Ghana

• The GSE-CI extended its rally, edging 0.1% higher w/w to close at 8,497.2 points, with YTD and 30-day returns improving to 73.8% and 18.5%, respectively. Market turnover fell 61.3% w/w to USD 2.4mn, as Fan Milk led trading activity, contributing 35.4% of total value traded, while market breadth remained positive at 13:3. We expect the generally bullish but cautious sentiment to persist ahead of 9M2025 earnings, supported by renewed interest in EGH, EGL, and GOIL, while profit-taking may weigh on MTNGH and RBGH.

Nigeria

• The NGX-ASI advanced 1.4% w/w to settle at 148,977.8 points, lifting YTD gains to 44.7% despite a 30-day loss of 6.9%. Aggregate market turnover declined 5.7% w/w to USD 46.5mn, with MTN Nigeria driving activity (11.4% of total value), while Greenwich Alpha ETF Fund (+41.7% w/w) topped the gainers’ list. Nigeria’s inflation eased 210bps m/m to 18.0% in September 2025, the lowest in over three years supporting expectations that the CBN will sustain its monetary easing cycle as real rates turn positive and fiscal buffers strengthen.

Kenya

• The NSE-ASI rose 2.2% w/w to close at 176.4 points, pushing YTD returns to 42.8% as gains in mid-to-large caps drove performance. Market turnover slipped 11.1% w/w to USD 11.2mn, with Safaricom Plc accounting for 28.8% of total value traded, while market breadth favored gainers at 54%. The CBK’s ongoing talks with the Bank of England to purchase and store gold highlight Kenya’s strategic bid to diversify reserves and capture value from gold’s sustained rally, underscoring a regional pivot toward gold amid shifting global monetary dynamics.