Stockbrokers cash in on NSE boom with Sh14bn in commissions

Stockbrokers have pocketed up to Sh14 billion in commissions from the sale and purchase of shares in the wake of a boom at the Nairobi Securities Exchange (NSE).

Data from the Capital Markets Authority (CMA) placed the value of shares traded at the Nairobi bourse in nine months to September 2026 at Sh395 billion, more than doubling last year’s entire year turnover of Sh145 billion.

Equity turnover is expected to reach a historic record this year after more than 11.4 billion shares traded in the nine months on back of increased activity and listing of new counters like Kenya Pipeline Company and Family Bank.

The NSE earns a commission of 0.12 percent on the value of all share trades and brokers collect commissions of up to 1.78 percent of deal values.

This implies that brokers pocketed up to Sh14 billion in commissions from trading through September 2026, including charges for processing both sale and purchase of stocks, up from estimated Sh3.64 billion in the same period a year ago.

High value trades often attract a lower commission rate, which can fall to as low as 1.12 percent.

The NSE market capitalisation surpassed Sh4 trillion for the first time during the third quarter, settling at Sh4.12 trillion at the end of September to underline the buoyant market activity this year.

The higher equities trading activity comes in a period of increased bonds trading, further boosting brokers’ commissions.

Bond turnover or trading at the NSE stood at Sh2.54 trillion at the end of September.

The NSE previously attributed the improved activity in the equities market to increased investor participation along a significant trade of Safaricom shares.

‘The equity market recorded its strongest performance in several years, with turnover rising by 476 percent in the first six months to Sh322 billion,’ the NSE said in a trading update.

‘Trading activity was supported by increased participation from both institutional and retail investors, alongside a significant block trade involving 6.01 billion Safaricom Plc shares valued at Sh204.3 billion, which materially boosted market liquidity and turnover.’

Safaricom block trade follows the sale of a 15 percent stake in Safaricom to South Africa’s Vodacom by the government.

Equity turnover was still up more than two-fold even after excluding the Safaricom block trade.

The firm that runs the stock market, NSE, doubled its income through six months to June 2026 to Sh1.2 billion from Sh511.5 million previously, surpassing 2025’s entire haul of Sh1.08 billion.

The higher revenue was anchored on a 475 percent growth in the equity transaction levy, which netted Sh770.5 million for the bourse in the half year period from Sh133.8 million previously.

This looks set to boost its full year profit, signalling enhanced dividend payout to shareholders.

The NSE did not declare an interim dividend for the first six months of the year.

Stockbrokers and investment banks are also set to cash in from the boom in equities trading, profiting from higher brokerage commissions.

The entities nearly tripled their revenues through the first half of the year, lifted in part by transaction fees from listings and fund management fees.

A previous Business Daily analysis of the industrial financials shows that market intermediaries collectively booked income of Sh9.88 billion in the six months to June, up from Sh3.7 billion a year earlier.

The higher earnings present a sharp turnaround for an industry that was struggling for survival just three years ago on the back of a prolonged bear run that decimated trading commissions and deal-making activities such as corporate bonds and IPOs.

‘The period under review marked a significant turning point for the NSE, with a notable resurgence in listing and capital-raising activity that underscored renewed confidence in Kenya’s capital markets,’ the NSE added.

The NSE bull run, which began in 2024, has prompted increased sales and purchases of shares, offering brokers higher commissions.

Stockbrokers reported a 73 percent increase in commissions to Sh2.76 billion in the first half of 2026.

The 2025 half year commissions were based on a lower turnover of Sh56.03 billion through six months to June.

Business Daily calculations assume the maximum of the 1.78 percent brokerage commission is applied twice over, factoring both sides of a buy and sell transaction.

This would mean stockbrokers pocketed Sh2 billion from equities trading with the balance making up additional commissions from bonds trading.

