The Nairobi Securities Exchange (NSE) saw a remarkable surge in market activity on February 11, 2026, with retail participation hitting an all-time high following the launch of Safaricom’s Ziidi Trader platform. This retail-driven rally saw the Nairobi All-Share Index (NASI) close at 208.80 points, a notable 1.8% increase from the previous session, reflecting a broad surge across the market. While institutional turnover experienced a decline, the number of individual transactions skyrocketed, indicating strong interest from individual investors in the market.
The significant jump in retail activity follows the official unveiling of Safaricom’s Ziidi Trader, which integrates stock market trading with the M-PESA mobile money platform. This seamless integration has opened up the stock market to a wider audience, particularly retail investors who have traditionally been less involved in the securities market. The result was a dramatic increase in the number of trades executed, with a record 23,192 transactions recorded on the day, reflecting a 75% surge in the number of deals compared to previous sessions.
Key Performers and Market Gains
The market rally on February 11 was driven by gains in multiple sectors, with 43 stocks showing positive movement. Sasini led the charge, posting a 9.9% increase to close at KES 26.75, marking its third consecutive day of strong performance. The banking sector also played a pivotal role, with Diamond Trust Bank seeing a notable 9.6% increase to close at KES 148.50. Limuru Tea also recorded strong gains, advancing 7.8% to KES 528.00, while Eveready Plc. saw a 7.7% rise to KES 1.53. Car & General rounded out the top performers with a 7.4% increase to finish at KES 61.50.
These substantial increases were particularly notable in large-cap stocks, with key players such as Equity Group and Safaricom also contributing to the overall market performance. Equity Group advanced by 5.1%, while Safaricom closed 2.3% higher, continuing its role as a market leader and the most traded counter on the day. The momentum generated by these big players helped maintain the positive market sentiment despite other challenges.
Notable Declines in Select Stocks
However, not all stocks experienced positive movement. KenGen Plc, one of the more prominent stocks, slipped by 3.3%, closing at KES 9.28, following the release of interim results showing a decrease in net earnings. Olympia Capital Holdings saw a decline of 2.0%, closing at KES 7.70, while NCBA Group lost 1.63%, ending at KES 90.25. BK Group (BKG) also faced a 1.53% drop to KES 45.00, and HF Group saw a slight decline of 1.0%, closing at KES 10.30. Africa Mega Agricorp Plc rounded out the group of decliners, posting a modest 1.0% decrease to KES 98.75.
These declines were in contrast to the broader market gains, but they reflect some of the volatility that is typical in stock markets, particularly when there is an influx of new retail investors with varying levels of experience. The shift in market dynamics, as more individual investors engage in trading, could contribute to increased fluctuations in stock prices in the short term.
Impact of the Ziidi Trader Launch on Retail Activity
One of the most interesting developments in the market was the sharp increase in retail participation, which was directly linked to the introduction of the Ziidi Trader platform. By integrating stock trading with the M-PESA mobile money service, Safaricom has made the NSE more accessible to a large number of retail investors who were previously excluded from the market due to barriers such as high transaction costs, lack of knowledge, and the complexity of trading platforms.
The Ziidi Trader platform has simplified the process of trading by allowing users to execute trades directly from their mobile phones using M-PESA, which is already widely used for mobile payments in Kenya. This has brought a new wave of retail investors into the market, many of whom are now able to make smaller, more frequent trades. As a result, the number of transactions on the NSE has surged, with thousands of retail investors now participating in the market.
Despite the surge in retail activity, foreign investors turned into net sellers on the day, recording net outflows of KES 650.88 million. These investors were particularly active in selling shares of Safaricom and East African Breweries PLC, two of the most traded counters. This shift in foreign investment trends could be indicative of broader market conditions, where external investors are more cautious about the market’s direction, especially with the recent surge in retail activity.
Local Participation Dominates the Market
While foreign investors pulled back, local participation remained strong, accounting for 54.6% of the total trading activity on the day. This marks a significant shift in the NSE’s market dynamics, as local investors continue to increase their presence in the market. This local engagement reflects the broader trend of retail participation, as Kenyans increasingly take advantage of the opportunities presented by the expanded access to the stock market.
Safaricom, as expected, remained the most traded counter on the day, with a total turnover of KES 612.02 million, representing a volume of 11.7 million shares. The dominance of Safaricom in the market is a testament to its position as a market leader, and its continued strong performance is likely to influence the overall market trend in the coming months. Other stocks in the telecommunications and banking sectors, such as Equity Group, are also expected to remain popular among local investors, given their established track records and solid market positions.
Market Outlook and Trends
Looking ahead, the NSE market is expected to continue benefiting from increased retail participation, particularly with the ongoing use of the Ziidi Trader platform. The surge in retail transactions is likely to continue as more individuals become familiar with the platform and as Safaricom expands its efforts to educate consumers about investing in the stock market. This influx of retail investors, however, may also lead to greater volatility in the market, as small investors with varying levels of experience might contribute to more significant fluctuations in stock prices.
At the same time, the decline in foreign investment highlights the caution that many international investors are adopting in light of market trends and global economic uncertainties. While foreign investors remain a key part of the market, the shift towards local participation may signal a longer-term change in the composition of the NSE’s investor base.
As the market continues to evolve, analysts will be keeping a close eye on how the balance between local retail investors and foreign institutional investors plays out. The next few weeks will likely see continued growth in retail participation, particularly if Safaricom and other major stocks continue to perform well, providing further momentum for the broader market.
