Ghana

• The GSE-CI increased by 2.0% w/w to settle at 5,350.8 points last week, bringing the year-to-date and 30-day returns to 9.4% each. The index advance was underpinned by gains in Standard Chartered Bank Ghana,  Access Bank Ghana, SIC Insurance Co, Calbank Plc, Ecobank Transnational Inc., Scancom Plc, Benso Oil Palm Plantation and GCB Bank Plc.
• Aggregate market turnover plunged by 61.0% w/w to USD 0.2mn, with Scancom Plc dominating trading activity, accounting for 77.2% of the total value traded. Market breadth favoured gainers with a 8:0 ratio. Standard Chartered Bank Ghana (+8.7% w/w | GHS 25.01) led the gainers’ chart, while no laggard was recorded for the period.
• Guinness Ghana Breweries Plc (GGB Plc) and GOIL Plc delivered strong earnings performances in their latest financial results. GGB Plc posted an impressive 199.5% y/y surge in earnings to GHS 83.9mn in 1H2024/25, reflecting a significant recovery driven by higher sales volumes and revenue growth management initiatives. Similarly, GOIL Plc recorded an 85.2% y/y increase in profit-after-tax to GHS 101.3mn in FY2024, outperforming expectations despite decline in sales volume. Based on the results so far, we expect likely interest in the FMCG and energy stocks in the coming week as investors position ahead of the remaining financial results for the period. In recent sessions, we also observed uptrend in prices of some banking stocks, ostensibly reflecting pre-earnings bullishness as investors look forward to favourable earnings releases from the sector.

Nigeria

• The NGX-ASI increased by 2.0% w/w to settle at 108,053.5 points, bringing the year-to-date and 30-day returns to 5.0% and 4.25% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover plummeted by 48.0% w/w to USD 31.2mn, with Zenith Bank Plc dominating trading activity, accounting for 11.2% of the total value traded. Market breadth favoured gainers with a 68% ratio. Honeywell Flour Mill Plc (+47.1% w/w | NGN 14.0) led the gainers’ chart, while Daar Communication Plc(-13.6% w/w | NGN 0.7) was the worst laggard.
• MTN Nigeria has implemented a 76.92% increase in its Pulse call bundle rate, marking a significant step in its broader tariff adjustment strategy. This follows the Nigerian Communications Commission’s (NCC) approval of a 50% industry-wide tariff increase, allowing telecom operators to realign pricing structures. In addition to voice tariff revisions, MTN raised SMS rates by 50% and is gradually implementing substantial price increases across its data bundles. We expect these tariff adjustments to bolster topline performance, as higher pricing should offset inflationary pressures and rising operational costs. However, the extent of revenue growth will depend on consumer elasticity to price changes and competitive dynamics within the Nigerian telecom market.

Kenya

• The NSE-ASI increased by 1.1% w/w to settle at 131.1 points, bringing the year-to-date and 30-day returns to 6.1% and 3.0% respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover slumped by 42.9% w/w to USD 12.0mn, with Safaricom Plc dominating trading activity, accounting for 64.9% of the total value traded. Market breadth favoured gainers with a 54% ratio. Diamond Trust Bank Kenya Ltd(+7.2% w/w | KES 74.8) led the gainers’ chart, while Eveready East Africa Ltd(-19.3% w/w | KES 1.2) was the worst laggard.
• Kenya’s 2025/26 fiscal outlook reflects a narrowing budget deficit alongside increased government spending. The deficit is projected to decline to 4.3% of GDP, down from 4.9% in 2024/25, signaling efforts toward fiscal consolidation. Despite this, total expenditure is expected to rise to 4.34 trillion shillings, up from 3.95 trillion shillings in the previous fiscal year, highlighting a continued focus on development and social investments. To finance the shortfall, the government plans to raise 146.8 billion shillings from external sources and 684.2 billion shillings through domestic borrowing.