In brief
Ghana
- The Ghanaian equity market slumped by 17.2% week-on-week, slashing the year-to-date and 30-day returns to 48.1% and 23.4% respectively. The index downturn was driven by price declines in financial services, Oil Marketing Companies, and Consumer sector stocks.
- Total value traded surged by 597.8% week-on-week to USD 34.8mn, with Scancom Plc driving activity and contributing 97.0% of all trades.
- Market Outlook: This week, we anticipate a soft market tone as ongoing sell-side pressure continues to weigh on select counters, with ACCESS, EGH, EGL and FML exposed to potential price weakness as selling interest continues to outweigh demand across these counters.
Nigeria
- The Nigerian equities market nudged down by 0.1% week-on-week, bringing the year-to-date and 30-day returns to 29.1% and 5.6% respectively.
- Total value traded fell by 18.2% w/w to USD 134.1mn, led by MTN Nigeria Communications, which made up 23.5% of all trades.
- Earnings Update: Unilever Nigeria Plc posted almost 113% surge in profit after tax to N32.1bn. The outturn was primarily driven by robust revenue growth of 43.3% year-on-year to N214.3bn. We expect the strong earnings momentum to provide near-term support for the stock’s price performance.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) dropped by 6.7% week-on-week, bringing the year-to-date gain to 4.8% and 30-day loss to 9.5%.
- Total value traded increased by almost 115% week-on-week to USD 32.3mn, with Safaricom Plc dominating trading activity, accounting for 24.3% of all trades.
- Earnings Update and Dividend Showers: NCBA Group Plc reported a 7.0% year-on-year growth in profit after tax to KSh 23.4bn, supported by robust expansion in net interest income. We expect dividend-seeking investors to express buying interest in the stock and support price performance as the market begins to price in the upcoming payout (KSh 4.6 per share).
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