Ghana

• The GSE-CI remained unchanged at 4,347.8 points last week, leaving the year-to-date and 30-day returns at 38.9% and 0.2% respectively. The stability of the index is attributed to steady price changes for a few stocks with no significant weight to noticeably influence the index direction.
• Aggregate market turnover declined by 10.1% w/w to USD 0.2 mn, with Scancom Plc dominating trading activity, accounting for 95.9% of the total value traded. Market breadth favoured gainers with a 2:0 ratio.  Ghana Oil Company (+0.7% w/w | GHS 1.51) led the gainers’ chart, while no laggard was recorded for the period.
• E.S.L.A Plc, the energy sector’s special purpose vehicle, has successfully executed a significant bond buyback, acquiring 90% of a GHS 1.04 billion bond offer aimed at restructuring Ghana’s energy sector debt. This buyback reduces the company’s outstanding liabilities across its Tranche E2, E3, E4, and E5 bonds, which are set to mature between 2027 and 2033. The offer, initially open from September 16 to September 30, 2024, was later extended to close on October 14, 2024, with settlement scheduled for October 30, 2024. This strategic move focuses on restructuring medium- to long-term obligations, improving liquidity, and strengthening the company’s financial position. Bonds targeted in this initiative include Tranche E2 (maturing October 2027), Tranche E3 (June 2029), Tranche E4 (December 2031), and Tranche E5 (September 2033).

Nigeria

• The NGX-ASI increased by 0.5% w/w to settle at 98,070.5 points, bringing the year-to-date and 30-day returns to 31.2% and 1.9% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover increased by 3.8% w/w to USD 19.4mn, with Zenith Bank Plc dominating trading activity, accounting for 14.6% of the total value traded. Market breadth favoured decliners with a 59% ratio. Transcorp Power Ltd  (+19.3% w/w | NGN 359.9) led the gainers’ chart, while  Regency Alliance Insurance (-15.3% w/w | NGN 0.6) was the worst laggard.
• Nigeria’s inflation rate quickened by 0.55pp to 32.7% y/y in September 2024, marking its first increase in three months. On a year-on-year basis, the inflation figure is 5.98pp higher compared to September 2023, when the rate stood at 26.72%. Food inflation, a critical component of the overall inflation basket, surged to 37.77% in September 2024, showing an increase of 7.13pp compared to the previous year’s rate of 30.64%. Core inflation, which strips out the volatile categories of food and energy prices, stood at 27.43% in September 2024, reflecting an increase of 5.59pp.

Kenya

• The NSE-ASI increased by 4.0% w/w to settle at 114.5 points, bringing the year-to-date and 30-day  returns to 24.3% and 8.2% respectively. The upward movement in the index was due to gains in mid-to-large caps.
• Aggregate market turnover dipped by 10.5% w/w to USD 6.2mn, with KCB Group Plc trading activity, accounting for 47.0% of the total value traded. Market breadth favoured gainers with a 69% ratio. Kenya Orchards Ltd (+58.9% w/w | KES 70.0) led the gainers’ chart, while EA Portland Cement Ltd (-40.6% w/w | KES 27.0) was the worst laggard.
• The Central Bank of Kenya (CBK) is preparing to launch a Fast Payment System (FPS), a platform designed to enhance payment interoperability and enable instant transfers across the country’s financial sector. To facilitate the implementation, CBK has established a CBK-Industry Technical Working Group (TWG), tasked with developing and overseeing the deployment of the FPS. This system aims to integrate various payment services offered by financial institutions, allowing users to make instant transfers to and from any institution, regardless of location. The initiative aligns with CBK’s broader objective to modernize Kenya’s payment ecosystem and improve transactional efficiency across sectors. The FPS is expected to significantly enhance customer experience by providing real-time payment solutions that foster financial inclusion and streamline interbank operations.