In brief
Ghana
- The Ghanaian equity market declined by 1.6% week-on-week last week, this reduced the year-to-date and 30-day gains to 63.3% and 9.8% respectively. The index downturn was driven by losses in Banking, Insurance, Energy, Consumer and Telecom sector stocks.
- Total value traded slumped by 61.2% week-on-week to USD 2.1mn, with Scancom Plc driving activity and contributing 73.7% of all trades.
- Market Outlook: This week, we expect upside for selective counters, with ACCESS, CAL and GCB as the likely gainers while BOPP, EGH, EGL, ETI, GOIL and MTNGH will likely remain under pressure with further downside risk.
Nigeria
- The Nigerian equities market rose by 2.3% week-on-week, bringing the year-to-date and 30-day returns to 60.9% and 24.1% respectively.
- Total value traded increased by 10.5% week-on-week to USD 218.7mn, led by First Holdco Plc which made up 22.5% of all trades.
- Macro Flash: S&P upgraded Nigeria’s sovereign credit rating to “B” from “B-”, while revising the outlook to “stable” from “positive”. We expect the rating upgrade to improve investor confidence in Nigeria’s reform trajectory and support stronger capital inflows and external financing conditions in the medium term.
Kenya
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