Nairobi, July 8 -- Pension schemes minted a record Sh16.6 billion in gains from disposal of government bonds and listed stocks in 2025, cashing in on the higher prices of the assets.

The gains are the highest in at least five years and came against the backdrop of higher prices of bonds in the secondary market and shares on the Nairobi Securities Exchange (NSE).

Gains made from the disposal of quoted shares were backed by higher corporate earnings and improved macroeconomic conditions which supported the rise of stocks while gains from the sale of government securities were anchored on relatively lower interest rates.

The price of bonds in the secondary market usually has an inverse relationship with interest rates where prices soar as...