Where Did Investors Make the Most Money in the First Half of 2026? Here’s How Kenya’s Top Investments Ranked.

The Nairobi Securities Exchange gave investors the best returns in the first half of 2026, beating fixed income, bank deposits, money market funds and property. Gains were led mainly by banking stocks and Safaricom, as stronger dividend demand drew more local investors into the market. The listings of Kenya Pipeline Company and Family Bank also added fresh value to the bourse.

How different asset classes performed in H1 2026

1. Equities/Shares:Market capitalisation rose by 27.8%, adding Sh817.2 billion to hit a record Sh3.76 trillion by June 30. Excluding the new listings of KPC and Family Bank, the market was still up 20.5%
2. Treasury bonds: Bonds issued during the period offered annual coupon returns of between 12% and 14.2%, before withholding tax.
3. Treasury bills: Short term government paper earned annualised returns of between 7.4% and 9.2%
4. Fixed deposits: Average bank fixed deposit returns fell to 6.8% in May 2026, from 7.03% in December 2025, following the decline in the Central Bank Rate.
5. Money market funds: Shilling denominated MMFs were offering annual returns of between 5.2% and 13.8% by the end of June, reflecting lower yields on T-bills and fixed deposits.
6. Property: Returns were modest compared with equities and fixed income. Rental and sale prices remained in the single digits, with gains of up to 5.1% during the period, as demand softened under challenging economic conditions.
7. Land: Land prices in Nairobi suburbs rose by 0.85% per acre in the first quarter, while satellite town prices increased by 0.54%
   The test now is whether equities can sustain this lead in the second half of the year. Much will depend on earnings, dividends and whether local investors remain as active in the market as they were in first half of the year. For property, a stronger recovery may still depend on improved demand from households and buyers.