In brief
Ghana
- The Ghanaian equities market maintained strong momentum last week, with the GSE-CI rising 10.3% w/w to close at 15,614.8 points, lifting year-to-date and 30-day returns to 78.0% and 73.2% respectively, supported by broad-based gains across Banking, Insurance, OMC, Consumer, and Telecom sector stocks. Aggregate market turnover edged down 1.4% w/w to USD 12.1 mn, with Scancom Plc leading activity and accounting for 36.4% of total value traded. Market breadth remained positive at a 14:4 ratio in favour of gainers, led by Ecobank Transnational Inc. (+48.2% w/w to GHS 2.46), while Fan Milk Plc (-5.8% w/w to GHS 15.40) recorded the largest decline. We anticipate mixed performance across select counters this week as demand–supply dynamics continue to influence short-term price movements.
Nigeria
- The Nigerian bourse extended its gains last week, with the NGX-ASI edging up 0.7% w/w to close at 198,407.3 points, lifting year-to-date and 30-day returns to 27.5% and 20.0% respectively, supported by gains across mid-to-large-cap stocks. Aggregate market turnover declined 2.1% w/w to USD 106.9mn, with Dangote Cement Plc leading trading activity and accounting for 18.7% of total value traded. Market breadth tilted towards decliners with a 63% ratio, as Lotus Capital Halal Fund (+33.3% w/w to NGN 128.0) topped the gainers’ chart while SCOA Nigeria Plc (-34.1% w/w to NGN 22.7) recorded the steepest decline. On the macro front, the Nigerian Senate engaged the IMF as part of the Article IV consultation process, while the Fund revised Nigeria’s growth forecast upward to 4.4%. We expect the upward revision in growth to support investor confidence.
Kenya
- The Kenyan bourse rebounded last week, with the NSE-ASI rising 1.4% w/w to close at 211.3 points, lifting year-to-date and 30-day returns to 13.3% and 7.4% respectively, supported by gains across mid-to-large-cap stocks. Aggregate market turnover increased 19.6% w/w to USD 46.9mn, with Safaricom Plc leading trading activity and accounting for 27.6% of total value traded. Market breadth remained firmly positive at a 77% ratio in favour of gainers, led by Nation Media Group (+22.3% w/w to KES 17.0), while Kakuzi (-3.8% w/w to KES 412.5) recorded the steepest decline. On the corporate front, Kenya Pipeline Company (KPC) officially debuted on the Nairobi Securities Exchange, marking the first major state-led IPO since 2008 and raising KES 106.3bn. We expect the transaction to enhance liquidity on the Nairobi Securities Exchange while supporting infrastructure financing without exerting additional pressure on public debt.
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