IC Market Wrap: Heavyweights Lift the Market Despite Broad-Based Weakness

In brief

Ghana

The Ghanaian equity market rose by 1.4% week-on-week last week, lifting the year-to-date gain to 63.1%, while the 30-day performance turned flat after erasing earlier losses. The index advance was driven by gains in Telecom, Banking and Consumer sector stocks.

Total value traded rose by 2.3% week-on-week to USD 4.8mn, with Scancom Plc driving activity and contributing 81.7% of all trades.

Corporate Front: Fan Milk and Unilever Ghana recorded strong profit growth of 308.9% y/y and 205.4% y/y to GHS 173.3mn and GHS 180.6mn, respectively in 9M2026, while Kasapreko posted a more modest 14.3% increase to GHS 295.8mn. In contrast, TotalEnergies Ghana witnessed a 16.1% y/y decline in profit after tax to GHS 221.8mn. Overall, we expect the ongoing 9M2026 results to drive stock-specific repricing as investors reassess earnings performance across the market.

Nigeria

The Nigerian equities market rose by 2.9% week-on-week last week to a fresh 12-month high, lifting the year-to-date return to 63.4% and the 30-day gain to 1.7%. The index rally was driven by gains in large-cap Industrial Goods, Telecom and Oil & Gas stocks.

Total value traded rose by 59.8% week-on-week to USD 130.4mn, with First HoldCo Plc dominating activity and contributing 34.2% of all trades.

Capital Market Front: The Dangote Petroleum Refinery IPO closed on 27 October 2026, reportedly about three times oversubscribed, with allotment in progress. We expect refunds on excess subscriptions to recycle liquidity into the secondary market, while the eventual listing should deepen the NGX.

Kenya

The Nairobi Securities Exchange’s All Share Index (NSE-ASI) rose by 1.4% week-on-week last week, lifting the year-to-date return to 27.6% and narrowing the 30-day loss to 3.2%. The index advance was driven by gains in Energy and Telecom stocks.

Total value traded rose by 9.3% week-on-week to USD 24.8mn, with Nairobi Securities Exchange Plc driving activity and accounting for 29.6% of all trades.

Macro Front: Inflation rose to a three-year high of 7.3% in October 2026 from 6.8% in September on higher fuel prices. We expect the uptick to temper expectations of further rate cuts and weigh on consumer-facing stocks.

Downloads

Download Full Report