Ghana

• The GSE-CI fell 2.1% w/w to 7,176.1 points, trimming YTD gains to 46.8%, as losses in Scancom Plc dragged the index lower. Turnover surged 614.3% w/w to USD 5.0mn, with Scancom Plc driving 95.7% of trades, while GCB Bank led gainers and Scancom emerged as the worst laggard. Looking ahead, we see selling pressure weighing on MTNGH, Calbank, and Unilever, while BOPP, Ecobank Ghana, and GCB Bank are positioned for further upside.

Nigeria

• The NGX-ASI slipped 0.9% w/w to 138,980.0 points, bringing YTD gains to 35.0%, with mid-to-large caps driving the weakness. Market turnover declined 34.0% w/w to USD 31.8mn, led by Aradel Holdings, while Sovereign Trust Insurance topped gainers and Meristem Growth ETF posted steep losses. On the macro front, surging diaspora remittances of USD 600mn per month boost FX inflows, supporting the Naira and reducing reliance on oil receipts.

Kenya

• The NSE-ASI advanced 3.3% w/w to 178.3 points, lifting YTD gains to 44.4% on sustained demand for large-cap stocks. Turnover rose 138.5% w/w to USD 55.1mn, with Safaricom accounting for nearly half of trading, while Home Afrika rallied strongly and Carbacid was the main laggard. Meanwhile, the CBK is set to implement its new Risk-Based Credit Pricing Model in September, a reform we expect to enhance transparency and strengthen financial stability.