In brief
Ghana
- The Ghanaian equities market continued its upward trajectory, with the GSE-CI surging 10.4% w/w last week to close at 14,160.2 points, lifting year-to-date and 30-day returns to 61.4% and 57.7% respectively, supported by broad-based gains across Consumer, Banking, Insurance, Telecom, and OMC sector stocks. Aggregate market turnover fell 38.5% w/w to USD 12.4 mn, with Scancom Plc driving activity and accounting for 45.2% of total value traded. Market breadth remained strongly positive at an 18:0 ratio in favour of gainers, led by Standard Chartered Bank Ghana (+46.4% w/w to GHS 57.15), while no laggard was recorded. Looking ahead, we anticipate a mixed performance across select counters this week, with buying interest underpinning modest upside in some names, while sustained sell-side pressure could weigh on others.
Nigeria
- The Nigerian bourse advanced last week, with the NGX-ASI rising 2.1% w/w to close at 196,968.1 points, lifting year-to-date and 30-day returns to 26.6% and 19.0% respectively, underpinned by gains in mid-to-large-cap stocks. Aggregate market turnover declined 8.2% w/w to USD 107.2 mn, with Aradel Holdings Plc dominating activity and accounting for 19.1% of total value traded. Market breadth favoured decliners with a 58% ratio, while Stanbic IBTC ETF 30 (+61.0% w/w to NGN 3,150.5) led the gainers and Lotus Capital Halal Fund (-33.8% w/w to NGN 96.0) emerged as the worst laggard. On the corporate front, Dangote Cement Plc delivered a robust earnings performance, with profit after tax surging 101.7% y/y to NGN 1.01tn, supported by steady revenue growth and improved cost efficiency. Revenue expanded 20.0% y/y to NGN 4.31tn, while cost of sales declined marginally by 0.7% y/y to NGN 1.63tn. We believe this earnings outcome will underpin a near-term upside bias in the stock, as investors price in stronger earnings momentum.
Kenya
- The Kenyan bourse retreated last week, with the NSE-ASI falling 3.5% w/w to close at 208.4 points, bringing year-to-date and 30-day returns to 11.7% and 7.2% respectively, as losses in mid-to-large-cap stocks weighed on the index. Aggregate market turnover plunged 19.5% w/w to USD 39.2mn, with Equity Group Holdings Plc dominating activity and accounting for 36.2% of total value traded. Market breadth favoured decliners at an 85% ratio, while Co-operative Bank of Kenya (+2.7% w/w to KES 30.0) led the gainers and Uchumi Supermarkets Plc (-38.6% w/w to KES 1.8) emerged as the worst laggard. On the corporate front, Absa Bank Kenya PLC delivered a solid earnings performance for the year ended 31 December 2025, with profit after tax rising 10% y/y to KSh 22.9bn, supported by lower impairment charges, disciplined cost management, and growth in non-funded income streams. We expect the sharp reduction in impairment charges and disciplined cost management to sustain earnings in the near term.
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