Ghana

• The GSE-CI declined by 2.3% w/w to settle at 6,005.1 points last week, bringing the year-to-date returns to 22.8% and 30-day loss to 1.0%. The index downturn was underpinned by losses in Ecobank Transnational Inc., CalBank Plc and the blue chip stock, Scancom Plc.
• Aggregate market turnover surged by 640.6% w/w to USD 3.5mn, with Scancom Plc dominating trading activity, accounting for 79.2% of the total value traded. Market breadth favoured gainers with an 8:3 ratio. Access Bank Ghana (+17.9% w/w | GHS 13.12) led the gainers’ chart, while Scancom Plc(-5.7% w/w | GHS 2.81) was the worst laggard.
• Scancom PLC’s share price declined for a third consecutive week, exerting downward pressure on the GSE-CI given its status as a large-cap stock. While we anticipate a reversal in this downtrend, we expect the pace of recovery to be gradual, supported by a potentially strong performance in the upcoming 1H2025 results. This outlook is underpinned by continued Capex investments, the anticipated release of additional spectrum by the National Communications Authority, which should improve service quality and the prospect of a dividend payout post-1H2025 result.

Nigeria

• The NGX-ASI increased by 2.6% w/w to settle at 114,616.8 points, bringing the year-to-date and 30-day returns to 11.4% and 8.0% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover plunged by 39.5% w/w to USD 44.5mn, with Fidelity Bank Nigeria dominating trading activity, accounting for 30.7% of the total value traded. Market breadth favoured decliners with a 71% ratio. Legend Internet Plc (+59.1% w/w | NGN 9.8) led the gainers’ chart, while  Northern Nigeria Flour Mills (-40.6% w/w | NGN 82.5) was the worst laggard.
• The Securities and Exchange Commission (SEC) announced that the Nigerian capital market will adopt a T+2 settlement cycle for equities transactions, effective 28 November 2025. This development follows a comprehensive review of the existing settlement structure and extensive stakeholder engagement. The transition is expected to significantly strengthen the market by enhancing liquidity, as faster settlement allows investors quicker access to funds and promotes more efficient capital deployment. It also reduces counterparty risk, contributing to a more stable and resilient trading environment. Importantly, aligning with the global T+2 standard brings Nigeria closer to international best practices, improving its competitiveness and appeal to both domestic and foreign investors.

Kenya

• The NSE-ASI inched up by 0.9% w/w to settle at 135.4 points, bringing the year-to-date and 30-day returns to 9.7% and 7.9% respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover slumped by 29.2% w/w to USD 10.2mn, with Equity Group Holdings Plc dominating trading activity, accounting for 15.1% of the total value traded. Market breadth favoured decliners with a 62% ratio. EA Cables Plc (+27.5% w/w | KES 1.9) led the gainers’ chart, while Kenya Power & Lighting Ltd (-20.9% w/w | KES 6.2) was the worst laggard.
• Kenya faces the potential suspension of a KSh96.9 billion(USD 750 million) facility from the World Bank following President William Ruto’s decision to withhold assent to the Conflict of Interest Bill, 2023. The proposed legislation, intended to bolster governance standards and tackle public sector corruption, was returned to Parliament after concerns that its provisions had been significantly weakened during the legislative process. The delay in enacting the bill has disrupted the disbursement timeline for the World Bank financing, contributing to a widening fiscal shortfall at a critical juncture, just weeks before the close of the financial year. According to the National Treasury, the earliest the funds could be accessed is July, contingent on the swift revision and approval of a version of the bill that meets both government and lender expectations.