The improved investor sentiments on the NSE have been accompanied by the return of initial public offers (IPO), for the first time in nearly a decade, including the addition of the Kenya Pipeline Company (KPC) and retailer Quick Mart Plc.

Other listings so far have included the addition of Family Bank through introduction, and the floating of dollar-denominated real estate investment trusts (Reits) by Centum’s Trific and Africa Logistics Properties (ALP).

Other market intermediaries set to profit from increased shares trading include the Capital Markets Authority (CMA), which collects a 0.12 percent transaction levy from each deal and the Central Depository and Settlement Corporation (CDSC), which nets a 0.08 percent transaction levy per trade.

Yellow warning for thunderstorms on Wednesday

?n Tuesday afternoon the Department of Meteorology issued a yellow warning for thunderstorms on Wednesday. The warning will be in effect from 02:00 until 18:00 on Wednesday, October 28.

Isolated, intense thunderstorms are expected to affect the western half of the island intermittently at first, spreading to other areas from midday onwards, the Department of Meteorology said, adding that rainfall intensity is expected to range between 35 and 55 millimeters per hour, and hail is also possible.

During the thunderstorms, wind gusts may occasionally reach 7 to 8 on the Beaufort scale, it concluded.

House bill seeks to label transnational drug syndicates as terrorist groups

A bill seeking to empower the government to designate qualified transnational drug-trafficking syndicates as terrorist organizations has been filed in the House of Representatives, targeting not only drug traffickers but also the financiers and networks behind their operations.

House Bill 11751, or the proposed Anti-Narco-Terrorism Act of 2026, seeks to amend the Anti-Terrorism Act of 2020 and the Comprehensive Dangerous Drugs Act of 2002 to address gaps in existing laws that may allow international drug syndicates to evade prosecution.

The measure aims to classify large-scale drug trafficking committed by members and leaders of qualified transnational syndicates as narco-terrorism. It also seeks to penalize individuals who finance or provide material support to these organizations.

The bill would also allow Philippine courts to exercise jurisdiction over certain drug-related offenses committed abroad when the illegal drugs are intended for or transported through the Philippines, even if the shipment is intercepted before reaching Philippine territory.

‘Transnational drug syndicates pose a serious threat to our country because their operations can cross borders, involve multiple networks, and rely on financiers and facilitators who may remain beyond the reach of conventional law enforcement efforts,’ said House Committee on Dangerous Drugs Chairman Mark Anthony Santos of Las Pinas, principal author of the bill.

The measure also provides for asset freezing and forfeiture, enhanced international cooperation in investigations and extradition, and expanded investigative tools, subject to judicial oversight and constitutional safeguards.

Santos said authorities must go beyond intercepting illegal drug shipments and pursue the financial and logistical networks that sustain international drug trafficking.

‘Authorities must look beyond intercepted shipments, follow the money, and work with foreign law enforcement to identify and dismantle the syndicates behind the drug trade,’ he said.

The lawmaker said the bill responds to Interior and Local Government Secretary Jonvic Remulla’s call for Congress to enact legislation, allowing authorities to designate qualified drug-trafficking organizations as terrorist groups.

Remulla cited legal challenges in prosecuting individuals allegedly involved in an attempted shipment of 521 kilograms of methamphetamine hydrochloride, or shabu, from Laos to Manila. He said authorities could file only conspiracy charges because the shipment did not reach the Philippines.

Santos earlier identified the Sam Gor network, Chinese and Chinese-Filipino drug-trafficking groups, a West African drug syndicate, and the Sinaloa or Mexican drug cartel as among the foreign networks reportedly linked to the country’s illegal drug trade. He said the proposed law aims to hold accountable not only those transporting illegal drugs but also the financiers, organizers and facilitators behind transnational operations.

Azerbaijan welcomes UAE diplomat’s nomination for UN Secretary-General

Azerbaijan has welcomed the initiative to nominate Lana Zaki Nusseibeh, Minister of State of the United Arab Emirates (UAE), for the position of Secretary-General of the United Nations.

