In brief
Ghana
- The Ghanaian equity market inched up by 0.8% week-on-week, translating into a year-to-date gain of 50.0% and 30-day loss of 1.5%. The index advance was driven by price gains in financial services, Oil Marketing Companies, and Telecom sector stocks.
- Total value traded plunged by 29.6% week-on-week to USD 4.5mn, with Scancom Plc driving activity and contributing 43.5% of all trades.
- Market Outlook: This week, we anticipate a mixed market tone, with CAL and GCB supported by sustained bid-side interest and positioned for further gains, while RBGH, SOGEGH, TOTAL and UNIL remain exposed to downside risk as persistent sell-side pressure continues to outweigh demand across these counters.
Nigeria
- The Nigerian equities market nudged up by 1.0% week-on-week, bringing the year-to-date and 30-day returns to 30.9% and 4.2% respectively.
- Total value traded surged by 27.0% week-on-week to USD 98.1mn, led by Guaranty Trust Holding Co Plc, which made up 19.0% of all trades.
- Earnings Update: Zenith Bank delivered a pre-tax profit of NGN 1.26 trillion in FY2025, declining by 4.8% y/y, despite robust top-line momentum. The bank proposes a final dividend of NGN 8.75 per share, lifting full-year payout to NGN 10.00. We expect dividend-seeking investors to accumulate Zenith Bank shares ahead of the ex-dividend date and this should support near term price performance.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) increased by 3.9% week-on-week, bringing the year-to-date returns to 10.9% and 30-day loss to 3.9%.
- Total value traded rose by 1.3% week-on-week to USD 21.2mn, with Equity Group Holdings Plc dominating trading activity, accounting for 32.2% of all trades.
- Corporate and Macro front: A Nairobi High Court dismissed a bid by beer distributor Bia Tosha to block Diageo’s USD 2.3bn divestiture of its 65% stake in East African Breweries Limited (EABL). With the court case out of the way, we expect EABL’s share price to hold firm as Asahi’s takeover moves closer to completion. On the macro front, Kenya’s Central Bank maintained its policy rate at 8.75% to monitor effects from a surge in global energy prices triggered by the Iran war.
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