Ghana

• The GSE-CI advanced by 0.4% w/w to close at 8,807.8 points last week, marking a positive start to the year and lifting year-to-date and 30-day returns to 0.4% and 2.3%, respectively. Gains in Cocoa Processing Company, Ecobank Ghana, Benso Oil Palm Plantation, Ghana Oil Company, Scancom Plc, GCB Bank Plc and Standard Chartered Bank Ghana underpinned the index performance. Market activity improved sharply, with aggregate turnover jumping 640.4% w/w to USD 8.2mn, largely driven by Scancom Plc, which accounted for 94.9% of total value traded. Market breadth skewed positive at a 7:2 ratio, led by Cocoa Processing Company (+20.0% w/w | GHS 0.06), while CalBank Plc (-4.7% w/w | GHS 0.61) emerged as the worst performer. We expect a broadly positive trading tone to persist, with BOPP likely to extend gains, while CAL and FAB should remain supported by ongoing accumulation. On the downside, FML may face near-term corrective pressure as investors take profits following the 2025 rally.

Nigeria

• The NGX-ASI rose by 3.7% w/w to close at 162,298.1 points, lifting year-to-date and 30-day returns to 4.3% and 13.3%, respectively, supported by gains across mid-to-large-cap stocks. Aggregate turnover surged 230.7% w/w to USD 60.1mn, with Zenith Bank Plc leading activity and contributing 10.5% of total value traded. Market breadth was strongly positive, with 79% of counters advancing, led by Greenwich Alpha ETF Fund (+60.9% w/w | NGN 563.0), while Aluminum Extrusion Industry (-19.7% w/w | NGN 19.1) lagged. A concentrated set of sectors—Consumer Goods, ICT, Industrial Goods and Banking—accounted for nearly 79% of trading value and overall market returns in 2025, with Consumer Goods (NGN 23.58tn | 23.78% of total capitalisation) the largest contributor. ICT followed with NGN 19.47tn (19.63%), Industrial Goods with NGN 18.82tn (18.97%), and Banking with NGN 16.09tn (16.22%). We expect these sectors to remain key drivers of market performance in 2026, underpinned by earnings momentum.

Kenya

• The NSE-ASI rose by 2.4% w/w to close at 191.9 points, lifting year-to-date and 30-day returns to 2.8% and 5.7%, respectively, supported by gains across mid-to-large-cap stocks. Aggregate turnover fell 22.8% w/w to USD 26.8mn, with Safaricom Plc dominating activity and accounting for 40.9% of total value traded. Market breadth remained positive, with 66% of counters advancing, led by Car & General (K) Ltd (+12.3% w/w | KES 57.3), while Standard Group Plc (-10.9% w/w | KES 5.9) lagged. In corporate developments, Kenyan beer distributor Bia Tosha has filed a High Court petition to block Diageo’s proposed USD 2.3bn sale of its 65% stake in East African Breweries Limited to Japan’s Asahi Holdings, citing unresolved competition-related litigation involving Diageo, EABL, and Kenya Breweries Limited.