Ghana

• The GSE-CI inched up by 0.1% w/w to settle at 8,814.1 points last week, lifting year-to-date and 30-day returns to 0.5% and 2.1%, respectively. Gains in Clydestone Ghana, CalBank Plc, Republic Bank Ghana Plc, Enterprise Group, and First Atlantic Bank Plc underpinned the index advance. Market activity improved, with aggregate turnover rising 66.5% w/w to USD 13.6mn, driven largely by Scancom Plc, which accounted for 92.9% of total value traded. Market breadth skewed positive at a 5:1 ratio, led by Clydestone Ghana (+8.7% w/w | GHS 0.50), while Scancom Plc (-0.2% w/w | GHS 4.20) was the sole laggard. We expect a constructive trading week, with CAL likely to extend recent gains to GHS 0.66 from GHS 0.64 on sustained buying interest, GCB Bank edging higher towards GHS 20.18 from GHS 20.16 on steady accumulation, and Republic Bank Ghana (RBGH) posting modest gains to GHS 1.33 from GHS 1.32

Nigeria

• The NGX-ASI rose by 2.4% w/w to settle at 166,129.5 points last week, bringing year-to-date and 30-day returns to 6.8% and 12.7%, respectively, supported by gains across mid-to-large-cap stocks. Aggregate market turnover increased 33.8% w/w to USD 80.9mn, with MTN Nigeria Communications Plc leading activity and accounting for 13.5% of total value traded. Market breadth was strongly positive, with 82% of counters advancing, led by NCR Nigeria Plc (+60.8% w/w | NGN 128.6), while Ikeja Hotel Plc (-12.4% w/w | NGN 35.1) lagged. Meanwhile, Nigeria’s headline inflation eased sharply to 15.15% in December 2025, down from a revised 17.33% in November and significantly lower than 34.80% a year earlier.

Kenya

• The NSE-ASI nudged up by 1.0% w/w to settle at 193.9 points last week, lifting year-to-date and 30-day returns to 3.9% and 8.2%, respectively, supported by gains across mid-to-large-cap stocks. Aggregate market turnover fell 33.1% w/w to USD 18.0mn, with Safaricom Plc dominating activity and accounting for 23.8% of total value traded. Market breadth remained positive, with 67% of counters advancing, led by EA Portland Cement Ltd (+14.0% w/w | KES 85.3), while Unga Group Ltd (-7.8% w/w | KES 22.5) lagged. In regulatory developments, Kenya’s Capital Markets Authority (CMA) launched a mandatory online platform for the electronic submission of risk-based capital adequacy (RBCA) returns by licensed market intermediaries.