In brief
Ghana
- The Ghanaian equity market declined by 1.2% week-on-week last week, reducing the year-to-date and 30-day gains to 72.5% and 2.5% respectively. The index downturn was driven by losses in Insurance, Consumer, Banking, OMC and Telecom sector stocks.
- Total value traded surged by 165.7% week-on-week to USD 6.5mn, with Scancom Plc driving activity and contributing 65.6% of all trades.
- Market Outlook: This week, we expect FAB, DASPHARMA and ETI to post positive price performance, supported by favourable bid-side momentum. Meanwhile, CAL, ECOBANK, EGL, FANMILK, GCB, GGBL, GOIL, KASA, MTNGH, RBGH, SCB, SOGEGH and ZEN are likely to face downward pressure as selling interest outweighs buying activity.
Nigeria
- The Nigerian equities market nudged down by 1.1% week-on-week, bringing the year-to-date gain to 54.4% and 30-day loss to 0.6%.
- Total value traded increased by 5.5% week-on-week, led by Seplat Energy Plc which made up 20.9% of all trades.
- Corporate Front: Nigeria’s palm oil sector faces mounting pressure from cheaper imports, with weaker domestic prices eroding the pricing power of leading producers Okomu Oil and Presco. Presco’s 1H2026 revenue remained broadly flat at NGN198.8bn, while Okomu’s revenue declined 3.5% y/y to NGN125.3bn, reflecting weaker domestic pricing despite resilient production. In our view, increased imports and lower tariff protection could sustain pricing pressure and constrain earnings growth in the near term.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) increased by 2.8% week-on-week last week, bringing the year-to-date and 30-day returns to 31.1% and 5.2% respectively.
- Total trade value improved by 52.7% week-on-week to USD 44.1mn, with Safaricom Plc dominating trading activity, accounting for 21.5% of all trades.
- Corporate Front: Dangote Group has offered East African countries a combined 30% stake in its proposed USD 17.0bn, 700,000 barrels-per-day refinery in Lamu, Kenya, potentially attracting about USD 1.5bn in regional investment. In our view, the successful implementation of the refinery should reduce East Africa’s reliance on imported refined products and position Kenya as a major regional energy hub.
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