Ghana

• The GSE-CI slipped 0.2% w/w to 7,329.3 points, trimming YTD and 30-day gains to 49.9% and 13.8% as losses in Ecobank Transnational Inc., Access Bank Ghana, and heavyweight Scancom Plc weighed on the index. Market turnover slumped 84.1% w/w to USD 0.7mn, with Total Petroleum Ghana accounting for nearly half of activity; breadth favoured gainers led by Cocoa Processing Co, while ETI was the worst laggard. Looking ahead, we expect a cautious tone, with downside risks for CalBank, ETI, IIL, and MTN Ghana, while GCB Bank is projected to extend its rally on sustained buying interest.

Nigeria

• The NGX-ASI slipped 0.5% w/w to 140,295.5 points, trimming YTD and 30-day returns to 36.3% and 6.4% as losses in mid-to-large caps weighed on performance. Market turnover rose 3.4% w/w to USD 48.2mn, with GTCO accounting for 20.7% of activity, while breadth favoured decliners led by Lotus Capital Halal Fund, even as McNichols Consolidated Plc topped the gainers. Meanwhile, GTCO boosted GTBank’s capital to NGN 504bn via a rights issue and dual listing on the NGX and LSE, reinforcing its balance sheet, enhancing liquidity, and positioning the bank for stronger growth.

Kenya

• The NSE-ASI gained 1.5% w/w to 172.6 points, pushing YTD and 30-day returns to 39.8% and 8.8% respectively, supported by strength in mid-to-large caps. Market turnover climbed 3.1% w/w to USD 23.1mn, driven by Safaricom Plc which accounted for nearly half of total trades, while market breadth favoured gainers led by Express Kenya Ltd. Meanwhile, inflation ticked up to 4.5% y/y in August, and TotalEnergies Marketing Kenya Plc delivered resilient 1H2025 results with PAT up 17% y/y to KSh 1.1bn despite lower revenues, supported by volume growth, reduced finance costs, and strategic exits.