In brief
Ghana
- The Ghanaian equity market increased by 6.6% week-on-week, translating into a year-to-date gain of 59.9% and 30-day loss of 3.9%. The index advance was driven by price gains in financial services, Technology, Mining, Oil Marketing Companies, and Telecom sector stocks.
- Total value traded declined by 1.7% week-on-week to USD 4.4mn, with Scancom Plc driving activity and contributing 72.2% of all trades.
- Market Outlook: This week, we expect a broadly positive tone in select counters, with MTNGH, GOIL, SIC, and CLYD positioned for further gains on the back of persistent demand, while BOPP remains exposed to further losses due to net offered position.
Nigeria
- The Nigerian equities market rose by 6.6% week-on-week, bringing the year-to-date and 30-day returns to 39.6% and 10.1% respectively.
- Total value traded surged by 21.8% week-on-week to USD 121.0mn, led by Zenith Bank Plc, which made up 21.2% of all trades.
- Earnings Update: Stanbic IBTC delivered a strong FY2025 performance, with profit after tax rising by 69.0% y/y to NGN 380.8bn. The group declared a final dividend of NGN 4.0 per share. We expect the declared dividend to attract income-focused investors, which should support short-term demand for the stock and provide near-term price support
Kenya
- The Nairobi Securities Exchange’s All Share Index (NSE-ASI) inched up by 0.5% week-on-week, bringing the year-to-date and 30-day returns to 11.6% and 0.5% respectively.
- Total value traded increased by 11.7% week-on-week to USD 23.7mn, with Kenya Pipeline Co Ltd dominating trading activity, accounting for 74.2% % of all trades.
- Macro front: Kenya reduces VAT on petroleum products from 13.0% to 8.0%. We expect the move to support consumption-led growth, particularly in transport, logistics, and consumer sectors, as lower fuel costs should improve purchasing power and reduce operating expenses for firms. That said, sustainability remains doubtful.
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