Africa equities markets danced to a mixed beat last week, with some indices swaying to the rhythm of gains while others faltered in discord. Greens and reds played to the beat, buoyed by investor sentiments that oscillated between cautious optimism and risk aversion.
As the numbers pulsed to the rhythm of trade, market players tapped their feet to economic indicators, geopolitical developments, and whispers of central bank maneuvers.
Kenya Equities Market Review
The Nairobi Securities Exchange (NSE) closed the week on a high note, with all major indices posting gains. The NASI, N10, NSE 20, and NSE 25 advanced by 4.6% week-on-week (w/w), 4.1% w/w, 5.3% w/w, and 4.0% w/w, respectively.
Despite the gains, market activity eased to USD 12.86 million, representing a 32.6% w/w decline.
Safaricom remained the market’s darling, accounting for 31.9% of the week’s turnover. The telco giant’s stock price strengthened by 4.2% w/w to KES 24.95, driven by sustained investor interest.
Power Sector Stocks Shine
The power sector was a notable gainer, with Kenya Power and KenGen surging 31.6% w/w and 23.5% w/w to KES 11.40 and KES 6.84, respectively. Kenya Power emerged as the week’s best-performing top mover, touching a 7.5-year high.
Of the banking stocks, KCB Group and Equity Group also posted gains, rising by 6.7% w/w and 5.9% w/w to KES 46.50 and KES 48.85, respectively.
Umeme closed as the week’s best-performing stock, with its price surging 54.4% w/w to KES 19.15. This gain was likely driven by investors pricing in the company’s announcement of an interim dividend of UGX 222 per ordinary share (approximately KES 7.99 per ordinary share).
Foreign investors were bullish on the market, with net inflows of USD 943,400. Safaricom led the buying charge, while Co-op Bank led the selling charge.
Despite the positive sentiment, foreign investor participation edged downwards to 18.4% from 36.7% in the prior week.
Rwanda Equities Market Review
The Rwanda Share Index (RSI) and Rwanda All Share Index (ALSI) recorded declines of 0.3% and 0.1%, respectively, during the week. This downturn was primarily driven by a 3.0% loss in MTN Rwanda’s stock price.
However, the losses were partially offset by a 0.9% gain in BK Group’s stock price.
Market Turnover Surges
Despite the decline in indices, market turnover increased significantly by 174.4% to Frw 306.2 million, up from Frw 111.6 million in the previous week.
BK Group was the most actively traded stock, accounting for 96.8% of the market’s total turnover. This dominance suggests that investors are focusing on the banking sector, particularly BK Group, which is a major player in the Rwandan financial industry.
Valuation
The Rwanda Share Index (RSI) is currently trading at a weighted Price-to-Earnings (P/E) ratio of 6.0x. This means investors are willing to pay 6 times the earnings of the companies in the index to buy a share.
A P/E ratio of 6.0x might suggest that the Rwanda equities market is relatively affordable. However, investors should consider other factors like growth potential, economic conditions, and company performance before making investment decisions.
Ghana Equities Market Review
Trading activity on the Ghana Stock Exchange (GSE) took a bearish turn this week, with both share volume and traded value experiencing significant declines. The total share volume decreased by 2.01% to 5,785,849 shares, down from 5,904,756 shares in the previous week.
This decline suggests a reduction in investor interest and trading activity.
Traded Value Plummets
The total traded value also experienced a substantial decline, decreasing by 22% to GH₵21.81 million, compared to GH₵27.82 million in the previous week.
This drop in traded value indicates a decrease in high-value transactions, which can be a sign of reduced investor confidence.
Market Capitalization Edges Up
Despite the decline in trading activity, the market capitalization of the GSE posted a marginal weekly gain, closing at GH₵137.30 billion, up from GH₵136.84 billion in the previous week.
This slight increase suggests that the overall value of listed companies on the exchange remains relatively stable.
Market Indices Show Resilience
The GSE Composite Index (GSE-CI) demonstrated resilience, closing at 6,248.48 points, representing a week-on-week gain of 0.62%, a monthly gain of 1.60%, and a substantial year-to-date gain of 27.82%.
The GSE Financial Stocks Index (GSE-FSI) also showed impressive gains, increasing to 3,376.01 points, representing a weekly gain of 1.58%, a monthly gain of 4.94%, and a year-to-date gain of 41.80%.
Malawi Equities Market Review
The Malawi All Share Index (MASI) closed the week ending June 27, 2025, on a bullish note, rising to 319,540.44 points from 307,031.13 points on June 20, 2025.
This upward movement was driven by share price gains in PCL, TNM, NBS, FDHB, and NICO.
Trading Statements Boost Investor Confidence
The positive performance of the index can be attributed, in part, to the release of trading statements by NBS Bank Plc, NICO Holdings Plc, and Telekom Networks Malawi (TNM) Plc.
These statements indicated significant increases in profit after tax for the half year ending June 30, 2025, compared to the same period in 2024.
- – NBS Bank Plc expects a consolidated profit after tax in the range of MK70.6 billion to MK73.8 billion, representing a 116.6% to 126.4% increase.
- – NICO Holdings Plc anticipates a consolidated profit after tax in the range of MK115 billion to MK125 billion, representing a 135% to 155% increase.
- – TNM Plc expects a consolidated profit after tax in the range of MK7.82 billion to MK8.27 billion, representing a 246% to 266% increase.
Beyond the closing bell….
The Chicken Who Became a Stockbroker
Once upon a time in downtown Nairobi, a chicken named Chuma inherited a smartphone, a Wi-Fi password, and the belief that he could out-trade Warren Buffett.
Chuma spent his days clucking over candlestick charts, pecking Buy or Sell on his trading app based purely on gut instinct (and occasionally, breadcrumbs on the screen). He had no formal training, but hey—neither did the stock market lately.
When asked about his strategy, Chuma replied, “I buy when humans panic, and I sell when they start tweeting rocket emojis.”
One day, rumors of an avocado shortage caused green-colored stocks to surge—just because they looked like avocados. Chuma, sensing opportunity, went all-in.
The next morning, everything plummeted. Turns out the “green stocks” were actually biotech firms testing algae-based shampoo.
Chuma blinked at the red numbers, fluffed his feathers, and said, “Well, that’s the market for you. One day you’re the cock of the walk, the next day you’re soup.”
