Ghana

• The GSE-CI advanced by 0.9% w/w to close at 8,488.8 points, pushing YTD and 30-day gains to 73.6% and 15.8%, respectively, supported by strong interest across Banking, FMCG, and OMC counters. Turnover surged 244.4% w/w to USD 6.2mn, with GCB Bank Plc dominating activity and accounting for 75.6% of total value traded, while market breadth closed positive with 11:2 ratio. We expect bullish momentum to persist this week as investors take positions ahead of 9M2025 earnings, with buying interest likely to remain strong in BOPP, DASPHARMA, and GOIL.

Nigeria

• The NGX-ASI climbed 2.4% w/w to close at 146,988.0 points, extending YTD gains to 42.8%, buoyed by broad-based recoveries in Banking and Industrial Goods sectors. Market turnover declined 13.3% w/w to USD 49.3mn, with Aradel Holdings Plc leading trades and contributing 24.5% of total value as market breadth favored gainers at 56%. On the macro front, we expect the CBN’s 50bps rate cut to 27.0% to ease funding costs and stimulate credit expansion, positioning banks for earnings upside and sustained investor demand.

Kenya

• The NSE-ASI fell 3.3% w/w to close at 172.6 points, trimming YTD gains to 39.8%, as losses in Safaricom and select financial names weighed on performance. Turnover dropped 17.1% w/w to USD 12.6mn, with Safaricom Plc accounting for 31.8% of total value traded, while market breadth skewed heavily negative at 73%. The CBK’s 25bps rate cut to 9.25% and Kenya’s deal to convert its USD railway loan into yuan, saving about USD 215mn annually, signal fiscal relief and improved external liquidity that could stabilise investor sentiment in the near term.