Ghana

• The GSE-CI snapped three consecutive weeks of losses with a 2.8% w/w rebound to settle at 6,172.1 points last week, bringing the year-to-date return to 26.2% and 30-day loss to 1.9%. The index advance was underpinned by gains in  Societe Generale Ghana,  Ecobank Ghana,  Scancom Plc, GCB Bank Plc and  Benso Oil Palm Plantation.
• Aggregate market turnover plunged by 49.1% w/w to USD 1.8mn, with Standard Chartered Bank Ghana dominating trading activity, accounting for 51.3% of the total value traded. Market breadth favoured gainers with a 5:0 ratio. Societe Generale Ghana (+10.0% w/w | GHS 1.98) led the gainers’ chart, while no laggard was recorded for the period.
• Enterprise Group is set to trade ex-dividend on 25 June 2025. In anticipation, we expect heightened investor activity in the stock ahead of the cut-off date, as market participants position themselves to qualify for the upcoming dividend (GHS 0.126). This may provide near-term price support, as sellers attempt to price in the dividend value and buyers seek exposure to the payout, driving demand. Looking ahead, we foresee modest price appreciation in GCB Bank Plc, MTN Ghana, and GOIL, underpinned by renewed investor interest. Stronger bid volumes and increased market participation suggest sustained accumulation in these counters.

Nigeria

• The NGX-ASI inched up by 0.7% w/w to settle at 115,429.5 points, bringing the year-to-date and 30-day returns to 12.1% and 8.2% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover slumped by 32.9% w/w to USD 30.6mn, with Guaranty Trust Holding Co Plc dominating trading activity, accounting for 14.9% of the total value traded. Market breadth favoured gainers with a 76% ratio. Beta Glass Plc (+74.0% w/w | NGN 231.1) led the gainers’ chart, while Greenwich Alpha ETF Fund (-35.0% w/w | NGN 344.3) was the worst laggard.
• The Central Bank of Nigeria (CBN) issued a directive suspending dividend payments to shareholders and bonuses to directors and senior management staff of banks currently operating under regulatory support measures. The announcement, communicated via a circular dated 13 June 2025 and signed by the Director of Banking Supervision, forms part of broader efforts to shore up capital buffers, reinforce balance sheet stability, and encourage internal capital retention across the banking industry during an ongoing transitional phase. Under the regulatory forbearance framework, which temporarily eases compliance with credit exposure thresholds and Single Obligor Limits (SOL), the CBN is conducting a reassessment of the capital adequacy and provisioning strength of affected institutions. Pending the outcome of this review, the central bank has instructed these banks to suspend dividend payments, defer bonuses, and refrain from making investments in foreign subsidiaries or launching new offshore ventures.

Kenya

• The NSE-ASI increased by 9.0% w/w to settle at 147.6 points, bringing the year-to-date and 30-day returns to 19.5% and 17.4% respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover surged by 350.6% w/w to USD 46.1mn, with Safaricom Plc dominating trading activity, accounting for 48.7% of the total value traded. Market breadth favoured gainers with a 62% ratio. Kenya Power & Lighting Ltd (+40.6% w/w | KES 8.7) led the gainers’ chart, while Uchumi Supermarkets Plc (-16.1% w/w | KES 0.3) was the worst laggard.
• The Central Bank of Kenya’s (CBK) Monetary Policy Committee (MPC) delivered a 25bps cut in its June 2025 meeting to bring the Central Bank Rate to 9.75%, against our pause expectation. The dovish stance came against the backdrop of a fragile external environment and the necessity to ramp up domestic growth prospects. The salient tone from the MPC was the marked upswing in the current account balance, which was first telegraphed in the April 2025 MPC meeting. The current account deficit is now projected to be 1.5% this year, down from 2.8% in the previous MPC meeting. The uptick in the 12-month growth in private sector credit from 0.4% in April 2025 to 2.0% in May 2025 is primarily the green shoots of the policymakers’ accommodative stance. Further to the recent MPC measures, the CBK published a consultative paper late April 2025 to review the risk-based credit pricing model framework.