Kenyan equities have delivered the strongest returns among major asset classes during the first eight months of 2026, with the NSE 20 Share Index rising 30.3% between January and August 31, the Nairobi Securities Exchange (NSE) said on Monday.
The NSE All Share Index (NASI), which provides a broader measure of the performance of listed companies, gained 27.5% over the same period, according to figures released by the exchange.
The performance puts listed equities ahead of other major investment categories tracked by the NSE, with the next-best asset class recording a return of 14.4%.
“2026 is proving that opportunity rewards those who participate. With the highest returns among major asset classes over the first eight months of the year, the NSE continues to create opportunities for investors. The question isn’t whether the opportunity exists. It’s whether you’ll be part of it. Invest today,” the NSE said.
The figures show treasury bonds delivering returns ranging between 12.2% and 14.4%, while property generated between 5.3% and 14.2%.
Treasury bills returned 9.52%, while money market funds recorded returns ranging between 7.6% and 9.4%. Fixed deposits in banks returned 7.1%, according to the NSE data.
Land recorded returns ranging between 1.2% and 1.4%, placing it at the bottom of the asset classes compared by the exchange.
The NSE said the comparison drew on data from the exchange, the Central Bank of Kenya (CBK), the Capital Markets Authority (CMA) and HassConsult.
The strong performance by equities comes against a backdrop of relatively stable monetary conditions in Kenya.
The CBK retained its Central Bank Rate at 8.75% at its August 11 Monetary Policy Committee meeting. The regulator's latest figures show inflation at 6.6% in August, while the 91-day Treasury bill rate stood at 8.769% on September 7.
The CBK has also said Kenya's economic outlook remains relatively positive despite global risks, including higher energy prices, geopolitical tensions and uncertainty over international trade.
The wider capital-markets sector has also been expanding the range of products available to investors.
In August, the CMA approved the listing of the WSA Banking Index Exchange Traded Fund on the NSE, bringing the number of ETFs listed on the exchange to three. The regulator described the new product as the first locally domiciled ETF, adding to existing exposure through the Absa NewGold ETF and the Satrix MSCI World Feeder ETF.
The CMA has also been pursuing measures to expand access to investment products. In May, it licensed two intermediary service platform providers as part of efforts to deepen Kenya's capital markets and widen access to investment schemes.
Against this backdrop, the NSE is encouraging more Kenyans to participate directly in the equities market during the remaining four months of 2026. The exchange is urging potential investors to avoid staying on the sidelines and open CDS accounts through licensed stockbrokers to invest in listed companies and take advantage of opportunities in the equities market.
A Central Depository and Settlement (CDS) account enables investors to hold and transact in securities traded through the Kenyan capital markets.
The NSE's message comes with investors facing a choice between different asset classes whose performance has varied significantly this year. While the exchange's figures show equities leading the comparison, it also cautions that past performance does not guarantee future returns.
The 30.3% gain in the NSE 20 Share Index means its performance was more than twice the highest return recorded among the other asset classes in the comparison.
NASI's 27.5% rise similarly placed the broader equities market well ahead of treasury bonds, property, money market funds, fixed deposits and land.
The NSE said investors should therefore assess available opportunities and consider participating through licensed intermediaries rather than remaining on the sidelines.
“Discover Opportunity,” the exchange said as it encouraged investors to engage with Kenya's capital markets during the final four months of the year.