Aykhan Hajizada, spokesperson for Azerbaijan’s Ministry of Foreign Affairs, made the statement in response to a media inquiry concerning Nusseibeh’s nomination.

Hajizada emphasised that Azerbaijan attaches particular importance to ensuring that the selection of the next UN Secretary-General is conducted in accordance with the principles of the UN Charter.

According to the spokesperson, the selection process should be guided by candidates’ professional qualifications, diplomatic experience, impartiality and ability to build consensus among UN member states.

“We hope that this process will culminate in an outcome that contributes to the formation of a stronger, more efficient United Nations capable of responding agilely to modern challenges,” Hajizada said.

Nusseibeh’s diplomatic background

Lana Zaki Nusseibeh is an experienced Emirati diplomat who currently serves as the UAE’s Minister of State.

She previously represented the UAE as its Permanent Representative to the United Nations from 2013 to 2024, playing a prominent role in the country’s multilateral diplomacy.

During her tenure, Nusseibeh held several senior positions within the UN system, including Vice-President of the UN General Assembly and President of the Executive Board of UN Women.

She also presided over the UN Security Council on two occasions during the UAE’s membership in the Council in 2022-2023.

1.25M passengers seen at NAIA during ‘Undas’ travel rush

Despite high airfares weighing on travel sentiment, the operator of Ninoy Aquino International Airport (Naia) still expects a slight increase in passenger traffic during this year’s observance of All Saints’ Day and All Souls’ Day, or Undas.

According to New Naia Infrastructure Corp. (NNIC), passenger traffic at the country’s main gateway could reach 1.25 million from Oct. 27 to Nov. 4, slightly higher than the 1.24 million recorded in 2025.

NNIC expects the Undas travel rush to peak on Friday, Oct. 30, ahead of the long weekend, when about 149,000 passengers are projected to pass through the airport.

Malacañang has declared Sunday, Nov. 1, and Monday, Nov. 2, special nonworking days.

In anticipation of the travel rush, the Naia operator said it was stepping up preparations, including round-the-clock operational monitoring, additional personnel and passenger assistance services during peak periods and heightened security measures.

Additional immigration, customs and quarantine counters may also be opened to prevent long queues, while more screening personnel and checkpoints could be deployed during peak hours.

Public assistance desks will be available across all terminals, alongside a command center at Terminal 2 that will operate around the clock to assist passengers.

NNIC said interterminal shuttles would also be deployed during peak arrival and departure periods to facilitate passenger transfers.

Despite these measures, the airport operator advised travelers to arrive at Naia at least three hours before international flights and two hours before domestic departures.

‘Naia enters this year’s Undas travel period with improved passenger processing systems and expanded facilities following more than two years of modernization under NNIC,’ said the operator, which had taken over the airport in September 2024.

Government-operated airports are likewise preparing for an increase in passenger traffic during the Undas period.

Earlier, the Civil Aviation Authority of the Philippines said it expected passenger traffic across its airports to reach 4 million during this year’s observance, up from 3.7 million in 2025.

Budget carrier AirAsia Philippines has also reported an influx of domestic bookings for the ‘Undas’ travel period, particularly to the Visayas destinations of Caticlan, Bacolod and Iloilo.

2027: APC Youth Leaders Get SUVs For Campaign

The distribution of Toyota Prado sport utility vehicles to selected youth leaders of the All Progressives Congress (APC) has triggered public criticism.

The controversy followed a video posted by the APC National Youth Leader, Dayo Israel.

The footage showed seven 2026 Toyota Land Cruiser Prado SUVs presented to selected youth leaders to support grassroots mobilisation ahead of the 2027 general elections.

Israel subsequently thanked First Lady Oluremi Tinubu for her support for the party’s youth wing.

The First Lady confirmed that she donated the vehicles to the APC National Youth Wing for mobilisation activities.

