Market Trends

Live snapshot across equities, fixed income, T-Bills, REITs, FX, and derivatives.

NASI

YTD +4.2% | liquidity mid-range

145.32

+0.56% d/d

Equities

NSE 20

Breadth 17 adv / 11 decl

1,840.50

-0.12% d/d

Benchmarks

Daily Equity Turnover

Foreign participation 61%

KES 612m

+9.1% vs 20d avg

Flow

Bond Turnover

Infra 2028 & 2032 led bid

KES 4.1bn

+18.4% d/d

T-Bills 91/182/364d

Bid-cover 2.1x across

16.45% / 16.90% / 17.10%

+6bps | flat | -3bps

Bills

Eurobond 2028

Spread 650bps to UST

10.40% YTM

-31bps vs prior close

Eurobond

REITs (Fahari / ILAM)

Liquidity thin | watch bids

7.42 / 14.03

+0.3% / +0.7%

REITs

USD/KES

CBK usable FX 3.9 months

152.40

-0.15%

Top Gainers

Top performing stocks by percentage change.

Ticker	Previous	Today's	Change
EQTY	39.16	40.10	+2.40%
KCB	42.39	43.20	+1.90%
ABSA	14.47	14.70	+1.60%
BAT	415.50	420.50	+1.20%
JUB	211.88	214.00	+1.00%

Top Losers

Worst performing stocks by percentage change.

Ticker	Previous	Today's	Change
SCOM	15.42	15.20	-1.40%
EABL	185.54	183.50	-1.10%
COOP	13.72	13.60	-0.90%
NMG	17.54	17.40	-0.80%
KQ	2.43	2.41	-0.70%

Market Commentary

Analysis of top movers and market sentiment.

EQTY Leading Gainers (+2.40%)

EQTY surged 2.40% to close at KES 40.10, driven by strong institutional buying and positive sentiment in the banking sector. The stock saw sustained momentum throughout the trading session, with volumes reaching KES 124m.

SCOM Under Pressure (-1.40%)

SCOM declined 1.40% to KES 15.20, as profit-taking dominated after recent gains. Despite the pullback, trading volumes of KES 188msuggest continued market interest, with analysts viewing this as a potential entry opportunity.

Market data as of 11:17 PM EAT

Cumulative Market Movement (Intraday)

Cumulative performance of all gainers vs losers throughout the trading day.

Cumulative Gainers +8.10%

Cumulative Losers -4.90%

Cross-Asset Momentum (Dummy Data)

Composite read across equity index, fixed income proxy, and FX stability.

Sector Rotation Pulse

Placeholder view of turnover concentration by sector.

Analyst Recommendations (Dummy)

Placeholder calls and targets to guide sales conversations.

Ticker	Rating	Target	Upside	Rationale	Horizon
EQTY	Buy	45.00	+12.2%	Asset quality easing; foreign demand returning	3M
KCB	Buy	43.50	+9.1%	Cost of risk normalizing; dividend support	3M
SCOM	Hold	16.20	+6.6%	Data growth steady; mobile money re-acceleration pending	1-2M
BAT	Hold	430.00	+2.9%	FX cost pressure easing; liquidity remains thin	1M
IFB1/2028/08	Buy	13.15% YTM	carry	Carry attractive vs bills; reopen expected to clear	2-4W

AI Market Summaries (Dummy)

Generated blurbs by time window to drop into morning notes.

Last 24h

Conf 0.78

Flows pivot to banks; telcos pause

Net foreign buy program lifted banks while telcos saw profit-taking after a strong week.

Week-to-Date

Conf 0.72

Duration appetite returns on infra reopen

Intermediate infra bonds outperformed as investors positioned ahead of reopening size guidance.

Month-to-Date

Conf 0.69

FX stabilizes; equity breadth improving

USD/KES drifted lower on exporter supply; advancers now lead decliners 3 sessions in a row.

Rates & Liquidity Monitor (Dummy Data)

Yield curve shifts vs last week plus allocation bias across liquidity buckets.

Liquidity Buckets

Placeholder allocations across cash, bills, bonds, and risk

Risk Radar (Dummy)

Quick read on cross-asset risk levers to brief clients.

Rate Volatility

Moderate

+12bps

UST drift higher; watch spillover to long KES curve

FX Liquidity

Improving

-0.3%

Exporter inflows offset corporate demand; CBK silent

Credit Spreads

Tightening

-18bps

Infra bid lifts 5-8y; banks prints stable

Equity Vol

Low

-0.4 pts

Breadth supportive; watch single-name gaps

Market Breadth & Sector Flows

Advancers vs decliners with net foreign flows and key counter narratives.

