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.
Car & General maintains strong year-to-date performance
Looking at performance since the beginning of 2026, Car & General remained the exchange’s best-performing counter, having gained 382.8 per cent year-to-date despite recording a 7.7 per cent decline during the latest week to close at KSh246.25.
Africa Mega Agricorp followed with a 323 per cent year-to-date gain, although its share price dropped 9.6 per cent during the week.
Olympia Capital Holdings ranked among the strongest performers with a 135.4 per cent year-to-date appreciation, while Britam Holdings gained 98.4 per cent and I&M Holdings advanced 91.4 per cent over the same period.
On the other hand, Eveready East Africa remained the biggest year-to-date loser, with its share price down 28.5 per cent despite recording a weekly gain. Home Afrika declined 26.1 per cent, while Umeme shed 24.6 per cent.
WPP Scangroup also remained under pressure, recording a 23.5 per cent year-to-date decline, while NBV was down 10.9 per cent.
Banking stocks post mixed performance
The banking sector recorded mixed movements during the week, with Equity Group experiencing a decline while KCB Group gained ground.
Equity Group closed at KSh95.00, representing a 2.6 per cent weekly decline, while KCB Group rose 0.9 per cent to KSh86.00. Co-operative Bank dropped 3.5 per cent to KSh35.50.
I&M Holdings maintained a flat weekly price movement at KSh81.25, although the lender has recorded a substantial 91.4 per cent appreciation year-to-date.
Diamond Trust Bank Kenya also stood out in the sector, having gained 56.6 per cent year-to-date, while Co-operative Bank recorded a 48.2 per cent gain over the same period.
The banking sector’s performance comes against a broader market environment in which investors appear to be taking different positions across individual counters, with some stocks retaining strong year-to-date gains despite short-term price corrections.
Safaricom earnings release in focus
Investors are expected to turn their attention to Safaricom’s half-year results for the 2026/27 financial year, scheduled for release on 5 November 2026.
Safaricom closed the week at KSh33.60, gaining 0.9 per cent, although its share price remains 6.4 per cent lower over the past month and 7.9 per cent lower over the past three months, according to SIB’s market summary.
The telecommunications company’s market capitalisation stood at approximately USD10.37 billion, making it the largest listed company on the NSE by market value.
Its upcoming earnings announcement is expected to provide investors with an opportunity to assess the company’s financial performance during the first half of the financial year and evaluate developments in its business.
The broader market will also be watching whether the latest performance in individual counters can translate into more sustained gains across the exchange.
For the week under review, the NSE’s mixed performance reflected the contrasting fortunes of individual listed companies, the impact of large transactions on overall market activity and continued foreign investor selling pressure.
While the NASI managed to advance, declines in the NSE 10, NSE 20 and NSE 25 indices point to the uneven distribution of gains across the market. Meanwhile, KPC’s sharp appreciation following news of Dangote’s investment and the upcoming Safaricom earnings release are likely to remain among the key developments attracting investor attention in the days ahead.
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Source: Standard Investment Bank, Kenya Weekly Market Wrap, 2 November 2026.