Although the exact purchase price and detailed funding arrangements were not publicly disclosed, the donation attracted criticism from Nigerians who contrasted the expensive vehicles with the struggles of households to afford food, medicines, rent and other necessities.

Political economist, Pat Utomi, party supporters and other Nigerians have questioned the ruling party’s spending priorities amid the country’s economic hardship.

Utomi, a chieftain of the Nigeria Democratic Congress (NDC), in his reaction, questioned the contrast between the luxury vehicles and the remuneration of Nigerian soldiers.

‘Nigerian soldiers are being paid peanuts as salaries, yet an APC youth leader is flaunting SUVs worth billions of naira,’ Utomi wrote on X.

In another post, he questioned whether the money spent on the vehicles could have provided emergency medical services.

He asked how many ambulances could have been purchased with the amount.

The criticism extended to the contradiction between the government’s calls for Nigerians to endure economic reforms and the provision of expensive vehicles to political loyalists.

Seun Durojaiye, another commentator on X, questioned the donation against the backdrop of families struggling to afford food and basic medicines, pay rent and secure decent employment.

He cited the difficulties confronting ordinary Nigerians.

A. Adebanji, posting on X as @prinxe_B, described the development as ‘peak (of) insensitivity’.

‘At a time when Nigerians are struggling with the effects of reforms, you chose to flaunt SUVs for youth leaders. What exactly is the public supposed to make of this?’ he asked.

Adebanji argued that the display could make it more difficult for the government to persuade Nigerians to accept the sacrifices associated with its economic policies.

‘You cannot preach sacrifice to the people while flaunting privilege in their faces,’ he wrote.

He warned that the controversy could turn public frustration into political ammunition for the opposition.

The controversy comes against the background of a cost-of-living crisis that has persisted despite signs of improvement in some of the country’s macroeconomic indicators.

The National Bureau of Statistics reported that Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026, from 15.39 per cent in August.

Food inflation, however, stood at 19.59 per cent, marginally higher than the 19.57 per cent recorded in the preceding month.

Although the decline in annual inflation indicates that prices are rising more slowly than before, it does not mean that the general cost of living has returned to previous levels.

The continued pressure on food prices remains particularly significant for low-income households, which spend a large proportion of their earnings on feeding.

The Tinubu administration has argued that restoring a blanket petrol subsidy would recreate fiscal pressures and distortions that contributed to fuel scarcity, smuggling and difficulties in public financing before the reforms.

It argued that the alternative is to preserve the reforms while directing more resources towards targeted assistance, infrastructure and economic opportunities.

Opposition figures, however, have continued to question when the benefits will become sufficiently visible in the daily lives of Nigerians.

They argue that stronger revenue figures, improved reserves and economic growth are not enough if households continue to struggle with food, transport, healthcare and housing costs.

Zamboanga braces for arrival of 10,000 deportees from Malaysia

The city government is mobilizing an inter-agency unit to assist 10,000 arriving Filipino deportees, as Malaysia began their repatriation on Friday.

City administrator Percival Ramos said the help was based on the request of the Department of Social Welfare and Development (DSWD) for assistance in transporting all the deportees.

Mayor Khymer Olaso has committed to assist the DSWD and ensure the welfare of the deportees, who will use the city as a drop-off point.

Reports from the Bureau of Quarantine here indicated that the repatriation from Malaysia would be done in batches of 800, beginning last Friday and with an interval of seven days.

Data from the DSWD-Protective Service Division showed that up to 50 percent of the repatriates are from the Bangsamoro Autonomous Region in Muslim Mindanao.

Corps Members’ Kidnap: Court Admits Evidence DSS Tendered Against Suspects

A High Court of Imo State, on Tuesday, resumed trial of five persons accused of kidnapping 20 prospective National Youth Service Corps members on Independence Day, admitted the evidence tendered against them by the Department of State Services (DSS).

