In brief
Ghana
- The Ghanaian equity market declined by 0.6% week-on-week last week, translating into a year-to-date and 30-day returns of 67.5% and 1.0% respectively. The index retreat was driven by losses in Consumer, Banking, Insurance and Telecom sector stocks.
- Total value traded plunged by 57.7% week-on-week to USD 3.3mn, with Scancom Plc driving activity and contributing 68.7% of all trades.
- Market Outlook: This week, we expect CLYD, CMLT, CPC and DASPHARMA to post positive price performance, underpinned by favourable bid-side momentum. Meanwhile, BOPP, CAL, FANMILK, GGB PLC and KASA are likely to face downward pressure as selling interest outweighs buying activity.
Nigeria
- The Nigerian equities market fell by 1.2% week-on-week, bringing the year-to-date gain to 47.3% and 30-day loss to 8.7%.
- Total value traded increased by 4.6% week-on-week, led by Aradel Holdings Plc which made up 19.7% of all trades.
- Corporate Front: Shareholders of Dangote Cement Plc have approved a secondary listing of the company’s shares on the London Stock Exchange. We expect a successful London listing to improve Dangote Cement’s investor base, attract long-term institutional capital, improve international visibility and provide additional financial flexibility to support its pan-African expansion strategy and future capacity investments.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) increased by 2.1% week-on-week last week, bringing the year-to-date and 30-day returns to 21.8% and 10.7% respectively.
- Total value traded surged by 48.9% week-on-week to USD 82.3mn, with Equity Group Holdings Plc dominating trading activity, accounting for 58.5% of all trades.
- Macro Front: Kenya has introduced Golden Certificates, a new investment instrument designed to mobilise long-term domestic savings for infrastructure financing while expanding access to government-backed investments for retail and institutional investors. If successfully implemented, we expect the Golden Certificates to deepen Kenya’s capital market by attracting a wider investor base and providing a stable source of long-term infrastructure financing. However, its success will depend on market liquidity and sustained investor confidence in the government’s fiscal management.
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