Advancers

Decliners

Unchanged

Foreign Participation

61%

Banks

+KES 82m

Foreign buy program (EQTY, KCB)

Telcos

-KES 24m

Profit-taking on SCOM after rally

Manufacturing

+KES 18m

BAT, BAMB steady demand

Energy

-KES 9m

KenGen heavy supply mid-day

Agriculture

+KES 6m

Tea exporters supported by weak KES

Equity Counters To Watch

EQTY
Foreign buy-side rotation back to banks
+2.4%
SCOM
Data-led revenue strong; mobile money pause
-1.1%
KCB
Cost-of-risk easing; dividend story intact
+1.3%
BAT
Inflation hedge; liquidity light
+0.6%

Fixed Income Pulse

Bond Turnover

KES 4.1bn

Equity Turnover

KES 612m

Duration Bias

Prefer 5y - 8y infra; cautious beyond 12y

Rates, FX & Eurobond Watch

T-Bill auction, spot FX, and offshore curve signals.

T-Bill Auction

Bid-cover

91d

16.45%

+6bps

Cover 218%

182d

16.90%

flat

Cover 205%

364d

17.10%

-3bps

Cover 197%

FX Crosses

USD/KES

152.40

-0.15%

EUR/KES

166.85

+0.08%

GBP/KES

191.10

-0.05%

USD/UGX

3,750

+0.12%

Eurobond Monitor (2028)

Spread 650bps

Offshore demand improving; monitor US rates volatility and Kenya budget financing.

YTM

10.40%

1M Trend

-62bps

Liquidity

Stable

Cross-Asset Watchlist

Priority instruments across equities, bonds, bills, REITs, and ETFs with liquidity + thesis.

Live instruments on desk focus
Ticker	Asset	Sector	Last	Change	Liquidity	Thesis	Signal
EQTY	Equity	Banks	40.10	+2.4%	High (KES 124m)	Re-rating on asset quality + dividend	Accumulate
SCOM	Equity	Telco	15.20	-1.1%	Heavy (KES 188m)	Data ARPU growth offsets M-Pesa plateau	Hold
BAT	Equity	Manufacturing	418.00	+0.6%	Light (KES 9m)	Inflation hedge; FX costs easing	Watch liquidity
IFB1/2028/08	Bond	Govt Infra	13.45% YTM	-18bps	Active (KES 1.9bn)	Demand resilient; carry attractive	Bid on dips
FXD1/2029/15	Bond	Govt	16.10% YTM	-6bps	Moderate (KES 540m)	Tap sale likely; stay nimble	Selective
91d T-Bill	Bill	Govt	16.45%	+6bps	Bid-cover 2.18x	Good for treasury parking	Hold duration short
FAHR	REIT	Real Estate	7.42	+0.3%	Thin	Rental cashflows resilient	Liquidity watch
Gold ETF	ETF	Commodity	KES 2,130	+0.9%	Moderate	Hedge for USD scarcity + geopolitics	Diversify

Page 1 of 1

Count is 8 row(s)

Auctions & Pipeline

Upcoming supply plus internal research deliverables that support sales calls.

Debt Supply Calendar

IFB1/2028/08 Re-open
Book opens 28 Nov
KES 50bn
Infra heavy; duration risk contained by appetite
T-Bill Auction 02 Dec
Allotment Fri 5pm
KES 24bn
Bid-cover projected 2.0x; yields sticky
Tap Sale (FXD1/2029/15)
Announce post IFB
Target KES 10bn
Good for duration seekers; duration 5.2y

Research Diary

Banking Earnings Preview
Equity Research
Drafting
Due in 3d
Infrastructure Bond Note
Fixed Income
Trader sign-off
Due tomorrow
REIT Liquidity Tracker
Alternatives
Data refresh
Due in 5d
Kenya Macro Pulse (Q4)
Macro Strategy
Share with clients
Published

Macro Signals

Quick macro + policy context for client positioning.

Inflation YoY

Within CBK band

6.1%

-20bps

CBR

Next MPC Jan 2025

13.00%

unch

PMI

Services expansion

51.2

+0.4

FX Reserves

Stable vs last week

USD 7.3bn

3.9 months import cover

REIT & Alternatives

Liquidity and price action for listed REITs & alternatives.

Fahari I-REIT+0.3%

Price 7.42 | volumes thin | yield attractive

ILAM Fahari+0.7%

Price 14.03 | defensive cashflows

Gold ETF+0.9%

Hedge for USD scarcity; blend with short bills for carry

Actionable Calls

Quick ideas to take to clients today.

Add to banks on pullbacks

EQTY, KCB supported by lower cost-of-risk and foreign inflows.

Hold infra bonds 5-8y; avoid ultra-long

Carry attractive while duration risk manageable; watch IFB1/2028/08 reopen.

Use gold ETF as USD hedge

Offsets KES volatility; pair with 91d bill for liquidity.