African stock markets show divergent trends across Nigeria, Ghana, and Kenya

African equity markets are showing divergent trends. In Nigeria, the Nigerian Exchange (NGX) has faced significant volatility, with market capitalization recently dropping by ₦1.47 trillion to ₦159.26 trillion due to sell-offs in blue-chip stocks like Dangote Cement and major banking institutions. Despite these fluctuations, NGX Group Chairman Alhaji Dr. Umaru Kwairanga noted that market capitalization has grown from under ₦50 trillion to over ₦160 trillion since the start of the current administration.

In Ghana, the Ghana Stock Exchange (GSE) reported a rise in market capitalization to GH¢271.26 billion, driven by a 2.43 per cent gain in the GSE Composite Index. However, this growth occurred alongside a sharp decline in trading volumes and value.

Other regional markets also reported mixed results. The Nairobi Securities Exchange (NSE) saw a decline in its indices as institutional investors adjusted portfolios ahead of elections and faced competition from US Treasury yields. In Tunisia, the Tunindex saw a slight gain of 0.2 per cent, while Egypt’s EGX30 rose by 0.40 per cent. The Dar es Salaam Stock Exchange experienced a softer week with a 28.16 per cent decline in total turnover.