Nairobi, Aug. 2 -- Small and medium-sized stocks have cut the dominance of the five largest firms at the Nairobi bourse amid a rally in share prices and fresh listings of Kenya Pipeline Company (KPC) and Family Bank.

Safaricom, Equity Group, KCB Group, EABL and Co-operative Bank of Kenya now account for 62 percent of the Sh3.991 trillion investor wealth at the Nairobi Securities Exchange (NSE), down from 66 percent at the beginning of the year.

At peak of their dominance in 2021, the top five firms accounted for 81 percent of the NSE's market capitalisation, the measure of investor wealth.

This pointed to heightened concentration of risk in the market as investors opted to put most of their eggs in a few baskets as opposed to spreading...