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29 June, 2025
News

In our Cytonn Report this week, we analysed the performance of Kenya’s Equities, Fixed Income and the
Real Estate markets for the week ended, with a special focus on Kenya’s FY’2025/2026 National Budget.
Below are the highlights;

a) Fixed Income
During the week, T-bills were undersubscribed for the first time in eight weeks, with the overall
subscription rate coming in at 60.4%, albeit lower than the subscription rate of 114.1% recorded the
previous week. Investors’ preference for the shorter 91-day paper waned, with the paper receiving bids
worth Kshs 1.4 bn against the offered Kshs 4.0 bn, translating to a subscription rate of 36.2%, lower than
the subscription rate of 93.6%, recorded the previous week. The subscription rates for the 182-day paper
decreased to 12.0% from the 26.1% recorded the previous week, while that of the 364-day paper
decreased to 118.4% from the 210.4% recorded the previous week. The government accepted a total of
Kshs 14.4 bn worth of bids out of Kshs 14.5 bn bids received, translating to an acceptance rate of 99.7%.

b) Equities
During the week, the equities market was on an upward trajectory, with NSE 20 gaining the most by 5.3%
while NASI, NSE 10 and NSE 25 gained by 4.6%, 4.1% and 4.0% respectively, taking the YTD performance
to gains of 21.6%, 16.4%, 13.6% and 13.1% for NASI, NSE 20, NSE 10 and NSE 25. The equities market
performance was driven by gains recorded by large-cap stocks such as KCB, Equity and NCBA of 6.7%,
5.9% and 4.9%, respectively;


c) Real Estate
During the week, the Kenya National Bureau of Statistics (KNBS) released the Leading Economic
Indicators (LEI) April 2025 Reports, which highlighted the performance of major economic indicators.
During the week, the Cabinet approved the Affordable Housing Regulations, 2024, reducing the minimum
housing deposit under the Affordable Housing Programme from 10.0% to 5.0% in a bid to enhance
accessibility for low and middle-income earners. The new regulations also introduce supportive
frameworks such as structured home loans, deposit support and tenant purchase schemes to boost
uptake. T

d) Focus of the Week
Following the release of Kenya’s FY’2025/2026 National Budget, this week we analyze the fiscal
components of the budget including revenue expectation, expenditure, and public debt. We shall also
look at the key tax changes in the recently signed Finance Bill 2025

Click the link below to read the Cytonn Weekly report: https://lnkd.in/dwc86UWA
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