In brief
Ghana
- The Ghanaian equity market remained unchanged week-on-week last week, leaving the year-to-date and 30-day returns at 68.4% and 3.1% respectively. Gains in Consumer, Banking, Insurance, Technology, OMC and Telecom sector stocks offset losses across other sectors, leaving the index broadly unchanged.
- Total value traded declined by 9.7% week-on-week to USD 7.9mn, with Kasapreko Plc driving activity and contributing 47.3% of all trades.
- Market Outlook: This week, we expect CLYD, CMLT, CPC, DASPHARMA, FAB, GCB and ZEN to register positive price performance, supported by buying interest. Meanwhile, ACCESS, CAL, EGH, ETI, FANMILK, GGB PLC, GOIL, KASA, MTNGH, RBGH, TOTAL and SIC are likely to come under selling pressure as offer-side activity dominate market demand.
Nigeria
- The Nigerian equities market declined by 1.6% week-on-week, bringing the year-to-date gain to 49.1% and 30-day loss to 7.3%.
- Total value traded fell by 18.3% week-on-week, led by MTN Nigeria Communications Plc which made up 25.2% of all trades.
- Market Outlook: The Securities and Exchange Commission (SEC) has directed an immediate halt to all marketing and promotional activities relating to the proposed initial public offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE, stating that the refinery has neither filed an IPO application nor received regulatory approval. We believe the directive may introduce short-term uncertainty around the refinery’s listing timeline and temper investor sentiment. However, by enforcing strict compliance with listing regulations, the SEC enhances investor confidence and reduces the risk of speculative activity surrounding future offerings.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) increased by 2.2% week-on-week last week, bringing the year-to-date and 30-day returns to 19.2% and 8.1% respectively.
- Total value traded rose by 11.6% week-on-week to USD 55.1mn, with Equity Group Holdings Plc dominating trading activity, accounting for 50.2% of all trades.
- Corporate Front: Equity Group Holdings PLC is accelerating its diversification strategy by seeking shareholder approval to establish three new insurance subsidiaries under Equity Group Insurance Holdings Limited. We expect the insurance expansion to diversify Equity Group’s revenue base, reduce its reliance on traditional lending income and enhance earnings over the medium term.
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