In brief
Ghana
- The Ghanaian bourse continued its upward trajectory, increasing by 9.1% w/w last week to close at 12,830.6 points, lifting year-to-date and 30-day returns to 46.3% and 45.6% respectively, supported by broad-based gains across Banking, Insurance, Consumer, Telecom, and OMC stocks. Aggregate market turnover fell 35.3% w/w to USD 20.3 mn, with Scancom Plc driving activity and accounting for 79.8% of total value traded. Market breadth remained strongly positive at a 19:1 ratio in favour of gainers, led by SIC Insurance Co (+57.9% w/w to GHS 3.90), while CalBank Plc (-6.4% w/w to GHS 0.88) was the sole laggard. Looking ahead, we expect upside momentum to persist in selected counters amid continued demand.
Nigeria
- The Nigerian bourse retreated last week, with the NGX-ASI declining 1.1% w/w to settle at 192,826.8 points, bringing year-to-date and 30-day returns to 23.9% and 16.1% respectively, as losses in mid-to-large-cap stocks weighed on the index. Aggregate market turnover fell 29.1% w/w to USD 119.2mn, with Zenith Bank Plc dominating activity and accounting for 18.4% of total value traded. Market breadth favoured decliners with a 71% ratio, while Okomu Oil Palm Plc (+20.9% w/w to NGN 1,765.0) led the gainers, and Lotus Capital Halal Fund (-40.8% w/w to NGN 145.1) emerged as the worst laggard. On the macro front, the Central Bank of Nigeria cut its benchmark policy rate by 50 bps to 26.5%, which we expect to modestly ease financing conditions for listed firms.
Kenya
- The Kenyan bourse advanced last week, with the NSE-ASI rising 3.0% w/w to settle at 216.1 points, lifting year-to-date and 30-day returns to 15.8% and 11.6% respectively, as gains in mid-to-large-cap stocks underpinned the index performance. Aggregate market turnover increased 12.1% w/w to USD 48.8mn, with Equity Group Holdings Plc dominating activity and accounting for 25.2% of total value traded. Market breadth favoured gainers at a 64% ratio, led by Uchumi Supermarkets Plc (+59.2% w/w to KES 2.9), while Eveready East Africa Ltd (-16.3% w/w to KES 1.1) was the worst laggard. On the corporate front, British American Tobacco Kenya (BAT Kenya) posted stronger earnings for the year ended 31 December 2025, with profit after tax climbing 17.0% y/y to KSh 5.25bn. We expect this performance to provide moderate upward support for the stock as investors anticipate potential dividend payouts.
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