Ghana

• The GSE-CI continued its upward momentum, edging up slightly by 0.4% w/w to settle at 7,412.9 points last week, bringing the year-to-date and 30-day returns to 51.6% and 15.5% respectively. The index upturn was underpinned by gains in Ecobank Ghana, SIC Insurance Co, GCB Bank Plc, Trust Bank Ltd Gambia  and the blue chip stock, Scancom Plc.
• Aggregate market turnover increased by 120.0% w/w to USD 6.6mn, with Scancom Plc dominating trading activity, accounting for 95.9% of the total value traded. Market breadth favoured gainers with a 7:2 ratio. Trust Bank Ltd Gambia  (+10.0% w/w | GHS 1.10) led the gainers’ chart, while  Calbank Plc  (-1.9% w/w | GHS 0.51) was the worst laggard.
• In the coming week, we expect CalBank to face selling pressure, with the share price likely moderating to GHS 0.50. ETI is also projected to soften to around GHS 0.74, reflecting greater selling activity, while Guinness Ghana Breweries is expected to decline to GHS 5.46 on account of increased selling interest. On the upside, Ecobank Ghana (EGH) continues to attract notable buying momentum, with the share price projected to edge closer to GHS 8.95. GCB should also benefit from sustained investor demand, lifting the price towards GHS 9.62. Similarly, we anticipate BOPP to trend towards GHS 34.35, supported by heightened investor interest. Overall, we believe the broadly positive earnings performance across key sectors will underpin appetite in selected counters during the week ahead

Nigeria

• The NGX-ASI declined by 0.8% w/w to settle at 145,628.2 points, bringing the year-to-date and 30-day returns to 40.5% and 19.2% respectively. The bearish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover decreased by 26.7% w/w to USD 60.3mn, with Zenith Bank Plc dominating trading activity, accounting for 7.8% of the total value traded. Market breadth was evenly balanced, with gainers and losers each accounting for 50% of the market. Lotus Capital Halal Fund  (+59.2% w/w | NGN 95.5) led the gainers’ chart, while Greenwich Alpha ETF Fund  (-24.6% w/w | NGN 351.0) was the worst laggard.
• Nigeria’s cement giants: Dangote Cement, BUA Cement, and Lafarge Africa posted strong 1H2025 earnings, driven by steep price hikes than volume growth. Cement prices more than doubled in two years, climbing above NGN 10,000 per 50kg bag despite government pressure to ease costs. Dangote’s revenue rose 17.7% y/y to NGN 2.1trn, even as sales volumes slipped 4.0%, while BUA Cement delivered a 428.0% y/y surge in profit after tax to NGN 180.9bn on the back of higher prices and expanded capacity. Lafarge Africa also reported striking results, with net sales up 70.0% y/y and profit after tax jumping 248.0% y/y. The industry’s operating margins averaging 40% underscored how cement producers passed rising energy costs to consumers, sustaining profitability but eroding affordability in Nigeria’s construction sector

Kenya

• The NSE-ASI inched up by 2.8% w/w to settle at 165.7 points, bringing the year-to-date and 30-day returns to 34.2% and 2.1 respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover increased by 11.7% w/w to USD 17.2mn, with Equity Group Holdings Plc dominating trading activity, accounting for 27.3% of the total value traded. Market breadth favoured gainers with a 65% ratio. Eveready East Africa Ltd (+52.8% w/w | KES 1.6) led the gainers’ chart, while Nation Media Group (-14.7%w/w | KES 13.1) was the worst laggard.
• Kenya’s Monetary Policy Committee lowered the Central Bank Rate by 25bps to 9.5% in August 2025, its seventh consecutive cut, taking the total easing since August 2024 to 350bps. The move was anchored on stable inflation, resilient growth, and a stronger external position, with July inflation ticking up to 4.1% but still within the 2.5%–7.5% target band. By easing policy, the MPC sought to stimulate private sector credit, which improved to 3.3% in July, while keeping inflation expectations anchored and the exchange rate stable. Backed by robust agricultural output, industrial recovery, and strong external buffers, policymakers projected GDP growth at 5.2% in 2025 and 5.4% in 2026, though global trade uncertainties and geopolitical risks still cloud the outlook.