Ghana

• The GSE-CI regained momentum, rising 2.2% w/w to 8,407.0 points and lifting the YTD gain to 72.0%, despite a marginal 30-day loss of 0.2%. The rebound was driven by advances in Benso Oil Palm Plantation, Trust Bank Ltd Gambia, Clydestone Ghana, Ecobank Ghana, GCB Bank Plc, Access Bank Ghana, and Scancom Plc. Turnover, however, plunged 57.5% w/w to USD 0.8mn, with Scancom Plc dominating 58.5% of total activity. Market breadth skewed firmly positive at 7:2, led by Benso Oil Palm Plantation (+10.0% w/w | GHS 45.70), while CalBank Plc (–15.0% w/w | GHS 0.34) was the worst performer. In the week ahead, we expect mild downside pressure on ETI, MAC, and TotalEnergies as selling interest and profit-taking persist, while Clydestone Ghana, Ecobank Ghana, and Fan Milk are likely to record modest gains supported by continues demand.

Nigeria

• The NGX-ASI slipped 1.6% w/w to 147,115.6 points, softening the YTD and 30-day returns to 42.9% and 1.6%, respectively, as weakness across mid-to-large caps weighed on the market. Turnover, however, rose sharply by 36.4% w/w to USD 81.4mn, driven by Aradel Holdings Plc, which accounted for 14.6% of total value traded. Market breadth remained even at a 50:50 split, with NCR Nigeria Plc (+32.3% w/w | NGN 25.6) leading gainers, while Union Dicon Salt Plc (–18.7% w/w | NGN 6.3) was the worst performer. Meanwhile, S&P Global Ratings revised Nigeria’s outlook to “positive” from “stable” and affirmed its “B-/B” rating, citing early signs of progress across external balances, fiscal management, and monetary policy, and noting that ongoing reforms could yield further improvements over the medium term. This suggest the prospect of future credit rating upgrade with positive spillovers for investor sentiment.

Kenya

• The NSE-ASI fell 2.4% w/w to 187.4 points, easing the YTD and 30-day gains to 51.8% and 5.5%, respectively, as losses across mid-to-large caps weighed on the benchmark. Turnover held steady at USD 27.6mn, with Safaricom Plc contributing 36.1% of total value traded. Market breadth skewed sharply negative, with decliners accounting for 74% of active stocks. Uchumi Supermarkets Plc (+23.1% w/w | KES 0.5) led gainers, while Centum Investment Co Ltd (–8.5% w/w | KES 15.0) was the worst performer. Meanwhile, Co-operative Bank of Kenya reported a 12.3% y/y rise in nine-month profit to KES 21.56bn and announced its first-ever interim dividend of KES 1.00 per share, reflecting robust balance-sheet growth, stronger lending activity, and firm cost discipline. We expect the announcement to attract income-focused investors and provide additional support to the share price of Co-Op Bank.