Ghana

• The GSE-CI increased by 4.0% w/w to settle at 5,563.2 points last week, bringing the year-to-date and 30-day returns to 13.8% and 12.6% respectively. The index advance was underpinned by gains in Ecobank Transnational Inc,  Access Bank Ghana, SIC Insurance Co, Calbank Plc, Scancom Plc, Total Petroleum Ghana, GCB Bank Plc, Ghana Oil Company and Guinness Ghana Breweries.
• Aggregate market turnover surged by 200.6% w/w to USD 0.5mn, with Scancom Plc dominating trading activity, accounting for 79.2% of the total value traded. Market breadth favoured gainers with a 9:0 ratio. Ecobank Transnational Inc.(+31.9% w/w | GHS 0.62) led the gainers’ chart, while no laggard was recorded for the period.
• We observe continued upward momentum in FMCG and OMC stocks as investors ostensibly price-in the broadly impressive earnings performance in FY2024. Additionally, Telecom and Banking sector stocks are experiencing pre-earnings bullishness, driven by investor optimism ahead of anticipated favorable earnings releases from the sectors. On the regulatory front, multiple listed companies have secured extensions from the Securities and Exchange Commission for the publication of their FY2024 financial statements. These include Enterprise Group PLC, which will publish its unaudited FY2024 financial statements by 28 February 2025, while Standard Chartered Bank Ghana PLC and Ecobank Ghana PLC will release their audited FY2024 financial statements by 31 March 2025.

Nigeria

• The NGX-ASI inched up by 0.4% w/w to settle at 108,497.4 points, bringing the year-to-date and 30-day returns to 5.4% and 2.97% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover declined by 2.3% w/w to USD 30.7mn, with Access Holdings Plc dominating trading activity, accounting for 17.7% of the total value traded. Market breadth favoured decliners with a 64% ratio. Lotus Capital Halal Fund (+19.8% w/w | NGN 44.0) led the gainers’ chart, while Vetiva S&P Nigerian Sov Bond (-27.3% w/w | NGN 240.0) was the worst laggard.
• Nigeria’s Monetary Policy Committee (MPC) unanimously voted to keep all parameters of monetary policy unchanged, effectively maintaining the policy rate at 27.5% at the February 2025 MPC meeting. Although the Committee stressed the risk of persistent pressures from food inflation (which remains above the headline rate), members found solace in the return to FX stability and gradual moderation in the price of Premium Motor Spirit (Petrol). We observed that the revised CPI series showed a month-on-month headline inflation of 10.7%, significantly higher than the 2.4% m/m rate under the old series in December. Against the backdrop of limited information to accurately judge the inflation path and the elevated sequential rate for January 2025 (under the new series), we do not envisage a cut at the next meeting in May 2025 as the authorities become data dependent.

Kenya

• The NSE-ASI increased by 1.3% w/w to settle at 132.8 points, bringing the year-to-date and 30-day returns to 7.6% and 2.4% respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover elevated by 33.2% w/w to USD 16.0mn, with KCB Group Plc dominating trading activity, accounting for 38.8% of the total value traded. Market breadth favoured gainers with a 64% ratio. Kenya Reinsurance Corp Ltd (+8.4% w/w | KES 1.8) led the gainers’ chart, while  WPP Scangroup Ltd  (-5.4% w/w | KES 3.3) was the worst laggard.
• The Central Bank of Kenya (CBK) successfully executed its first-ever domestic bond buyback, acquiring KSh 50.09 billion worth of bonds, slightly surpassing its KSh 50 billion target. The CBK launched the buyback program in February 2025, allowing investors to sell three bond issuances before maturity as part of a strategic effort to manage upcoming debt obligations. The bond repurchase initiative aims to mitigate refinancing risks ahead of a mid-2025 maturity wall, when the bonds were originally set to expire. The total outstanding value of the targeted bonds stood at KSh 185.1 billion, comprising a 3-year bond maturing in April 2025, a 5-year bond, and a 9-year infrastructure bond maturing in May 2025.