Safaricom towers over NSE as blue-chip stocks push market value past Sh4 trillion

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Kenya’s stock market is increasingly being driven by a small group of blue-chip companies, with Safaricom maintaining a commanding lead over its peers as the Nairobi Securities Exchange’s total market value crosses the Sh4 trillion mark.

Safaricom is by far the most valuable company listed at the NSE, with a market capitalisation of about Sh1.4 trillion, putting it more than four times ahead of the second-ranked Equity Group.

The telecommunications giant accounts for roughly a third of the combined value of the companies in the top 11 ranking, highlighting its outsized influence on the local equities market.

Equity Group follows with a market value of Sh322 billion, while KCB Group is valued at Sh272 billion. The two banks underline the growing weight of financial institutions in Kenya’s listed equities market.

East African Breweries Limited (EABL) ranks fourth at Sh224 billion, followed by Co-operative Bank at Sh210 billion.

Other major companies in the top tier include Absa Bank Kenya at Sh181 billion, Kenya Pipeline Company at Sh165 billion, NCBA Group at Sh152 billion and Standard Chartered Bank Kenya at Sh127 billion.

I&M Group, with a market value of Sh119 billion, and Stanbic Holdings, at Sh113 billion, complete the top 11.

The rankings reveal the heavy concentration of value among a handful of companies, particularly banks, which account for seven of the 11 most valuable listed firms.

The surge comes as Kenyan equities stage a strong recovery in 2026, pushing the NSE’s overall market capitalisation above Sh4 trillion for the first time.

The rally marks a significant turnaround for a market that has endured prolonged periods of weak investor sentiment, foreign capital outflows and depressed share prices.

However, Safaricom’s dominance remains the defining feature of the market. Its Sh1.4 trillion valuation is larger than the combined market value of several major companies further down the NSE ranking, giving movements in its share price an outsized effect on the performance of the wider market.

The concentration also exposes the NSE to company-specific and sector risks, with the fortunes of a relatively small number of large counters capable of significantly influencing overall market valuations.

For investors, the latest figures point to a market where telecommunications and financial services remain the principal engines of listed corporate value, while the broader recovery in share prices is rebuilding the NSE’s position as a source of capital and investment.