Banking
T-bill yields plateau (91-day 8.39%, 364-day 8.59%), the 10-year bond holds at 11.52%, the May bond re-opening drew healthy demand at KES 80bn, and most bank fixed-deposit rates lag T-bills.
CBK Treasury Bills Auction — 01 June 2026
Demand was weak overall at 69.3% of offer, heavily skewed by strong 91-day demand. KShs 16.62bn accepted versus KShs 30.15bn in redemptions implies a net repayment of KShs 13.53bn. 84.7% of bids and accepted value sat in the 91-day paper — the market is comfortable with very short paper but reluctant to lock in longer bills.
Retail Investment Products
MMFs, SACCOs, unit trusts and platforms for individual investors.
Retail Investment Products
Top MMFs hold double-digit yields (Nabo 12.02%, Cytonn 12.01%), market average sits at 9.10%, and CIS sector AUM is up 114.8% YoY to KES 756.2bn — a structural shift from bank deposits to market-rate products.
Kenya MMF Landscape — Mid-Year Review
Across 27 CMA-licensed KES money market funds, average gross yield is 9.11% and median 9.30%, with a wide 5.07%–12.77% spread. Nabo, Cytonn, Etica, Lofty Corban and Avrocap lead. The mid-year picture shows widening dispersion, stronger distribution competition and a clearer need to compare net yield, fees, platform access, liquidity discipline and manager quality. CIS AUM has crossed KSh600 billion.
Equities & Forex
NSE indices, sector flows and the Kenya Shilling.
Equities & Forex
Safaricom rallied +8.42% to lift the NASI to 206.21 (+10.52% YTD), the NSE 20 held flat at 3,488, and the Shilling closed at 129.70 — marginally weaker but cushioned by reserves and diaspora flows.
NSE Earnings Season Opens — Q1 2026 Banks Preview
The opening read is constructive but uneven. Equity Group, KCB and Co-op Bank are carrying the profit pool; lower rates create a clear split between lenders with cheap deposit franchises and those exposed to asset-yield compression. Top 3 control 61.2% of the selected KSh 74.7B PAT pool.
Compliance & Strategy
Regulatory, policy and structural shifts shaping Kenya’s markets.
Market Highlights
CBR held at 8.75% after 10 consecutive cuts, April CPI ticked up to 5.60%, and the CMA pushed through major licensing reform — variable fees for fund managers and mandatory RBCA reporting.
KNBS May 2026 CPI Analysis
Headline CPI rose sharply to 6.7% YoY (up from 5.6%) but remained inside the CBK 2.5–7.5% target band. Transport inflation jumped to 16.5% YoY; core inflation stayed at 3.2%. The desk read: a transport- and food-led cost shock that narrows the room for policy easing and squeezes household purchasing power.
Kenya Markets Investment Outlook
The flagship weekly synthesis — what to do next.