In brief
Ghana
- Performance on the equities market was flat last week as the tone for most of the sessions remained neutral to bearish despite market breadth favouring advancers by one-to-none. Market activity was centred around the large and mid-cap stocks
- Profit-taking particularly in MTNGH persisted, leading to a decline in the turnover to USD 0.3m from USD 1.2m recorded last week
- In the coming weeks, we expect Ghanaian stocks to trade largely sideways in the absence of economic and sensitive data
Nigeria
- The Nigerian equities market maintained its bullish performance during the week as the benchmark index gained 0.6% w/w following the 2.2% w/w decline recorded in the previous week
- The market cap increased to USD 69.3b from USD 69.1b. This brings the month-to-date performance of the market to +0.40% and a year-to-date gain of 24.5%
- The financial services industry led the activity chart with 1.17bn shares valued at N12.49bn traded, accounting for 64.07% of the total volume traded
- We expect the financial services and consumer sectors to continue to account for a larger pile of the market turnover in the coming week
Kenya
- Large cap stocks have continued to dominate the market turnover on a day-to-day basis. Foreign investors have remained net sellers throughout the week especially on counters such as Safaricom, Equity and EABL. However, the All-share index has on average seen marginal growth despite the increase in daily bonds turnover. On average, local investors have driven activity on the bourse by taking advantage of the low entry price points on shares in the market
- The Kenya shilling has slumped below the Ksh.117 mark against the U.S dollar. The decline in the local unit has been linked to dollar shortages in the market as import traders face higher import bills. Other factors include the stock piling of hard currencies by merchandise traders and the widening current account deficit which has been exacerbated by rising import costs
- We anticipate seeing market activity driven by both local and foreign investors with foreign net outflows continuing its streak