IC Market Wrap: The Bulls Stir, but Conviction Wanes | IC Group

In brief

Ghana

The Ghanaian equity market rose by 2.4% week-on-week last week, lifting the year-to-date gain to 64.1% and narrowing the 30-day loss to 2.6%. The index rebound was driven by gains in Consumer, Insurance, Energy, Banking and Telecom sector stocks.

Total value traded plunged by 39.1% week-on-week to USD 5.4mn, with Scancom Plc driving activity and contributing 72.0% of all trades.

Market Outlook: This week, we anticipate positive price momentum for CPC, DASPHARMA, EGH, EGL, FAB, GCB, GOIL and KASA, supported by stronger bid-side signals. Conversely, CAL, FML, GGB PLC, MTNGH and RBGH are likely to face downside risk as offer-side activity exceeds buying interest across these counters.

Nigeria

The Nigerian equities market edged down by 0.3% week-on-week last week, trimming the year-to-date return to 59.1% and nudging the 30-day loss to 0.1%. The index decline was driven by losses in selected mid-to-large-cap stocks.

Total value traded fell by 19.7% week-on-week to USD 62.8mn, with Zenith Bank Plc dominating activity and contributing 14.1% of all trades.

Corporate Front: Dangote Petroleum Refinery and Petrochemicals extended its IPO to 27 October 2026, giving prospective investors additional time to complete subscription requirements. We expect the extension to broaden investor participation and support fundraising for the refinery’s expansion.

Kenya

The Nairobi Securities Exchange’s All Share Index (NSE-ASI) declined by 1.8% week-on-week last week, trimming the year-to-date return to 28.9% and extending the 30-day loss to 5.2%. The index downturn reflected losses in selected mid-to-large-cap stocks.

Total value traded surged by 38.8% week-on-week to USD 23.7mn, with Equity Group Holdings Plc driving activity and accounting for 25.1% of all trades.

Corporate Front: Quickmart PLC is offering a 50% stake in the supermarket chain at KES 7.50 per share, valuing the business at KES 30bn. The IPO comprises two billion existing shares, making it an offer for sale rather than a capital raise for the company. We expect the listing to broaden public access to Kenya’s consumer retail sector and deepen the NSE’s market offering.

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