In brief
Ghana
- The Ghanaian equity market inched up by 0.9% week-on-week last week, translating into a year-to-date and 30-day returns of 70.3% and 4.9% respectively. The index advance was driven by gains in Technology, Consumer, Banking, and Telecom sector stocks.
- Total value traded surged by 42.1% week-on-week to USD 7.4mn, with Scancom Plc driving activity and contributing 71.3% of all trade.
- Market Outlook: This week, we expect EGH, EGL, FANMILK and GCB to record positive price performance, supported by improving demand conditions and prevailing net bid positions. Meanwhile, ACCESS, BOPP, CAL, ETI, GGB PLC, MTNGH, SCB and SOGEGH are likely to face downward pressure as sell-side activity outweighs buying interest. On the wires, Access Bank Ghana completed the sale of a 7.44% stake (12.09mn ordinary shares) by Access Holdings Plc through the Ghana Stock Exchange. We expect this to enhance the stock’s free float and market liquidity.
Nigeria
- The Nigerian equities market declined by 0.2% week-on-week, bringing the year-to-date gain to 56.5%, while the 30-day return remained flat at 0.0%.
- Total value traded fell by 17.0% week-on-week, led by First Holdco Plc which made up 31.9% of all trades.
- Macro Front: ECOWAS member states have signed an intergovernmental agreement backing the USD 25.0bn Nigeria–Morocco Gas Pipeline, marking a significant milestone for one of Africa’s largest cross-border energy infrastructure projects. If fully completed, we expect the pipeline to unlock substantial long-term investment across the West African energy value chain, enhance regional trade integration and create new revenue opportunities for participating economies. However, the project’s scale, financing requirements and multi-country coordination remain key execution risks that could influence delivery timelines.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) nudged up by 1.1% week-on-week last week, bringing the year-to-date and 30-day returns to 24.1% and 10.4% respectively.
- Total value traded plummeted by 36.2% week-on-week to USD 17.8mn, with Equity Group Holdings Plc dominating trading activity, accounting for 20.7% of all trades.
- Macro Front: Kenya’s FY2025/26 development spending cycle reveals growing fiscal constraints, as the government reduced allocations across key growth sectors and subsequently released significantly less than the revised budgets. While the approach supports expenditure control, we believe prolonged underfunding of productive sectors could weigh on medium-term growth prospects.
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