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Recent Topicals

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Unlocking Kenya’s Capital Markets

Apr 27, 2025

The Nairobi Securities Exchange (NSE) last recorded an Initial Public Offers (IPOs) in 2015, when Stanlib Investments issued an IPO of the first Real Estate Investment Trust (Fahari-IREIT) at the bourse, managing to raise Kshs 3.6 bn against the target of Kshs 12.5 bn, 28.8% success rate. This translates to an eight-year IPO drought, with the most recent activity at the bourse being the listing by introduction, meaning no money was raised) out of the Local Authority Pension Trust (LAPTRUST) Imara Income Real Estate Investment Trust (I-REIT) under the Restricted Sub-Segment in December 2022. LAPTRUST holds 100.0% of the Imara I-REIT shares with no initial offer to the public. Currently, the bourse has 66 listed securities with a total market capitalization of Kshs 2.0 tn as at 25th April 2025. The bourse continues to be Safaricom-dominated, with Safaricom’s market capitalization of Kshs 689.7 bn equivalent to 34.9% of the entire market capitalization. Additionally, S...

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Kenya Listed Banks FY’2024 Report

Apr 20, 2025

Following the release of the FY’2024 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that shaped the performance of the sector. For the earnings notes of the various banks, click the links below: Equity Group FY’2024 Earnings Note KCB Group FY’2024 Earnings Note Standard Chartered Bank Kenya FY’2024 Earnings Note ABSA Bank Kenya FY’2024 Earnings Note

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Kenya’s Real Estate Investment Trusts (REITs) FY’2024 Report

Apr 13, 2025

Following the release of the FY’2024 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT FY’2024 Earnings Note LapTrust Imara I-REIT FY’2024 Earnings Note Acorn I-REIT FY’2024 Earnings Note Acorn D-REIT FY’2...

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Cytonn Note on the 8th April 2025 Monetary Policy Committee (MPC) Meeting

Apr 6, 2025

The Monetary Policy Committee (MPC) is set to meet on Tuesday, 8th April 2025, to review the outcome of its previous policy decisions and recent economic developments, and to decide on the direction of the Central Bank Rate (CBR). In their previous meeting held on 5th February 2025, the committee noted that they would closely monitor the impact of the policy measures taken, as well as developments in the global and domestic economy, and stood ready to reconvene earlier if necessary. Additionally, the MPC decided to cut the CBR by 50.0 bps citing that its previous interventions successfully curbed inflation to below the midpoint of the CBK’s target range, which came in at 3.6% in March 2025, supported by the exchange rate stability, and lower fuel inflation. This was in line with our

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Kenya Macroeconomic Review

Apr 6, 2025

According to the Kenya National Bureau of Statistics (KNBS) Q3’2024 Quarterly Gross Domestic Product Report, the Kenyan economy recorded a 4.0% growth in Q3’2024, lower than the 6.0% growth recorded in Q3’2023. The main contributor to Kenyan GDP remains to be Agriculture, Fishing and Forestry sector which grew by 4.2% in Q3’2024, lower than the 5.1% expansion recorded in Q3’2023. In Q3’2024 all sectors, except Mining and Quarrying and Construction recorded positive growths, with varying magnitudes across activities. Most sectors recorded declining growth rates compared to Q3’2023 with Accommodation and Food Services, Mining and Quarrying and Financial & Insurance Sectors recording the highest declines of 20.8%, 11.9%, and 10.8% points, respectively. Other sectors that recorded a contraction in growth rate, from what was recorded in Q3’2023 were Construction, Electricity and Water Supply and Real Estate sectors, of 6.0...

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