Ghana

• The GSE-CI ticked up by 0.6% w/w to settle at 4,658.7 points last week, bringing the year-to-date and 30-day returns to 48.8% and 7.1% respectively. The index advance  was underpinned by gains in  Camelot Ghana, Ecobank Ghana,   Ecobank Transnational Inc., Ghana Commercial Bank and Scancom Plc
• Aggregate market turnover declined by 5.7% w/w to USD 0.2mn, with Ghana Commercial Bank dominating trading activity, accounting for 52.8% of the total value traded. Market breadth favoured gainers with a 5:1 ratio. Camelot Ghana (+7.7% w/w | GHS 0.14) led the gainers’ chart, while  Calbank Plc (-2.9% w/w | GHS 0.33) was the sole laggard.
• Petroleum Holding Fund (PHF) receipts surged to USD 840.8mn in 1H2024, marking a 55.6% y/y increase from USD 540.5 million in 1H2023, according to data from the Public Interest and Accountability Committee (PIAC). This amount is the highest revenue the country has recorded out of its cumulative petroleum revenue of USD 10.7bn from 2011 to date. The revenue uptick stemmed from a mix of corporate taxes, surface rentals, crude oil liftings, PHF interest, and other income streams. Crude oil production volumes rose by 10.7% y/y, reaching 24.8 million barrels in 1H2024, driven by contributions from the Jubilee, TEN, and SGN offshore fields. Also, GOIL Plc (“GOIL”) released its unaudited 9M2024 financial results on 14 November 2024, posting a 14.5% y/y decline in profit-after-tax to GHS 59.4mn. This week, we expect investor sentiment to remain strong buoyed by predominantly positive 9M2024 financial results across key sectors, as market participants strategically select opportunities.

Nigeria

• The NGX-ASI edged up by 0.5% w/w to settle at 97,725.6  points, bringing the year-to-date and 30-day returns to 30.7% and 0.02% respectively. The bullish movement in the index was underpinned by gains in mid-to-large caps.
• Aggregate market turnover plunged by 51.9% w/w to USD 16.0mn, with Aradel Holdings Plc dominating trading activity, accounting for 21.3% of the total value traded. Market breadth favoured decliners with a 53% ratio. John Holt Plc (+60.5% w/w | NGN 7.7) led the gainers’ chart, while Daar Communication Plc (-12.1% w/w | NGN 0.6) was the worst laggard.
• The Federal Government of Nigeria (FGN) has announced plans to issue a USD 1.7bn Eurobond to support financing for the 2025 national budget. This will be complemented by an additional USD 500mn worth of Islamic Sukuk bonds, aimed at diversifying funding sources. These initiatives were disclosed by Nigeria’s Finance Minister during a briefing in Abuja on Thursday, November 14, 2024. The Minister further indicated that the government is finalizing its borrowing plan, with the intention of submitting it to lawmakers before the year ends. These measures are expected to play a crucial role in bridging the fiscal deficit and sustaining key development programmes.

Kenya

• The NSE-ASI declined by 0.5% w/w to settle at 115.0 points, bringing the year-to-date and 30-day  returns to 24.9% and 6.3% respectively. The downward movement in the index was due to losses in mid-to-large caps.
• Aggregate market turnover tumbled by 53.0% w/w to USD 4.6mn, with Safaricom Plc dominating trading activity, accounting for 37.0% of the total value traded. Market breadth favoured gainers with a 53% ratio. EA Portland Cement Ltd (+21.4% w/w | KES 42.8) led the gainers’ chart, while WPP Scangroup Ltd (-15.6% w/w | KES 2.2) was the worst laggard.
• Sanlam Kenya has announced plans to raise KES 3.25bn through a rights issue to address liquidity challenges and settle its outstanding loan with Stanbic Bank Kenya. According to a notice issued by the company, the board of directors approved the capital raise on November 13, 2024. The next step will involve seeking shareholder approval for the rights issue. This move is part of Sanlam Kenya’s broader strategy to stabilize its financial position and ensure operational continuity amidst ongoing liquidity pressures.