Equity Market Outlook in Kenya: July 2023

The Kenyan equities market has displayed a mixed performance in recent months, with the NASI recording a year-to-date loss of 10.5%, while the NSE 25 and NSE 20 indices have seen declines of 3% and 7.5% respectively. The market’s current price-to-earnings (P/E) ratio of 5.8x which is below the historical average of 12.3x, suggests potential undervalued stocks, presenting opportunities for investors.

However, it is crucial to consider the challenging operating environment and significant investor outflows stemming from political uncertainty and macroeconomic conditions. These factors continue to impact market conditions and can influence investor sentiment in the near term.

While low prices may be enticing, it is important to conduct thorough research before making investment decisions. When looking for stocks to invest in, consider the following factors:

  • Strong profitability and growth track record.
  • Competitive advantages that protect the company from excessive competition.
  • A strong balance sheet with healthy cash reserves and manageable debt.
  • Relatively low institutional ownership, offering potential diversification benefits.
  • Reasonable valuations based on earnings, sales, and book value per share.
  • Consistent or increasing dividends over time.
  • Current share prices and market trends.

Equity Bank is an excellent example of a company to consider for investment. With over Ksh 3 Trillion in assets, Equity Bank is a leading banking group in Kenya. It operates in multiple markets, including Kenya, Mauritius, Rwanda, South Sudan, Uganda, and Tanzania, through its retail banking, commercial banking, treasury services, and investment divisions.

Equity Bank has a strong track record of providing great dividends since it started paying them in 2007. This consistent dividend payment demonstrates the company’s commitment to growth and stability, making it an attractive option for investors seeking long-term returns.

With its diversified operations and presence across multiple countries, Equity Bank benefits from exposure to various economies and sectors within the Kenyan economy. This provides potential opportunities for growth and mitigates risks associated with operating in a single market.

However, it is important to conduct thorough research and analysis of Equity Bank’s financial performance, industry trends, and market conditions before making any investment decisions. Consulting with financial professionals can also provide valuable insights and guidance.

Disclaimer: The information provided is for illustrative purposes only and does not constitute financial advice. Investors should conduct their own research and consult with professionals before making investment decisions.

Below is a list of the dividends pay-out for the Financial Year 2022:


KenGen LtdKEGN0.2026th Jan 202330th Mar 2023
Car and General LtdCGEN0.8024th Feb 202323rd Mar 2023
East African Breweries Ltd EABL3.7516th Feb 202328th Apr 2023
British American Tobacco LtdBAT52.0026th May 202315th June 2023
Absa Bank Kenya Plc ABSA1.1528th Apr 202325th May 2023
KCB Group LtdKCB1.006th Apr 202325th May 2023
Stanbic Holding PlcSBIC12.6019th May 202315th Jun 2023
Standard Chartered Bank LtdSCBK16.0021st Apr 202325th May 2023
Co-operative Bank of Kenya Ltd COOP1.5024th May 20239th Jun 2023
Kakuzi PlcKUKZ24.0031st May 202315th Jun 2023
CIC Insurance Group LtdCIC0.139th May 202326th May 2023
I & M Holdings Ltd IMH2.2520th Apr 202326th May 2023
Stanlib Fahari I-REITFAHR0.656th Apr 202330th Apr 2023
NCBA Group Plc NCBA2.2528th Apr 202331st May 2023
Equity Group Holdings EQTY 4.0019th May 202330th Jun 2023
Diamond Trust Bank Kenya LtdDTK5.0012th May 202315th Jun 2023
Umeme LtdUMME2.2030th Jun 202320th Jul 2023
Limuru Tea Co. LtdLIMT2.5014th Apr 202330th Jun 2023
BK Group PlcBKG3.9122nd Jun 20231st Jul 2023
Kenya Re-insurance Corporation LtdKENRE0.2016th Jun 202328th Jul 2023
Nation Media Group NMG1.5016th Jun 202331st Jul 2023
Jubilee Holdings LtdJUB3.008.0014th Jun 202326th Jul 2023
Total Energies Ltd TOTL1.3115th Jun 202331st Jul 2023
Crown Paints Kenya PlcCRWN4.0028th Jun 202314th Aug 2023
BOC Kenya LtdBOC4.4528th Apr 202321st Jul 2023
SasiniSASN1.002nd Jun 20233rd Jul 2023
Bamburi Cement LtdBAMB0.7527th May 202327th Jul 2023
Nairobi Securities Exchange LtdNSE 0.2031st May 202331st Jul 2023
Kapchorua Tea Co. LtdKAPC25.0023rd Aug 20234th Sep 2023
Williamson Tea Kenya LtdWTK30.0023rd Aug 20234th Sep 2023
Safaricom PlcSCOM0.580.6228th Jul 202331st Aug 2023


Follow our blog for the latest financial news, investment tips, and market trends. To speak to one of our experienced Financial Advisors, request a call back here.

Reach your financial goals with the help of Vasili Africa

Get the best financial planning solutions from our trusted wealth advisors and planners now. Find out how we can help you attain financial stability.

Start chat
Need Investments Support?
Hello there!

Welcome to Vasili Africa.

How can we support you today?