Ghana

• The GSE-CI continued its upward momentum, edging up by 5.6% w/w to settle at 7,386.3 points last week, bringing the year-to-date and 30-day returns to 51.1% and 18.2% respectively. The index upturn was underpinned by gains in Ghana Oil Company, GCB Bank Plc and the blue chip stock, Scancom Plc.
• Aggregate market turnover decreased by 85.1% w/w to USD 3.0mn, with Scancom Plc dominating trading activity, accounting for 76.7% of the total value traded. Market breadth favoured gainers with a 5:3 ratio. Scancom Plc  (+10.7% w/w | GHS 3.90) led the gainers’ chart, while  Calbank Plc  (-3.7% w/w | GHS 0.52) was the worst laggard.
• We observed broad-based demand across banking and non-financial counters last week, supported by the momentum from ongoing earnings releases. For the coming week, we anticipate CalBank will face sustained selling pressure amid limited buy-side interest, likely moderating the share price towards GHS 0.50. ETI is also set to trend lower towards GHS 0.74 as sellers dominate market activity. We expect Guinness Ghana to experience a similar imbalance, with more sellers than buyers, which could drive the price down towards GHS 5.46. In contrast, MTNGH shows stronger buy-side demand against a backdrop of limited offers, positioning the price for a potential upside towards GHS 3.95 as investors seek to capture value from the recently declared half-year interim dividend. We expect the generally impressive earnings performance across sectors to sustain investor appetite in selected stocks in the week ahead.

Nigeria

• The NGX-ASI advanced by 3.2% w/w to settle at 145,756.5 points, bringing the year-to-date and 30-day returns to 41.6% and 21.5% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover declined by 7.7% w/w to USD 82.3mn, with Dangote Cement Plc dominating trading activity, accounting for 10.8% of the total value traded. Market breadth favoured gainers with a 57% ratio. Mutual Benefits Assurance Plc  (+60.4% w/w | NGN 2.9) led the gainers’ chart, while Vetiva S&P Nigerian Sov Bond  (-34.4% w/w | NGN 210.0) was the worst laggard.
• Nigerian insurance stocks surged 41.0% w/w, their biggest weekly gain in nearly two decades after President Bola Tinubu signed the Nigerian Insurance Industry Reform Act 2025, which mandates compulsory insurance for property and other assets and introduces higher capital requirements. The rally, led by NEM Insurance, AXA Mansard, and AIICO, added NGN 479.0bn to sector market capitalisation, as investors priced in stronger demand for insurance products, potential industry consolidation, and improved long-term growth prospects. We expect the reforms to accelerate insurance penetration and reshape the sector’s competitive landscape.

Kenya

• The NSE-ASI inched up by 1.4% w/w to settle at 161.2 points, bringing the year-to-date and 30-day returns to 30.5% and 5.1 respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover decreased by 27.0% w/w to USD 15.4mn, with Safaricom Plc  dominating trading activity, accounting for 28.5% of the total value traded. Market breadth favoured gainers with a 85% ratio. Uchumi Supermarkets Plc (+6.9% w/w | KES 0.3) led the gainers’ chart, while East African Breweries Plc  (-1.1 w/w | KES 208.0) was the worst laggard.
• Stanbic Holdings Plc posted a 9.3% y/y drop in 1H2025 profit after tax to KSh 6.5bn, as higher operating expenses and weaker net interest income weighed on results, pushing up the cost-to-income ratio to 48.3%. Despite the earnings pressure, the group more than doubled its interim dividend to KSh 3.80 per share, signalling confidence in capital strength and earnings resilience. The performance comes as investors turn their attention to the Monetary Policy Committee’s decision slated for Tuesday, 12 August 2025, with investors assessing potential interest rate moves and their implications for the banking sector’s margins and loan growth.