The Nairobi Securities Exchange (NSE) has become one of Africa’s stronger-performing equity markets in 2026, helped by gains in banking, telecommunications and consumer stocks.

The exchange, founded in 1954, had a total market capitalization of about KSh3.95 trillion ($30.5 billion) as of August 10, 2026. The 10 largest listed companies were worth a combined KSh3.16 trillion ($24.41 billion), accounting for roughly 80% of the bourse’s total value.

That concentration highlights the importance of a relatively small group of blue-chip companies to Kenya’s stock market. Safaricom alone accounts for more than a third of the exchange, while banks make up most of the remaining top positions.

The market has also gained from stronger corporate earnings, renewed foreign investor interest and increased participation by local investors. NSE CEO Frank Mwiti has said the exchange could reach KSh5 trillion ($38.64 billion) in market capitalization by the end of 2026 if current gains continue.

Banking dominates Kenya’s biggest stocks

The latest ranking shows just how important financial companies are to the NSE. Eight of the 10 most valuable listed companies are banks or financial groups, with Safaricom standing out as the only telecommunications company in the top tier.

The concentration has a practical effect on investors. Large moves in Safaricom, Equity Group, KCB Group and other major banks can quickly influence the performance of the broader market.

Here are the 10 most valuable companies listed on the Nairobi Securities Exchange, ranked by market capitalization and tracked by Shore.Africa. The list reflects their market values at the start of trading on Aug. 10, 2026.

1. Safaricom

Market capitalization: KSh1.39 trillion ($10.75 billion)

Safaricom is comfortably Kenya’s most valuable listed company, accounting for about 35.3% of the NSE’s total market capitalization.

The telecommunications and financial-services group remains best known for M-Pesa, while its mobile, data and digital-services businesses continue to support revenue growth. Safaricom reported a 67.3% increase in net income to KSh99.7 billion ($770.7 million) for fiscal 2026, while group revenue reached KSh414.1 billion ($3.2 billion).

The company ended the period with 71.6 million customers across its operations. Vodacom’s purchase of additional shares, which increased its ownership to 55%, was another major development for the company and its investors.

2. Equity Group

Market capitalization: KSh321.71 billion ($2.49 billion)

Equity Group Holdings is the second-largest company on the NSE, representing about 8.07% of the exchange.

The financial group has built one of East Africa’s largest banking franchises, with operations extending beyond Kenya. Its shares have benefited from stronger earnings and lower credit-loss provisions.

Equity reported KSh75.5 billion ($583.65 million) in profit after tax for fiscal 2026, an increase of 55%. First-quarter profit also rose 24.1% to KSh19.05 billion ($147.26 million).

3. KCB Group

Market capitalization: KSh272.34 billion ($2.1 billion)

KCB Group is the third-largest company on the NSE, with a market value of about KSh272.34 billion, equivalent to roughly 6.83% of the exchange.

The regional financial-services group operates through banking, insurance and investment businesses across East Africa. It reported first-quarter 2026 pretax profit of KSh24.4 billion ($188.62 million), up 15.3% from a year earlier.

KCB’s share price has also performed strongly, gaining 28.9% in 2026. The group has an asset base of about KSh2 trillion ($15.46 billion) and operates 528 branches, giving it one of the region’s largest banking networks.

4. East African Breweries

Market capitalization: KSh224.56 billion ($1.74 billion)

East African Breweries Ltd. is the fourth-largest company on the NSE, with a market value equal to about 5.62% of the exchange.

The brewer, which produces beer and spirits across East Africa, reported fiscal 2026 revenue of KSh146 billion and profit after tax of about KSh18.2 billion ($140.7 million), up 49%.

One of the biggest developments for shareholders is Asahi Group Holdings’ agreement to acquire Diageo’s 65% controlling stake in EABL for about $2.3 billion. The transaction is expected to close later in 2026.

5. Co-operative Bank

Market capitalization: KSh210.04 billion ($1.62 billion)

Co-operative Bank of Kenya is the fifth most valuable company, valued at about KSh210.04 billion ($1.62 billion), giving it a 5.27% share of NSE market capitalization.

The lender briefly overtook EABL in July to become the forth-largest company on the exchange as investors continued to favor Kenyan banks.

Co-op Bank reported first-quarter profit after tax of KSh8.41 billion ($65 million), up 21.3%. Its assets also increased to KSh884.57 billion ($6.84 billion).

6. Absa Bank Kenya

Market capitalization: KSh181.41 billion ($1.4 billion)

Absa Bank Kenya ranks sixth, with a market value of about KSh181.41 billion, or 4.55% of the NSE. The lender provides retail, corporate and investment banking services and is part of Absa Group. Its shares have gained strongly over the past year as investors have reassessed the value of Kenyan financial stocks.

Absa Bank Kenya reported fiscal 2025 profit after tax of KSh22.9 billion ($177 million), up 10%. First-quarter 2026 profit rose 13.9% to about KSh5.31 billion ($41.05 million).

7. Kenya Pipeline Company

Market capitalization: KSh165.38 billion ($1.28 billion)

Kenya Pipeline Company became one of the NSE’s largest companies after joining the exchange in March 2026.

Its KSh112.37 billion ($868.62 million) initial public offering was 105.7% oversubscribed, making the listing one of Kenya’s most closely watched capital-market transactions and the country’s first major privatization listing since 2008.

KPC, which transports and stores petroleum products, had a market capitalization of about KSh165.7 billion ($1.28 billion) in late July. For the financial year ended June 30, 2025, revenue reached a record KSh38.59 billion ($298.29 million), up 8.9% from the previous year.

8. NCBA Group

Market capitalization: KSh151.57 billion ($1.17 billion)

NCBA Group is the eighth-largest company on the NSE, valued at about KSh151.57 billion and accounting for roughly 3.8% of the exchange.

The bank was formed in 2019 through the merger of NIC Group and Commercial Bank of Africa and has since expanded its regional banking and digital-finance businesses.

NCBA reported first-half 2026 profit after tax of KSh12.4 billion ($95.85 million), up 12.2% from the same period in 2025.

The proposed acquisition of about 66% of NCBA by South Africa’s Nedbank is another major development being watched by shareholders.

9. Standard Chartered Bank Kenya

Market capitalization: KSh128.1 billion ($990.17 million)

Standard Chartered Bank Kenya is the ninth-largest listed company, with a market value of about KSh128.1 billion, representing 3.19% of the NSE.

The lender has a long-established presence in Kenya, serving corporate, retail and wealth-management customers. Its fiscal 2025 profit after tax rose 61% to KSh20.1 billion ($155.37 million).

The start of 2026 was more difficult, however. First-quarter profit after tax fell 26.3% to KSh3.58 billion ($27.67 million), reflecting pressure on income.

10. I&M Group

Market capitalization: KSh112.86 billion ($872.29 million)

I&M Group rounds out the top 10, with a market value of KSh112.86 billion, equal to about 2.98% of the NSE’s equity market.

The financial-services group operates in Kenya, Tanzania, Uganda, Rwanda and Mauritius. It reported record first-quarter 2026 profit after tax of KSh5.04 billion ($38.95 million), up 19.4%.

Total assets rose 30.6% to KSh742.5 billion ($5.74 billion), while the company’s shares were among the stronger performers on the NSE during the first half of the year.