Ghana

• The GSE-CI lost momentum, declining 1.5% w/w to close at 8,367.9 points, trimming YTD and 30-day gains to 71.2% and 14.3%, respectively. Turnover fell 54.2% w/w to USD 1.1mn, with Scancom Plc dominating activity (59.4% of total value), while Clydestone Ghana (+22.2% w/w) led gainers. On the earnings front, GCB Plc posted strong 117.2% y/y profit growth versus CalBank’s flat performance, reflecting contrasting momentum across Ghana’s banking sector.

Nigeria

• The NGX-ASI advanced 4.5% w/w to close at 155,645.0 points, lifting YTD and 30-day returns to 51.2% and 9.9%, respectively. Market turnover jumped 71.6% w/w to USD 79.8mn, led by Fidelity Bank Nigeria (18.6% of total trades), while ASO Savings & Loans Plc (+32.0% w/w) topped gainers. Nigerian Breweries Plc swung to a NGN 129.4bn pretax profit in 9M2025 from a loss a year earlier, signaling continued recovery supported by robust sales and cost discipline.

Kenya

• The NSE-ASI gained 1.9% w/w to close at 179.8 points, extending YTD and 30-day returns to 45.6% and 0.4%, respectively. Turnover surged 187.5% w/w to USD 32.2mn, driven by Safaricom Plc (48.8% of total value), while Olympia Capital (+21.0% w/w) led gainers. In fixed income, Kenya’s Treasury reopened two long-dated bonds targeting KES 40.0bn for budget support, reinforcing its reliance on domestic borrowing amid tight external funding conditions.