Market overview

Kenya’s public securities market runs through one licensed exchange, the Nairobi Securities Exchange PLC. The market began in the 1920s as an informal dealer market, was formalised by incorporation in 1954, opened to African traders in 1963, and moved to its present structure in 1994 with the arrival of the Central Depository and Settlement Corporation, which holds shares and bonds in electronic share accounts and bond accounts and completes transfers and payments. The Capital Markets Authority licenses and supervises the exchange, the intermediaries and the issuers, and the Central Bank of Kenya runs the primary market in government paper. The exchange publishes three headline equity indices. On 02-SEP-26 the NSE All Share Index stood at 254.60, the NSE 20 Share Index at 4,405.85 and the NSE 25 Share Index at 7,098.28. Turnover on the same date was reported at 54,054,741.00 shares traded and equity turnover of 2,504,892,742.39, with exchange traded fund turnover of 4,283,540.00 in KES. The NSE 25 Share Index also underlies the futures traded on NEXT, the exchange’s derivatives market, alongside single stock futures.

Read the full overview and sources

Listing is organised by segment rather than by a single board. The exchange sets out a Main Investment Market Segment, an Alternative Investment Market Segment and a Fixed Income Securities Market Segment, with a Growth Enterprise Market Segment and an SME Fixed Income Market Segment for smaller issuers. An issuer on the main segment must be a public company limited by shares registered under the Companies Act (Cap 486), with minimum authorised, issued and fully paid up capital of Kshs. 50 Million and net assets of not less than Kshs. 100 Million immediately before the public offer. The alternative segment lowers both thresholds to Kshs. 20 Million. Shares trade in minimum lots of one share on the Normal Board, and bonds are sold in minimum bundles of KShs. 50,000.00.

The rulebook sits on the Capital Markets Act and the Central Depositories Act, 2000. Beneath them the Authority applies subsidiary regulations that a first-time reader will meet by name: the Public Offers, Listing and Disclosures Regulations, 2002, the Licensing Requirements (General) Regulations, 2002, the Takeovers and Mergers Regulations, 2002, the Foreign Investors Regulations, 2002, the Real Estate Investment Trusts Collective Investment Schemes Regulations 2013 and the Derivatives Markets Regulations, 2015. Conduct is layered on top through the Code of Corporate Governance Requirements for Issuers of Securities to the Public, 2015.

Composition is concentrated. Banking is the deepest sector on the board, with Absa Bank Kenya, Stanbic Holdings, I&M Holdings, Diamond Trust Bank Kenya, Standard Chartered, Equity Group Holdings and The Co-operative Bank of Kenya all listed, and the agricultural counters trace the country’s export crops through Eaagads, Kapchorua Tea, Kakuzi, Limuru Tea, Sasini and Williamson Tea Kenya. Government debt is the other half of the market. The Central Bank auctions Treasury bonds monthly, most of them fixed rate with interest paid every six months, and the National Treasury occasionally issues tax exempt infrastructure bonds. Individuals and corporates can bid directly through the Dhow CSD portal and mobile application or through commercial and investment banks acting as custodians. GSN covers listed company results and corporate actions, exchange and Authority rule changes, and the government bond auction calendar.

Sources

This overview is based on the official documents listed below, last checked 2026-09-03. Figures are as stated in those documents.

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