Ghana Stock Market Surges 9% Weekly as Africa Equities Show Regional Divergence
Quidah is an online platform that connects investors with curated opportunities and expert insights on Africa’s emerging markets, while offering businesses promotional services, partnership facilitation, and market intelligence to attract capital and grow their operations.
Industries
African equity markets diverged sharply last week, with West and East Africa maintaining momentum while North Africa consolidated, according to the African Markets Weekly Brief dated February 27. Ghana’s GSE stole the show, advancing 9.01% to reach 46.74% YTD in local currency, cementing its status as the continent’s top performer.
BRVM climbed 3.81% to 20.81% YTD (strong in USD terms), Kenya rose 2.95%, and Tanzania gained 2.63% while holding 44.35% YTD. South Africa’s JSE posted a robust 4.42% weekly increase. Nigeria bucked the trend, down 1.11% despite solid YTD gains of 23.91% local/32.24% USD, dragged by Morocco (-3.00%) and Egypt (-2.87%).
Financials and insurance drove Ghana’s rally: SIC Insurance +57.89%, Société Générale Ghana +52.05%, Enterprise Group +51.11%. Kenya saw Uchumi Supermarkets +59.24% and Flame Tree Group +40.10%; Nigeria’s Standard Alliance Insurance +56.67% and Vetiva Banking ETF +28.33%. BRVM’s SOLIBRA +24.02% and Zimbabwe’s Dairibord +36.00% also shone.
Declines hit Nigerian ETFs hard (Greenwich Alpha -27.10%, Stanbic IBTC ETF 30 -27.10%), alongside ABC Transport -25.00%, Zimre Holdings -27.98%, and Uganda’s Umeme -24.79%. Nigeria’s CBN cut its policy rate 50bps to 26.5%, launching a cautious easing cycle amid inflation watch.
The NGX suspended Zichis Agro-Allied Industries trading after an 859% monthly surge, launching an integrity probe into low-float speculation risks. JSE welcomed Aimia Inc.’s first 2026 Main Board secondary listing from Toronto.
Egypt’s EGX launches futures market March 1 with EGX30 contracts, adding hedging tools post-regulatory nod. Kenya Pipeline IPO oversubscribed, closing with listing set for March 9, reflecting strong local appetite for infrastructure privatisations.
