Ghana

• The GSE-CI inched up by 0.9% w/w to close at 8,755.4 points last week, extending year-to-date and 30-day returns to 79.1% and 7.1%, respectively. The index advance was supported by gains in Banking, FMCG and OMC stocks. Market turnover declined by 16.4% w/w to USD 3.3mn, with Scancom Plc accounting for 76.9% of total value traded. Market breadth remained positive at a 7:3 ratio, led by CalBank Plc (+38.3% w/w | GHS 0.65), while Ecobank Transnational Inc. (-2.5% w/w | GHS 0.77) was the main decliner. Looking ahead, we expect FML to trend lower towards GHS 7.20 and ETI to weaken towards GHS 0.70 amid subdued buying interest, while overall trading activity is likely to remain muted as fund managers wind down portfolios for year-end and investors adopt a cautious stance ahead of the new year.

Nigeria

• The NGX-ASI rose by 1.8% w/w to close at 152,057.4 points, lifting year-to-date and 30-day returns to 47.7% and 2.2%, respectively, supported by gains across mid-to-large-cap stocks. Market turnover increased by 32.5% w/w to USD 65.8mn, with First Holdco Plc driving activity and accounting for 25.9% of total value traded. Market breadth leaned positive at 62%, led by ASO Savings & Loans Plc (+200.0% w/w | NGN 3.2), while Meristem Growth ETF (-27.3% w/w | NGN 532.2) was the worst-performing counter. In the banking sector, the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) clarified that ongoing recapitalisation poses no closure risk to any Nigerian bank, highlighting that institutions remain well-capitalised with strong buffers. We expect this reassurance to bolster depositor and investor confidence and support medium-term credit growth in the sector.

Kenya

• The NSE-ASI rose by 3.9% w/w to close at 184.6 points, lifting year-to-date returns to 49.5% despite a 30-day loss of 3.1%, driven by gains across mid- to large-cap stocks. Market turnover surged 86.5% w/w to USD 60.1mn, with Safaricom Plc accounting for 31.3% of total value traded. Market breadth favoured gainers at 52%, led by East African Breweries Plc (+24.1% w/w | KES 288.8), while WPP Scangroup Ltd (-16.2% w/w | KES 2.2) was the worst performer. In corporate developments, Diageo agreed to divest its controlling stake in EABL to Asahi Group Holdings, valuing the brewer at an implied USD 4.8bn enterprise value, with net proceeds of approximately USD 2.3bn. We expect Asahi’s acquisition to unlock operational synergies, leveraging its scale and systems to support EABL’s medium-term growth and strengthen its competitive position in the East African market.