Kenya’s stock market has been ranked the fourth best-performing in the world in the first half of 2026.
Data released by investment platform Hisa shows the Nairobi Securities Exchange (NSE) All Share Index (NASI) outperformed major global markets, including the United States’ Nasdaq, the United Kingdom’s FTSE 100, and China’s Shanghai Stock Exchange (SSE).
NSE All Share Index (NASI) returned 26.77 per cent between January and June 2026, placing Kenya behind only Ghana (40.75 per cent), Poland (35.09 per cent) and Greece (34.33 per cent).
NSE Ranked 4th Globally After Beating Nasdaq, FTSE 100 and China’s SSE
The performance puts Kenya ahead of some of the world’s largest and most closely watched stock markets.
The Nasdaq Composite in the United States returned 8.49 per cent, the FTSE 100 in the United Kingdom posted 7.17 per cent, while China’s SSE Composite gained 2.76 per cent over the same period.
Other markets that trailed Kenya include Germany’s DAX (20.09 per cent), Japan’s Nikkei 225 (1.49 per cent), India’s Nifty 50 (7.31 per cent) and France’s CAC 40 (3.86 per cent).
The strong performance reflects growing investor confidence in Kenyan equities despite global economic uncertainty, high interest rates and geopolitical tensions that have weighed on markets in many parts of the world.
The gains also come as listed companies on the NSE continue to report improved earnings, higher dividend payouts and renewed foreign investor interest, helping lift share prices across several sectors.
For investors, the ranking means Kenya has become one of the most attractive equity markets globally for returns in the first six months of 2026.
While global markets have faced volatility driven by inflation concerns, trade tensions and shifting monetary policies, Kenya’s market has continued to record strong growth, making it one of the standout performers among frontier and emerging markets.
Also Read: Family Bank Sets KSh18 Per Share Ahead of NSE Listing
Global Top 10 Stock Markets by Returns (H1 2026)
| Rank | Stock Market | Return |
|---|---|---|
| 1 | Ghana GSE Composite | 40.75% |
| 2 | Poland WIG | 35.09% |
| 3 | Greece ATG | 34.33% |
| 4 | Kenya NSE All Share Index | 26.77% |
| 5 | Germany DAX | 20.09% |
| 6 | Italy FTSE MIB | 16.39% |
| 7 | Spain IBEX 35 | 16.15% |
| 8 | South Korea KOSPI | 15.54% |
| 9 | Brazil Ibovespa | 15.44% |
| 10 | Taiwan TAIEX | 14.38% |
How NSE Outperformed Other Investments in H1
The Nairobi Securities Exchange was not only among the world’s top-performing stock markets in the first half of 2026 but also delivered the highest returns among Kenya’s major investment options.
According to market data, equities outperformed treasury bonds, treasury bills, fixed bank deposits, money market funds, property and land during the six months to June.
The rally was largely driven by banking stocks and Safaricom, with increased demand for dividend-paying shares attracting more local investors. The listings of Kenya Pipeline Company (KPC) and Family Bank also boosted the market’s value.
Market capitalisation rose by 27.8 per cent, adding KSh817.2 billion to reach a record KSh3.76 trillion by June 30.
Even after excluding the impact of the KPC and Family Bank listings, the market still posted a 20.5 per cent gain.
By comparison, Treasury bonds issued during the period offered annual coupon returns of between 12 and 14.2 per cent before withholding tax, while Treasury bills returned between 7.4 and 9.2 per cent on an annualized basis.
Average returns on fixed bank deposits fell to 6.8 per cent in May from 7.03 per cent in December 2025 following reductions in the Central Bank Rate.
The Kenyan shilling-denominated money market funds generated annual returns ranging from 5.2 to 13.8 per cent, reflecting lower yields on Treasury bills and bank deposits.
Also Read: Equity Bank Kenya Appoints NSE Board Member Carole Kariuki to Its Board
Meanwhile, the NSE 20 Share Index extended its recovery to 3,925 points as of July 15, 2026, signaling renewed investor confidence in the Kenyan stock market.
In a statement posted on its official X account on Thursday, July 16, the Nairobi Securities Exchange (NSE) attributed the gains to strong performance by blue-chip stocks and improving market sentiment.
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