Ghana

• The GSE-CI advanced 1.3% w/w to 7,269.8 points, lifting YTD and 30-day gains to 48.7% and 3.8% on broad-based strength in GCB Bank, Total Petroleum Ghana, Fan Milk, CalBank, and Scancom. Turnover declined 46.0% w/w to USD 2.7mn, with Scancom driving nearly 95% of total value traded as market breadth leaned firmly positive. Looking ahead, we see a bullish tone persisting, with GCB and MTN Ghana poised to extend gains, while SOGEGH could face downside pressure.

Nigeria

• The NGX-ASI climbed 0.8% w/w to 140,545.7 points, bringing YTD returns to 36.5% despite a negative 30-day print. Market turnover rose 36.2% w/w to USD 43.3mn, dominated by Aradel Holdings (51% of value traded), with breadth favoring gainers led by E-Tranzact International. Meanwhile, the scrapping of the 5% telecom excise tax should ease cost burdens for 171mn subscribers and support sector resilience, offering operators breathing space against FX shortages and high energy costs.

Kenya

• The NSE-ASI edged 0.2% higher w/w to 178.7 points, pushing YTD and 30-day gains to 44.7% and 13.1% on sustained strength in mid-to-large caps. Turnover fell sharply by 44.6% w/w to USD 30.5mn, with Safaricom accounting for 22.3% of value traded, while Flame Tree Group led gainers. On the macro front, the Treasury’s planned USD 1.0bn debt-for-food swap with the World Food Programme (WFP) could ease repayment pressures and bolster fiscal space, a move we believe would strengthen investor confidence in Kenya’s reform agenda.