Ghana

• The GSE-CI lost momentum, falling 1.9% w/w to 8,229.5 points, trimming the YTD and 30-day gains to 68.3% and 0.8%, respectively. The decline reflected losses in CalBank Plc, Ecobank Transnational Inc., Access Bank Ghana, and Scancom Plc. Turnover dropped 51.9% w/w to USD 1.8mn, with Scancom Plc accounting for 85.6% of total value traded. Market breadth remained slightly positive at a 5:4 ratio in favour of gainers, led by Clydestone Ghana (+39.3% w/w | GHS 0.39), while CalBank Plc (–18.4% w/w | GHS 0.40) was the worst performer. Guinness Ghana Breweries Plc posted a profit after tax of GHS 24.7mn in 1Q2025/26, marking a turnaround from a loss of GHS 3.0mn in the prior year. However, without volume recovery, we foresee a slowdown in the earnings growth for GGB PLC in the quarters ahead.

Nigeria

• The NGX-ASI declined 3.0% w/w to 149,524.8 points, moderating the YTD and 30-day gains to 45.3% and 5.0%, respectively, as losses in mid-to-large caps weighed on performance. Market turnover fell 15.8% w/w to USD 59.9mn, with Zenith Bank Plc leading activity and accounting for 13.4% of total value traded. Market breadth skewed negative, with decliners comprising 75% of traded stocks. Lotus Capital Halal Fund (+24.0% w/w | NGN 93.0) topped gainers, while Sovereign Trust Insurance Plc (–28.2% w/w | NGN 2.8) was the worst performer. Meanwhile, the Federal Government of Nigeria successfully raised USD 2.35bn through a dual-tranche Eurobond issuance that was oversubscribed more than five times, reflecting renewed investor confidence and strong demand for Nigerian sovereign debt. We expect the FX inflows to support the rising gross forex reserves and Naira stability.

Kenya

• The NSE-ASI rose 2.0% w/w to 192.1 points, lifting the YTD and 30-day gains to 55.5% and 8.7%, respectively, supported by strength in mid-to-large cap stocks. Market turnover advanced 38.5% w/w to USD 27.7mn, with Safaricom Plc accounting for 32.5% of total value traded. Market breadth tilted positive at a 62% ratio in favour of gainers, led by Nairobi Securities Exchange (+27.1% w/w | KES 20.7), while Kapchorua Tea Co (–9.4% w/w | KES 210.3) was the worst performer. Meanwhile, Kenya is set to continue negotiations with the IMF on a new financial support programme, as discussions focus on the classification of securitised infrastructure loans. The Treasury also plans to issue a KES 175bn (USD 1.36bn) securitised bond in November to fund road development, backed by the national fuel levy.