Dangote Share Purchase Lifts Kenya Pipeline Stock 42% as NSE Records Mixed Performance
Kenya Pipeline Company (KPC) shares surged 42.2 per cent during the week ended 30 October 2026, emerging as one of the biggest movers at the Nairobi Securities Exchange (NSE) as investors reacted to news of Nigerian billionaire Aliko Dangote’s acquisition of an approximately 25 per cent stake in the company.
According to the latest Kenya Weekly Market Wrap by Standard Investment Bank (SIB), KPC shares rose to KSh15.00 from the previous week’s levels, making the energy infrastructure company the second-best performer among the market’s top gainers, behind Olympia Capital Holdings, whose share price jumped 175.6 per cent to KSh19.35.
The sharp rally in KPC shares highlights growing investor interest in the company following news of Dangote’s share purchase, which has attracted significant attention to its ownership structure and investment prospects.
KPC also featured prominently among the market’s leading movers, recording a market capitalisation of approximately USD2.1 billion and weekly turnover of USD1.78 million. Its share price performance contributed to a mixed trading session at the NSE, where selected counters posted gains while major indices experienced declines.
Overall, the market closed the week on a mixed note, with the Nairobi All Share Index (NASI) gaining 1.4 per cent week-on-week to 238.16 points. However, the NSE 10 Index declined by 1.2 per cent to 2,553.37 points, while the NSE 20 and NSE 25 indices dropped by 1.9 per cent and 1.2 per cent to 4,098.26 and 6,556.73 points, respectively.
The contrasting performance of the indices reflected differing movements across listed companies, with gains in selected counters failing to offset losses among other major stocks.
Market activity also recorded a significant decline during the week, with total turnover falling to USD27.2 million, representing a 92.2 per cent drop compared with the previous week.
SIB attributed the sharp decline largely to the absence of the previous week’s KSh42 billion block trade in Kenya Pipeline Company, which had significantly inflated market activity. The latest figures therefore point to a return towards more normal trading levels following the exceptional transaction.
The Nairobi Securities Exchange accounted for 27 per cent of the week’s market turnover, with its own share price advancing by 2.9 per cent to KSh32.40. The NSE counter has recorded a 60 per cent gain year-to-date, reflecting strong performance in the exchange’s listed shares.
Olympia Capital leads market gainers
Beyond KPC, Olympia Capital Holdings emerged as the biggest gainer during the week, with its share price climbing 175.6 per cent to KSh19.35. The company has now registered a 135.4 per cent gain year-to-date, making it one of the strongest-performing counters at the exchange.
Other notable gainers included Eveready East Africa, which advanced 11.4 per cent to KSh0.98, while TPS East Africa, which operates the Serena hospitality business, gained 10.3 per cent to KSh18.20.
Standard Group also recorded a positive performance, rising 6.5 per cent to KSh6.20.
On the losing side, Shri Krishana Overseas was the week’s biggest laggard, shedding 12.6 per cent to close at KSh13.85. Africa Mega Agricorp declined 9.6 per cent to KSh298.25, while Uchumi Supermarket lost 8.6 per cent to KSh1.28.
Sameer Africa fell 8 per cent to KSh14.85, while CIC Insurance Group declined 7.8 per cent to KSh4.74.
The performance demonstrates the uneven nature of activity across the market, with significant gains in a handful of counters occurring alongside losses in other listed companies.
Foreign investors remain net sellers
Foreign investor participation increased during the week, accounting for 49 per cent of market activity. However, overseas investors remained net sellers, recording net outflows of USD6.8 million.
Equity Group attracted the largest foreign investor selling pressure, recording net outflows of approximately USD3.01 million. KCB Group followed with outflows of USD1.96 million, while Safaricom recorded USD1.78 million in net foreign outflows.
The Nairobi Securities Exchange also recorded foreign net outflows of USD141,400, while Co-operative Bank registered outflows of USD33,000.
On the buying side, Kenya Power led foreign investor inflows, attracting approximately USD201,200 during the week. Standard Chartered Bank, I&M Holdings, Car & General and East African Breweries also featured among the leading counters attracting foreign purchases.
Kenya Power recorded foreign net inflows of USD201,200, followed by Standard Chartered Bank at USD6,000, I&M Holdings at USD4,800, Car & General at USD4,000 and EABL at USD2,600.
Despite the foreign selling pressure, several major banking and telecommunications counters maintained positive weekly price movements.
Safaricom gained 0.9 per cent to close at KSh33.60, while KCB Group advanced by a similar margin to KSh86.00. Equity Group, however, declined by 2.6 per cent to KSh95.00.