In brief
Ghana
- The Ghanaian equity market nudged down by 0.7% week-on-week last week, reducing the year-to-date and 30-day gains to 71.2% and 0.6% respectively. The index downturn was driven by losses in Consumer, Insurance, Technology, Banking, OMC and Telecom sector stocks.
- Total value traded plunged by 48.9% week-on-week to USD3.3mn, with Scancom Plc driving activity and contributing 59.9% of all trades.
- Market Outlook: This week, we expect Trust Bank PLC to remain in focus as the Company progresses with its planned delisting from the GSE. The tender offer, priced at GHS1.20 per share, commenced on 17 August 2026 and closes on 11 September 2026, with delisting scheduled for 25 September 2026.
Nigeria
- The Nigerian equities market inched up by 0.5% week-on-week last week, bringing the year-to-date gain to 55.1%, while the 30-day return remained negative at 2.0%. The index upturn was underpinned by gains in mid-to-large-cap stocks.
- Total value traded increased by 6.7% week-on-week to USD81.7mn, led by First Holdco Plc, which accounted for 22.1% of all trades.
- Macro Front: The Central Bank of Nigeria intensified its liquidity sterilisation efforts, mopping up N4.72tn through OMO auctions over 26 – 27 August 2026 amid strong investor demand for high-yielding naira instruments. The auctions cleared at yields of 19.32% – 19.90%, while the CBN’s allotments resulted in an estimated net liquidity withdrawal of N1.19tn. Despite the aggressive mop-up, banking-system liquidity remained substantial. We expect the CBN’s liquidity management activities to remain a key driver of near-term market yields.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) increased by 1.5% week-on-week last week, bringing the year-to-date and 30-day returns to 33.1% and 6.8%, respectively. The index upturn was underpinned by gains in mid-to-large-cap stocks.
- Total trade value declined by 3.5% week-on-week to USD42.5mn, with Safaricom Plc dominating trading activity and accounting for 48.5% of all trades.
- Corporate Front: I&M Group Plc delivered a strong 1H2026 performance, with profit after tax rising 22.4% y/y to KES 10.2bn, marking its highest-ever half-year profit. The earnings growth reflected a 23.0% y/y increase in total operating income to KES 33.7bn, supported by a 22.5% y/y rise in net interest income to KES 25.0bn and a 24.5% y/y increase in non-interest income to KES 8.7bn. Overall, we view the results positively, as stronger core income, balance sheet expansion and improving asset quality support earnings momentum. We expect the performance to support price in the near term.
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