In brief
Ghana
- The Ghanaian equity market inched up by 0.7% week-on-week last week, translating into a year-to-date and 30-day returns of 76.0% and 4.6% respectively. The index advance was driven by gains in Technology, Manufacturing, Banking and Telecom sector stocks.
- Total value traded surged by 302.6% week-on-week to USD 13.9mn, with Scancom Plc driving activity and contributing 80.9% of all trades.
- Earnings Update: MTN Ghana, GCB Bank and Kasapreko delivered strong 1H2026 results, with profit after tax increasing 43.3%, 45.9% and 23.3% y/y, respectively, supported by resilient revenue growth, improved operating efficiency and disciplined cost management. MTN Ghana benefited from strong growth in data and Mobile Money, GCB Bank recorded broad-based earnings expansion driven by revenue diversification and improved cost efficiency, while Kasapreko strengthened profitability through lower operating expenses, higher finance income and reduced finance costs despite modest revenue growth. We believe the strong earnings momentum across the three companies reinforces their medium-term outlook and could provide support for their share price performance this week.
Nigeria
- The Nigerian equities market declined by 0.8% week-on-week, bringing the year-to-date and 30-day returns to 57.6% and 3.0% respectively
- Total value traded rose by 27.5% week-on-week, led by First Holdco Plc which made up 60.8% of trades.
- Earnings Update: MTN Nigeria delivered a strong 1H2026 performance, with profit after tax increasing 75.4% y/y to NGN1.09tn, supported by sustained growth in service revenue, expanding EBITDA margins and easing foreign exchange pressures. We believe the Group’s dominant market position and continued investment in network capacity provide a strong foundation for sustainable medium-term growth.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) increased by 1.9% week-on-week last week, bringing the year-to-date and 30-day returns to 27.5% and 8.6% respectively.
- The total value traded fell by 11.9% week-on-week to USD 26.1mn, with Safaricom Plc dominating trading activity, accounting for 31.1% of all trades.
- Macro Front: The Kenyan Treasury reopened three infrastructure bonds to raise KSh 150bn, its largest domestic bond issuance, to finance development projects while extending the government’s debt maturity profile and addressing the FY2026/27 fiscal deficit. In our view, the large issuance will support infrastructure spending and economic activity in the medium term, but increased domestic borrowing may sustain pressure on government financing costs.
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