Safaricom Block Trade Ignites the NSE as Banks Extend the Market’s Green Run

The Nairobi Securities Exchange closed the week with conviction, not caution. By the final bell, the market had finished firmly in the green, with the NASI rising 2.1% week-on-week, the N10 gaining 3.2%, the NSE 20 advancing 2.2%, and the NSE 25 climbing 2.6%. The message from the tape was clear: breadth returned, momentum improved, and investors found enough confidence to push the market higher across the major indices.

The real story, however, was not just price movement. It was liquidity. Weekly market activity surged to USD 1.7 billion, a 28.4-times jump from the previous week, transforming an ordinary market close into one of the most consequential trading weeks of the year. At the centre of this activity was Safaricom, which accounted for 95.3% of total turnover after Vodafone Kenya finalized the acquisition of the Kenyan government’s 15% stake through a block trade on the bourse on 30 June 2026.

Safaricom’s price strengthened by 1.8% week-on-week to KES 34.20, showing that the market absorbed the landmark transaction without losing upward momentum. The counter did not merely dominate turnover; it became the week’s anchor, setting the tone for activity, liquidity, and investor attention. In a market where large transactions often distort the picture, Safaricom gave the week both scale and direction.

The banks added another important layer to the rally. Equity Group jumped 9.1% week-on-week to KES 87.00, I&M gained 4.9% to KES 69.00, and KCB Group advanced 3.3% to KES 78.50. This banking momentum mattered because it showed the rally was not entirely dependent on the Safaricom transaction. Investors were also rewarding financial counters, particularly those seen as liquid, fundamentally relevant, and capable of attracting fresh positioning as the market strengthens.

EABL, meanwhile, gravitated toward stability, closing unchanged at KES 270.50. Its flat close offered a useful contrast to the rest of the market: while the headline action was in telecoms and banks, defensive large-cap positioning remained steady rather than disorderly. The result was a market that looked stronger, but not speculative across every counter.

Foreign investors, however, told a more cautious story. They turned bearish with net outflows of USD 134.7 thousand, while foreign investor activity dropped sharply to 1.0% from 22.2% the previous week. Safaricom led the foreign buying charge, while KCB Group led the selling side. This means the local market carried most of the week’s energy, even as foreign participation retreated from the prior week’s levels.

Overall, the week belonged to liquidity, index recovery, and institutional-scale repositioning. The Safaricom block trade gave the market a historic turnover print; the banks gave the rally supporting breadth; and the foreign investor data added a note of caution. For investors, the signal is powerful but precise: the NSE is showing renewed momentum, but the next test will be whether ordinary turnover, broader participation, and sustained foreign confidence can follow after the block-trade shock fades.

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Market Snapshot

The Charts Tell the Story

All four major indices closed higher, with the N10 leading the pack at +3.2% w/w.

Turnover expanded from an estimated USD 59.9m to USD 1.7bn, driven by the Safaricom block trade.

The banking counters strengthened the rally, led by Equity Group’s 9.1% weekly gain.

Foreign activity retreated sharply, even as the broader market closed in positive territory.

Investor Takeaway

The market closed higher, but the quality of the rally must now be tested beyond the block trade.

What Investors Should Watch Next

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