Ghana

• The GSE-CI declined by 3.3% w/w to settle at 6,147.1 points last week, bringing the year-to-date and 30-day returns to 25.7% and 1.7% respectively. The index downturn was underpinned by losses in Ecobank Transnational Inc., Calbank Plc and the blue chip stock,  Scancom Plc.
• Aggregate market turnover plunged by 30.5% w/w to USD 0.5mn, with Scancom Plc dominating trading activity, accounting for 77.6% of the total value traded. Market breadth favoured gainers with a 5:3 ratio. Access Bank Ghana (+21.0% w/w | GHS 11.13) led the gainers’ chart, while Scancom Plc(-6.9% w/w | GHS 2.98) was the worst laggard.
• We anticipate that renewed buying interest in the coming week will help arrest the recent downtrend in MTNGH’s share price, potentially setting the stage for a modest recovery, particularly as investor appetite strengthens on the back of the company’s strong fundamentals and earnings momentum. CalBank’s share price movement continues to be largely driven by retail trading activity. The prolonged turnaround timeline, coupled with the uninspiring 1Q2025 financial performance, contributed to the recent downward price trend. Looking ahead, we anticipate further pressure on the stock as the upcoming conversion of preference shares into ordinary shares introduces dilution.

Nigeria

• The NGX-ASI increased by 2.5% w/w to settle at 111,742.0 points, bringing the year-to-date and 30-day returns to 8.6% and 7.2% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover surged by 66.7% w/w to USD 73.5mn, with United Bank for Africa Plc dominating trading activity, accounting for 46.0% of the total value traded. Market breadth favoured gainers with a 56% ratio. University Press Plc (+35.3% w/w | NGN 5.9) led the gainers’ chart, while Abbey Building Society Plc (-26.9% w/w | NGN 5.6) was the worst laggard.
• Nigeria received a notable endorsement from the international credit markets as Moody’s Investors Service upgraded the sovereign’s long-term issuer rating from Caa1 to B3, accompanied by a revision of the outlook to stable. The upgrade reflects enhanced investor sentiment and underscores the positive impact of recent macroeconomic adjustments. According to Moody’s, the overhaul of the foreign exchange regime has materially improved the balance of payments dynamics, supporting a buildup in foreign exchange reserves at the Central Bank of Nigeria. While the stable outlook signals confidence in the durability of these gains, the agency also noted that the pace of improvement could moderate, particularly under scenarios of softer oil prices. Nonetheless, the decision affirms Moody’s baseline view that the current trajectory of macroeconomic reform and external rebalancing remains sustainable in the near term.

Kenya

• The NSE-ASI inched up by 0.2% w/w to settle at 134.2 points, bringing the year-to-date and 30-day returns to 8.7% and 7.1% respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover nudged down by 3.8% w/w to USD 14.4mn, with Safaricom Plc dominating trading activity, accounting for 35.4% of the total value traded. Market breadth favoured gainers with a 53% ratio. Home Afrika Ltd (+19.2% w/w | KES 0.6) led the gainers’ chart, while EA Cables Plc (-29.0% w/w | KES 1.5) was the worst laggard.
• Kenya’s headline inflation decelerated to 3.8% y/y in May 2025, down from 4.1% recorded in April. The moderation was supported by relatively contained price pressures in key categories, despite a 6.3% annual increase in the food and non-alcoholic beverages index and a 2.3% rise in transport costs over the same period. Inflation remains comfortably anchored within the Central Bank of Kenya’s medium-term target band of 2.5% to 7.5%, reinforcing policy space. Market participants now turn their attention to the upcoming monetary policy rate announcement scheduled for 10 June 2025 which will provide further clarity on the central bank’s near-term stance.