Ghana

• The GSE-CI nudged up by 0.4% w/w to settle at 8,756.6 points last week, extending year-to-date and 30-day returns to 79.1% and 6.9%, respectively. Market performance was driven by advances in Republic Bank Ghana Plc, Ghana Oil Company, Enterprise Group, GCB Bank Plc, Scancom Plc, and First Atlantic Bank Plc. Aggregate market turnover rose 21.4% w/w to USD 4.2mn, with Scancom Plc accounting for 78.3% of total value traded. Market breadth remained positive at a 6:1 ratio, led by Republic Bank Ghana Plc (+4.0% w/w | GHS 1.30), while CalBank Plc (-7.7% w/w | GHS 0.60) emerged as the sole decliner. We expect modest gains in BOPP, while CAL, EGH, FML, and ETI face near-term downside amid subdued market activity.

Nigeria

• The NGX-ASI increased by 2.5% w/w to close at 153,539.8 points, lifting year-to-date and 30-day returns to 49.2% and 4.5%, respectively, supported by gains across mid-to-large-cap stocks. Market turnover rose 7.1% w/w to USD 71.0mn, with Guaranty Trust Holding Co Plc driving activity and accounting for 7.7% of total value traded. Market breadth favoured gainers at 59%, led by Aluminum Extrusion Industries (+32.4% w/w | NGN 16.4), while Stanbic IBTC ETF 30 (-27.1% w/w | NGN 729.0) was the worst-performing counter. In policy developments, the Nigerian President authorised the write-off of a significant portion of NNPC Ltd’s legacy debts to the Federation Account, eliminating approximately USD 1.42bn and NGN 5.57tn and resolving arrears accumulated up to 31 December 2024.

Kenya

• The NSE-ASI increased by 1.8% w/w to close at 184.0 points, lifting year-to-date returns to 49.0% despite a 30-day loss of 1.8%, supported by gains across mid-to-large-cap stocks. Market turnover declined 18.4% w/w to USD 49.0mn, with Safaricom Plc driving activity and accounting for 6.8% of total value traded. Market breadth favoured gainers at 69%, led by Olympia Capital Holdings Ltd (+20.4% w/w | KES 8.1), while Uchumi Supermarkets Plc (-17.7% w/w | KES 0.8) was the worst-performing counter. The successful listing of Safaricom Plc’s Green Bond on the Nairobi Securities Exchange marked a significant milestone for Kenya’s capital markets. We expect the proceeds to fund green projects under Safaricom’s Sustainable Finance Framework, including 5G rollout, solarisation of network sites, and upgrading legacy infrastructure to cleaner technologies.