Ghana

• The GSE-CI extended its gains for a second straight week, rising 7.1% w/w to 7,782.8 points, with year-to-date and 30-day gains at 59.2% and 5.0%. The rally was broad-based across Telecoms, Banks, OMC, and Manufacturing sectors while Unilever Ghana was the sole laggard. Turnover fell 45.5% w/w to USD 1.5mn, though MTNGH drove 80.4% of activity. Market breadth remained strong at 13:1 in favour of gainers. In the week ahead, we expect mixed performance, with further upside in Ecobank Ghana and GOIL, while IIL and Republic Bank may soften.

Nigeria

• The NGX-ASI gained 0.9% w/w to close at 141,845.3 points, with year-to-date returns at 37.8% but a 30-day loss of 2.8%. Guinness Nigeria led the gainers while Omatek Ventures was the worst laggard. Turnover rose 12.7% w/w to USD 48.8mn, driven by Geregu Power, which contributed 14.1% of activity. Market breadth closed evenly at 50:50 for gainers and decliners. Inflation eased for the fifth consecutive month to 20.1% in August, the lowest since July 2022, reflecting firmer FX, improved food supply, and favourable base effects. While we expect further moderation, risks from energy costs remain and could prevent a cut in the policy rate at today’s policy rate announcement.

Kenya

• The NSE-ASI declined 2.9% w/w to 173.5 points, trimming year-to-date gains to 40.5% and 30-day returns to 7.0%. Turnover dropped 34.9% w/w to USD 41.1mn, with Equity Group Holdings accounting for 32.1% of activity. Market breadth leaned negative, with decliners making up 65% of traded stocks. Meanwhile, Standard Chartered Bank Kenya issued a profit warning, flagging a potential 25% earnings contraction in FY2025 due to a one-off pension settlement. While this will weigh on reported earnings for FY2025, core operations remain stable, and we view the impact as temporary.