In brief
Ghana
- The GSE-CI delivered a strong rally last week, surging by 14.6% w/w to close at 11,759.0 points, which lifted year-to-date and 30-day returns to 34.0% and 33.2% respectively, driven by broad-based gains across Banking, Insurance, Consumer, Telecom and OMC stocks. Market activity strengthened markedly, with aggregate turnover jumping by 141.0% w/w to USD 30.6mn, led by Scancom Plc, which accounted for 67.4% of total value traded. Market breadth remained firmly positive at a 17:1 ratio in favour of gainers, supported by a sharp advance in SIC Insurance Co (+45.3% w/w to GHS 2.47), while TotalEnergies Marketing Ghana Plc (-0.1% w/w to GHS 40.15) emerged as the sole laggard. Looking ahead, we expect upside momentum to persist in selected counters.
Nigeria
- The NGX-ASI advanced by 7.0% w/w to close at 194,989.8 points last week, lifting year-to-date and 30-day returns to 25.3% and 19.4% respectively, as gains in mid-to-large-cap stocks underpinned the rally. Aggregate market turnover rose by 31.4% w/w to USD 170.4mn, with FCMB Group Plc leading activity and accounting for 16.0% of total value traded, while market breadth favoured gainers with a 58% ratio, led by Japaul Oil and Maritime Services (+60.2% w/w | NGN 4.0), as Vetiva S&P Nigerian Sovereign Bond (-27.7% w/w | NGN 498.3) emerged as the worst laggard. On the macro front, Nigeria’s headline inflation eased to 15.10% in January 2026, creating scope for a cautious start to monetary policy rate cuts this week.
Kenya
- The NSE-ASI declined by 3.1% w/w to close at 209.9 points last week, bringing year-to-date and 30-day returns to 12.5% and 9.3% respectively, as losses in mid-to-large-cap stocks weighed on market performance. Aggregate market turnover fell sharply by 23.3% w/w to USD 43.5mn, with CFC Stanbic Holdings Ltd driving activity and accounting for 24.1% of total value traded. Market breadth favoured decliners at a 61% ratio, led by Uchumi Supermarkets Plc (+37.3% w/w | KES 1.8), while Eveready East Africa Ltd (-19.2% w/w | KES 1.4) was the worst laggard. On the macro front, Kenya re-entered international capital markets with a USD 2.25bn Eurobond issued in two tranches with proceeds to partly fund debt buybacks. We expect this proactive liability management operation to ease near-term external financing pressures, although elevated yields strengthens the need for sustained fiscal consolidation to contain medium-term debt-servicing costs.
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