In brief
Ghana
- The Ghanaian equity market declined by 1.6% week-on-week last week, translating into a year-to-date and 30-day returns of 73.1% and 3.1% respectively. The index downturn was driven by losses in Insurance, Banking, Consumer, OMC, Mining and Telecom sector stocks.
- Total value traded plunged by 66.0% week-on-week to USD 4.7mn, with Scancom Plc driving activity and contributing 71.1% of all trades.
- Earnings Update: Fan Milk delivered a strong 1H2026 performance, with profit after tax rising 214.3% y/y to GHS 81.9mn, supported by stronger revenue growth and lower cost of sales. We believe continued investment in cold chain infrastructure, alongside solar freezers and boreholes, is beginning to improve revenue and cost efficiency. In contrast, TotalEnergies Ghana reported a 14.7% y/y decline in profit after tax to GHS 143.5mn, driven by an 18.9% y/y revenue decline amid weaker sales volumes. We expect near-term performance to remain under pressure as intense price competition weighs on volumes, although ongoing solarisation initiatives should provide some cost relief and cushion margins.
Nigeria
- The Nigerian equities market nudged up by 0.1% week-on-week, bringing the year-to-date and 30-day returns to 57.8% and 7.5% respectively.
- Total value traded plummeted by 65.0% week-on-week, led by First Holdco Plc which made up 17.5% of trades.
- Corporate Front: The Nigerian Exchange Limited (NGX) has urged President Bola Tinubu to support policies requiring major companies, particularly high-growth fintechs, to list on the domestic exchange. We expect greater participation from high-growth fintechs to deepen market capitalisation and broaden investment opportunities.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) fell by 1.2% week-on-week last week, bringing the year-to-date and 30-day returns to 26.0% and 5.5% respectively.
- The total value traded increased by 16.0% week-on-week to USD 30.3mn, with Safaricom Plc dominating trading activity, accounting for 42.4% of all trades.
- Earnings Update: East African Breweries Plc (EABL) delivered a strong FY2026 performance, with net profit rising 49.4% y/y to a record KSh18.23bn, supported by a 13.0% increase in volumes and 13.3% growth in net sales to KSh145.96bn. EABL proposed a 58.8% y/y increase in total dividend per share to KSh12.70, its highest payout since FY2003. We expect dividend focused investors to increase demand for the stock.
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