IC Market Wrap: Market gains persist, but order flow turns cautiously negative.

In brief

Ghana

The Ghanaian equity market nudged up by 1.7% week-on-week, translating into a year-to-date gain of 71.9% and 30-day loss of 4.0%. The index advance was driven by price gains in Financial services, Mining, Consumer, Oil Marketing Companies, and Telecom sector stocks.
Total value traded declined by 12.7% week-on-week to USD 6.0mn, with Scancom Plc driving activity and contributing 59.7% of all trades.
Market Outlook: This week, we anticipate a broadly negative tone, with CAL, EGH, EGL, ETI, FML, MTNGH, SCB, and SOGEGH likely to close lower, while DASPHARMA and GOIL will likely increase due to its net bid position.

Nigeria

The Nigerian equities market rose by 7.3% week-on-week, bringing the year-to-date and 30-day returns to 55.7% and 21.7% respectively.
Total value traded surged by 32.1% week-on-week to USD 186.1mn, led by Access Holdings Plc, which made up 15.3% of all trades.
Earnings Update: Access Holdings reported a mixed but resilient 1Q2026 performance, with profit after tax settling at NGN 216.5bn (+18.5% y/y). We expect non-interest income to support near-term earnings. However, higher funding cost and rising expenses remain a risk to near-term performance.

Kenya

The Nairobi Securities Exchange’s All Share Index (NSE-ASI) inched down by 0.8% week-on-week, bringing the year-to-date and 30-day returns to 10.1% and 0.8% respectively.
Total value traded slumped by 23.9% week-on-week to USD 17.5mn, with Equity Group Holdings Plc dominating trading activity, accounting for 38.2% of all trades.
Macro front: Kenya’s headline inflation accelerated to 5.6% in April 2026, the highest level since March 2024, up from 4.4% in March 2026. We expect inflation to remain elevated in the near term, supported by higher energy costs and persistent food price pressures.

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2026-05-04 IC Market Wrap