Nine Kenya Stocks Lose KES 2.25 Billion in 2026

(NAIROBI, KENYA) – Nine small stocks at the Nairobi Securities Exchange have shed KES 2.25 billion in valuation this year. That is equal to $17.4 million or £13.7 million at current exchange rates. The losses run against the general market rally that has handed investors in other companies KES 1 trillion in gains in paper wealth, equal to $7.7 billion or £6.1 billion.

The market laggards primarily comprise small cap stocks that are making losses and companies trading with negative shareholder equity, rendering them insolvent.

Others came into the year on a high share price base after making large gains in 2025. Their losses this year therefore represent a price correction.

The companies that have shed value this year include Eveready East Africa, Nairobi Business Ventures, Express Kenya, WPP ScanGroup, Umeme, Liberty Kenya Holdings, Home Afrika, Kurwitu Ventures and Olympia Capital Holdings.

Eveready has recorded the largest share price loss this year at 26.3 percent to trade at KES 1.01 per share on Wednesday. WPP ScanGroup follows at 19.2 percent to KES 2.06. Home Afrika is down 17.2 percent to KES 1.11 per share.

In what has been a bumper year, the other 49 actively traded firms have made gains that have yielded a valuation increase of KES 1.03 trillion or 35.1 percent to KES 3.98 trillion for the NSE. That is equal to $8 billion or £6.3 billion, up to $30.8 billion or £24.2 billion.

Top gainers in percentage terms include Car & General at 325 percent to KES 217 per share, Britam at 94 percent to KES 17.65 and Africa Mega Agricorp at 76.2 percent to KES 124.75.

The NSE’s top five firms by market capitalisation are Safaricom, Equity Group, KCB, EABL and Co-operative Bank. They have gained between 2.9 percent and 56 percent this year, adding KES 517.5 billion in valuation. That is equal to $4 billion or £3.1 billion.

This has seen equities beat other asset classes such as government securities, property, cash deposits and unit trusts in returns to investors.

Treasury bonds issued in the last seven months have paid investors annual interest of between 12 percent and 14.2 percent. Treasury bills buyers have earned between 7.4 percent and 9.2 percent in annualised interest.

Interest rates on fixed deposit accounts in banks fell to 6.84 percent in June 2026 from 7.03 percent in December 2025.

In the property sector, average rental and sales prices in Nairobi and its satellite towns were in the single digits of up to 6.6 percent in the first half of the year on muted demand. Land sale prices grew at up to 5.2 percent, according to data compiled by real estate firm HassConsult.

Eveready leads the market with a price loss of 26.3 percent to KES 1.01 per share. That has resulted in a KES 75.6 million decline in valuation to KES 212.1 million in the year to date. Those figures are equal to $584,000 or £459,000 and $1.6 million or £1.3 million respectively.

Years of losses have left the company with a negative equity position of KES 101 million as at March 2024, the latest available financials show. That is equal to $781,000 or £614,000. Earlier this year, the company said it is pivoting from battery distribution to clean energy and electric vehicle financing in a bid to turn around its fortunes.

Marketing services firm WPP ScanGroup’s share price has fallen 19.2 percent to KES 2.06 this year. That has cut its valuation by KES 211.8 million to KES 890.2 million, equal to $1.6 million or £1.3 million and $6.9 million or £5.4 million respectively.

The decline has come as the firm’s net loss widened to KES 713.67 million in the year to December 2025 from KES 506.74 million in 2024. Those figures are equal to $5.5 million or £4.3 million and $3.9 million or £3.1 million respectively.

The wider loss was largely due to the loss of key client Airtel Africa, which accounted for nearly a fifth of the company’s annual sales.

Home Afrika has shed 17.2 percent of its value or KES 93.2 million this year to settle at KES 449.83 million. That is equal to $720,000 or £566,000 and $3.5 million or £2.7 million respectively. The drop comes despite the firm making a net profit for the last two years.

The stock is coming off a large gain of 262.2 percent in 2025, when it was among the top five gainers in the market.

Umeme, the cross listed Ugandan power distributor, has seen its share price fall by 11.5 percent to KES 6.92. That reflects its lack of revenue after its 20 year concession with the Ugandan government expired in March 2025. Its valuation has declined by KES 1.46 billion to KES 11.24 billion since January. Those figures are equal to $11.3 million or £8.9 million and $86.9 million or £68.3 million respectively.

The company is also involved in an arbitration case in London against the Uganda government over terminal payments relating to the concession. Last month, Umeme issued a profit warning, saying that its loss in the half year to June 2026 will be wider than the loss of KES 5.8 billion in June 2025. That earlier loss is equal to $44.9 million or £35.3 million.

Kurwitu Ventures has seen only one price change since its listing nearly 12 years ago. It had gone for years without registering a trade at the NSE.

On 9 July, the company traded 111 shares, with its price falling by 9.7 percent to KES 1,355 from KES 1,500. That marked the first price movement since its first day of listing on 13 November 2015. The company’s valuation has fallen by KES 14.8 million to KES 138.6 million after the price movement. Those figures are equal to $114,000 or £90,000 and $1.1 million or £842,000 respectively.

Nairobi Business Ventures has recorded a decline of 5.4 percent or KES 108.3 million in investor wealth to KES 1.88 billion this year. That is equal to $837,000 or £658,000 and $14.5 million or £11.4 million respectively. The fall comes on the back of challenging business conditions that forced it to halt its trading business last year.

In the half year to September 2025, the company reported a net loss of KES 78.3 million, compared to a loss of KES 99 million a year earlier. Those figures are equal to $605,000 or £476,000 and $765,000 or £602,000 respectively.

Liberty Kenya Holdings has suffered from a price correction after recording large gains of 81 percent in 2024 and 43 percent in 2025. The pattern is similar to Home Afrika.

Liberty’s valuation has fallen to KES 5.15 billion from KES 5.45 billion in January, after recording a 4.8 percent decline in share price to KES 9.62. Those figures are equal to $39.8 million or £31.3 million, down from $42.1 million or £33.1 million.

The company is the only one among this year’s losers that is currently paying a dividend. It has maintained a distribution of KES 0.50 per share despite a 65 percent decline in net profit to KES 659 million in the year ended December 2025. That profit figure is equal to $5.1 million or £4 million.

Express Kenya’s net loss widened to KES 125 million in the year ended December 2025 from KES 108 million a year earlier. Those figures are equal to $966,000 or £760,000 and $835,000 or £657,000 respectively. Its share price has fallen 4.1 percent to KES 7.10 in the year to date, cutting its valuation by KES 14 million to KES 338.8 million. Those figures are equal to $108,000 or £85,000 and $2.6 million or £2.1 million respectively.

The firm is eyeing property developments and a sale of three acres in Nairobi valued at about KES 300 million to strengthen its financial position. That is equal to $2.3 million or £1.8 million.

Olympia Capital Holdings has seen its valuation fall from KES 328.8 million to KES 320 million this year. That is equal to $2.5 million or £2 million, down from $2.5 million or £2 million. The decline follows a 2.7 percent drop in share price to KES 8 per unit this year.

The stock was also coming from a large gain of 156 percent in market capitalisation in 2025, when prices on small cap stocks were boosted by demand from speculating local retail investors.

Lower revenue of KES 428.75 million in the year ended February 2026, from KES 457 million a year earlier, cut its net profit to KES 10.4 million in the period from KES 17.6 million. The revenue figures are equal to $3.3 million or £2.6 million and $3.5 million or £2.8 million respectively. The profit figures are equal to $80,000 or £63,000 and $136,000 or £107,000 respectively.