In brief
Ghana
- The Ghanaian equity market inched up by 1.5% week-on-week last week, translating into a year-to-date gain of 65.3% and 30-day loss of 4.1%. The index advance was driven by gains in Banking, OMC, Consumer, Insurance, Manufacturing and Technology sector stocks.
- Total value traded plunged by 60.9% week-on-week to USD 3.0mn, with Scancom Plc driving activity and contributing 60.1% of all trades.
- Market Outlook: This week, we expect CAL, EGL, ETI and FAB to post gains, while EGH, FML, GCB, GOIL, SOGEGH and MTNGH are likely to face downside risk as sell-side interest outweigh demand.
Nigeria
- The Nigerian equities market nudged up by 0.6% week-on-week, bringing the year-to-date and 30-day returns to 57.3% and 0.6% respectively.
- Total value traded increased by 2.7% week-on-week, led by Aradel Holdings Plc which made up 17.7% of all trades.
- Corporate Front: The Central Bank of Nigeria has released an exposure draft of revised guidelines for Financial Holding Companies (HoldCos). While the proposed rules will increase compliance costs in the near term, we expect it to strengthen the resilience of banking groups, improve investor confidence and support a more sustainable long-term earnings profile across the sector.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) declined by 0.8% week-on-week last week, bringing the year-to-date and 30-day returns to 11.9% and 2.5% respectively.
- Total value traded fell by 3.8% week-on-week to USD 24.9mn, with Safaricom Plc dominating trading activity, accounting for 28.9% of all trades.
- Corporate Front: Family Bank Limited has secured approval from the Capital Markets Authority to list its shares on the Nairobi Securities Exchange by way of introduction. We believe the listing will enhance Family Bank’s visibility, improve share liquidity and strengthen its corporate governance standards. We also expect the transaction to deepen Kenya’s equity market by expanding the pool of investable banking stocks available to institutional and retail investors.
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