At the resumed sitting, the Court heard a continuation of the evidence of Ikem Emmanuel, the first principal witness, who testified that the defendants made confessional statements admitting to the crime of conspiracy, hostage-taking and unlawful possession of firearms.

The witness tendered an audio visual recording of the confessions of the defendants.

He also tendered their written statements, the recovered firearms and money in cash, recovered recovered from them.

The Presiding Judge, Justice Emeka Orafu, in admitting the exhibits, ruled that the arms and money be kept in the custody of the DSS.

The principal witness maintained that the defendants statements were obtained in the presence of their legal representatives and DSS legal officers.

In a related matter involving two other kidnap suspects, the DSS officer also gave evidence on the investigation, stating that their confessional statements were taken under caution in the presence of their lawyers and DSS legal officers.

He also tendered the audio visual recording of their statements, written statements money recovered in Naira, but for want of time, could not tender his report.

At the conclusion of proceedings, the trial judge, Justice Orafu adjourned both matters to October 28th, 29th and 30th for continuation of hearing. He ordered that all the five defendants remain in custody of the DSS.

BOC Meets BOC: Two banking giants, two nations, a future of shared prosperity

Bank of Ceylon (BOC), ‘Bankers to the Nation’had the honour of welcoming Bank of China Vice Chairman, Executive Director and President Zhang Hui during his official visit to Sri Lanka on 16 October 2026. This significant engagement marks an important step towards strengthening the longstanding friendship between Sri Lanka and China, fostering greater financial cooperation, international trade and investment, and creating new opportunities for cross-border partnerships and shared economic prosperity.

Govt presses contractor over delayed Shs1.2b Mukono road

The Ministry of Works and Transport has assured motorists and residents of Kasawo and Seeta Namuganga in Mukono District that construction of their road will be completed despite delays caused by equipment breakdowns, waterlogged sections and difficulties in sourcing suitable construction materials.

The Kasawo-Seeta Namuganga road project has stalled at about 15 per cent completion since the contract was awarded to Jefflen Industrial Solutions Ltd in May, raising concerns about whether the contractor will meet the April 2027 deadline for the Shs1.2 billion project.

Mr Emmanuel Ainebyoona, a senior communications officer at the ministry, said officials were closely monitoring implementation and engaging local leaders to address the challenges affecting progress.

‘The contractor has been directed to submit a recovery plan. The Ministry is closely monitoring progress and engaging local leaders,’ he said.

The assurance comes amid growing frustration among residents, traders and motorists who say the delayed works have left them struggling to cross River Matumbwe whenever it rains.

Some residents have accused the contractor of dumping loose soil into the river, allegedly obstructing water flow and worsening flooding during heavy rains.

The delays have also raised questions about contract supervision and accountability for public funds committed to the project.

According to a project update from the ministry, the contractor has opened up 1.1 kilometres of road and widened and deepened drainage channels along one kilometre of swamp sections to improve water flow.

However, delayed mobilisation of construction materials pushed critical works in the swamp sections into the September-November rainy season, making construction more difficult because of persistent waterlogging.

Mr Ainebyoona said the contractor had also encountered difficulties sourcing approved fill material suitable for swamp conditions, while equipment breakdowns had further slowed progress.

Ms Margaret Musanje, popularly known as Maama Matumbwe, who represents the area at the district council, said local leaders were frustrated by the slow pace of construction.

‘This road is being done shoddily and the contract period is almost expiring with nothing tangible on the ground,’ she said.

However, Mr Benjamin M. Webooya, the site engineer representing Jefflen Industrial Solutions Ltd, acknowledged the challenges but assured local leaders that work would continue and the road would be completed.

‘I can confirm that our team is now on the ground and working. The rains had disrupted our operations and exposed some issues that needed to be addressed during construction,’ he said on Monday.

The ministry’s recovery plan directive and continued monitoring are expected to address the delays as the contractor works to complete the project within the stipulated timeframe.