Ghana

• The GSE-CI inched up by 0.3% w/w to settle at 6,061.7 points last week, bringing the year-to-date return to 24.0% and 30-day loss to 1.2%. The index advance was underpinned by gains in  Benso Oil Palm Plantation, Trust Bank Ltd Gambia, SIC Insurance Co, Enterprise Group, Fan Milk, Total Petroleum Ghana, Ghana Oil Company and Standard Chartered Bank Ghana.
• Aggregate market turnover spiked by 759.8% w/w to USD 3.0mn, with Scancom Plc dominating trading activity, accounting for 86.3% of the total value traded. Market breadth favoured gainers with a 9:1 ratio. Benso Oil Palm Plantation(+10.0% w/w | GHS 29.75) led the gainers’ chart, while Calbank Plc(-1.4% w/w | GHS 0.68) was the sole laggard.
• CalBank delivered a disappointing 1Q2025 results, as profit after tax declined by 25.7% y/y to GHS 35.6mn. Meanwhile, Fan Milk Plc has announced that its sixty-fourth Annual General Meeting will be held on Friday, May 16, 2025, at 11:00 a.m. GMT at Wesley Towers, Accra. Similarly, Unilever Ghana Plc has scheduled its next AGM for Friday, May 23, 2025, at 10:00 a.m. GMT, to be held at the Ghana College of Physicians and Surgeons, Accra. The meetings are expected to provide updates on the companies’ performance, strategic direction, and resolutions requiring shareholder approval.

Nigeria

• The NGX-ASI increased by 1.4% w/w to settle at 105,753.0 points, bringing the year-to-date return to 2.7% and 30-day loss to 0.04%. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover advanced by 31.8% w/w to USD 33.5mn, with MTN Nigeria Communications Plc dominating trading activity, accounting for 22.6% of the total value traded. Market breadth favoured gainers with a 75% ratio. International Breweries(+40.0% w/w | NGN 7.7) led the gainers’ chart, while Haldane Mccall Plc Nigeria(-10.0% w/w | NGN 4.7) was the worst laggard.
• Stanbic IBTC reported a strong set of results for 1Q2025, with net interest income surging by 94.9% y/y to NGN149.9bn, supported by a 55.8% y/y increase in interest income to NGN180.5bn. The group also benefited from a 21.4% decline in interest expenses, which fell to NGN30.6bn. Operating income advanced by 46.9% y/y to NGN203.0bn, while operating expenses rose by 31.6% y/y to NGN65.4bn. Consequently, net income impressively grew by 79.8% y/y to NGN82.1bn.

Kenya

• The NSE-ASI nudged up by 0.4% w/w to settle at 125.8 points, bringing the year-to-date returns to 1.9% and 30-day loss to 3.5%. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover surged by 137.4% w/w to USD 17.6mn, with Equity Group Holdings Plc dominating trading activity, accounting for 55.8% of the total value traded. Market breadth favoured gainers with a 75% ratio. Longhorn Publishers Ltd(+8.4% w/w | KES 3.0) led the gainers’ chart, while Nairobi Business Ventures Ltd (-5.5% w/w | KES 1.9) was the worst laggard.
• The Central Bank of Kenya (CBK) is evaluating plans to expand its foreign exchange reserves by increasing gold holdings, as part of broader efforts to reduce reliance on traditional currencies, notably the US dollar. According to the Governor, Kenya’s current reserves remain heavily dollar-weighted, with gold holdings standing at a modest 0.02 tonnes (20kg) as per the latest data. The move comes amid a sharp rally in gold prices since early 2024, driven by heightened central bank demand globally as monetary authorities seek to de-risk from the US dollar and hedge against potential sanctions. Gold has also emerged as one of the best-performing asset classes this year. The CBK’s diversification strategy aligns with ongoing legislative reforms aimed at formalizing Kenya’s gold sector. Parliament is currently reviewing a bill to establish a Gold Processing Corporation, intended to regulate, enhance, and streamline gold production and trade. Strengthening domestic gold supply could support the CBK’s ambitions to build a more resilient and diversified reserve portfolio over the medium term.