Ghana

• The GSE-CI sustained its upward trajectory, gaining 1.4% w/w to close at 8,520.9 points, extending the year-to-date and 30-day returns of 74.3% and 0.5%. Market performance was driven by advances in seven counters, including Cocoa Processing Co, Ecobank Ghana, Clydestone Ghana, CalBank, GCB Bank, GOIL and Republic Bank Ghana. Turnover surged by 767.2% w/w to USD 6.4mn, dominated by GCB Bank, which accounted for 79.8% of total value traded. Market breadth remained firmly positive at 7:1, led by Cocoa Processing Co (+25.0% w/w), while Total Petroleum Ghana (–0.2% w/w) was the only decliner. Looking ahead, we expect a mixed market, with GOIL and SOGEGH poised for near-term upside on stronger demand, while ETI, GCB and Mega African Capital are likely to face downward pressure from profit-taking and weak buying interest.

Nigeria

• The NGX-ASI extended its decline, falling 2.3% w/w to 143,790.9 points and reducing the YTD return to 39.7%, while the 30-day performance slipped to -2.7%. The downturn was driven largely by broad weakness across mid- to large-cap stocks. Market turnover contracted sharply by 40.5% w/w to USD 48.0mn, although activity remained concentrated, with Aradel Holdings Plc accounting for 39.9% of total value traded. Market breadth skewed decisively negative at a 74:26 split, with NCR Nigeria Plc (+60.5% w/w | NGN 41.1) leading gainers, while International Energy Insurance (–22.1% w/w | NGN 2.1) was the worst performer. Meanwhile, headline inflation moderated to 16.05% in October 2025. This improvement strengthens the case for a monetary policy rate cut at the upcoming policy meeting. In the banking sector, Fidelity Bank Plc delivered a 5.0% y/y decline in PBT to NGN 268.2bn, despite a 26% y/y rise in gross earnings to NGN 1.11tn. We believe the bank’s underlying revenue strength remains intact, but sustained pressure on funding and operating costs could moderate earnings momentum in the near term.

Kenya

• The NSE-ASI edged down 0.3% w/w to 187.9 points, moderating YTD and 30-day gains to 52.2% and 9.8%, respectively, as mid-to-large cap losses weighed on the index. Market turnover rose 6.4% w/w to USD 29.3mn, with Safaricom Plc accounting for 37.6% of value traded. Market breadth was negative, with decliners representing 59% of active stocks. Uchumi Supermarkets Plc (+54.2% w/w | KES 0.7) topped gainers, while Absa Bank Kenya Plc (-8.4% w/w | KES 22.9) lagged. Meanwhile, Vodacom Group Ltd. is reportedly in talks with Kenyan authorities to potentially acquire additional state shares in Safaricom Ltd., where it currently holds 39.93%. Should Vodacom increase its stake, we expect Safaricom to benefit from deeper strategic alignment, stronger capital support, and faster execution of its digital-finance growth agenda for M-Pesa.