In brief
Ghana
- The Ghanaian equity market increased by 2.6% week-on-week last week, translating into a year-to-date and 30-day returns of 74.8% and 5.0% respectively. The index advance was driven by gains in Technology, Pharmaceuticals, Consumer, Banking and Telecom sector stocks.
- Total value traded plunged by 52.7% week-on-week to USD 3.5mn, with Scancom Plc driving activity and contributing 66.0% of all trade.
- Earnings Update: Unilever Ghana released its 1H2026 results reporting an impressive 392.2% y/y increase in profit after tax to GHS 125.6mn and beating our estimate by 39.6%. The growth reflected sustained investment in power brands, improved consumer engagement and disciplined execution, which supported a 13.6% y/y increase in revenue to GHS 606.2mn, together with a 16.6% y/y decline in input cost. We expect revenue growth, together with disciplined cost management, to support further earnings and margin expansion in FY2026.
Nigeria
- The Nigerian equities market rose by 1.6% week-on-week, bringing the year-to-date and 30-day returns to 59.0% and 1.7% respectively
- Total value traded surged by 67.2% week-on-week, led by First Holdco Plc which made up 45.6% of trades.
- Earnings Update: NGX Group delivered a strong 1H2026 performance, with revenue more than doubling by 118.0% y/y to NGN 17.6bn, driven by higher transaction fee income and improved market activity. Profit after tax surged 146.0% y/y to NGN 10.4bn, supported by stronger operating leverage and increased contributions from equity-accounted investees. The Board declared an interim dividend of NGN 1.3 per share.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) inched up by 0.8% week-on-week last week, bringing the year-to-date and 30-day returns to 25.1% and 10.6% respectively.
- The total value traded rose by 66.9% week-on-week to USD 29.6mn, with Safaricom Plc dominating trading activity, accounting for 26.5% of all trades.
- Earnings Update: British American Tobacco (BAT) Kenya delivered a modest 1H2026 performance, with net revenue rising 4.6% y/y to KSh12.3bn, supported by export recovery and growth in oral nicotine pouches. Profit after tax increased 3.1% y/y to KSh3.1bn, despite margin pressure from higher input costs. The company declared an interim dividend of KSh10.0 per share. We expect the dividend declaration to support BAT Kenya’s appeal among income-focused investors
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