In brief
Ghana
- The Ghanaian equity market inched up by 0.6% week-on-week last week, translating into a year-to-date and 30-day returns of 68.4% and 2.5% respectively. The index advance was driven by gains in Manufacturing, Technology, Consumer, Banking, OMC and Telecom sector stocks.
- Total value traded rose by 59.8% week-on-week to USD 5.2mn, with Scancom Plc driving activity and contributing 57.4% of all trade.
- Market Outlook: This week, we expect CLYD, CPC, DASPHARMA, EGH, GOIL and SOGEGH to record positive price performance, supported by favourable bid-side momentum. Meanwhile, ACCESS, CAL, ETI, FANMILK, GGB PLC, KASA, SCB, and SIC are likely to be under downward pressure as offer-side activity outweighs buying interest. That said, CalBank’s strong 1H2026 earnings growth (Net profit: +37.7% year-on-year) on the back of strong revenue outturn could ease the sell-side pressure and limit the downside for the ticker in the week ahead.
Nigeria
- The Nigerian equities market increased by 6.4% week-on-week, bringing the year-to-date gain to 56.8% and 30-day loss to 1.5%.
- Total value traded surged by 60.8% week-on-week, led by First Holdco Plc which made up 44.2% of all trades.
- Corporate Front: The National Pension Commission (PenCom) has announced plans to deepen the Nigerian pension industry’s participation in the capital market following the growth of pension assets to a record NGN 31.32tn as of May 2026. We expect the initiative to improve market liquidity in the medium to long term.
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) nudged up by 0.8% week-on-week last week, bringing the year-to-date and 30-day returns to 22.8% and 11.4% respectively.
- Total value traded plunged by 66.1% week-on-week to USD 27.9mn, with Safaricom Plc dominating trading activity, accounting for 36.4% of all trades.
- Corporate Front: Vodacom Group has completed its acquisition of an additional stake in Safaricom PLC, increasing its effective shareholding to 55.0% following the purchase of the Kenyan government’s 15.0% stake and an effective 5.0% interest previously held through Vodafone Group. We believe the majority ownership should allow Vodacom to exercise greater strategic oversight and capture a larger share of Safaricom’s future earnings. However, following the reallocation of strategic ownership, minority shareholders will have reduced influence over key strategic decisions.
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