IC Market Wrap: Market Retreats as Investors Position for Selective Opportunities

In brief

Ghana

The Ghanaian equity market nudged down by 1.0% week-on-week last week, reducing its year-to-date and 30-day gains to 63.9% and 0.3% respectively. The index downturn was driven by losses in Telecom, Banking, Mining and Insurance sector stocks
Total value traded surged by 76.6% week-on-week to USD 5.4mn, with Scancom Plc driving activity and contributing 94.8% of all trades.
Market Outlook: This week, we expect upside momentum in ZEN, ACCESS, CAL, CMLT, CLYD and EGL, with EGH, ETI and FML as the likely decliners as prevailing sell-side interest continues to outweigh demand.

Nigeria

The Nigerian equities market inched up by 0.3% week-on-week, bringing the year-to-date and 30-day returns to 60.9% and 14.8% respectively.
Total value traded slumped by 41.0% week-on-week to USD 58.9mn, led by Aradel Holdings Plc which made up 26.2% of all trades.
Corporate Front: Dangote Sugar Refinery Plc has launched a NGN 485.9bn rights issue to strengthen its capital base and support future growth initiatives. We expect the enlarged share base to dilute earnings per share in the near term until the additional capital translates into stronger earnings growth.

Kenya

The Nairobi Securities Exchange’s All Share Index (NSE-ASI) declined by 0.3% week-on-week last week, bringing the year-to-date returns to 10.2% and 30-day loss to 1.2%.
Total value traded increased by 73.4% week-on-week to USD 36.1mn, with KCB Group Plc dominating trading activity, accounting for 44.5% of all trades.
Corporate Front: Safaricom PLC has formally petitioned Parliament over provisions contained in the Finance Bill 2026, warning that the proposed measures could increase mobile money transaction costs by as much as 18.4% if enacted. If implemented in its current form, we expect the proposed measures to increase transaction costs while weighing on revenue expansion across the digital payment ecosystem.

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