African stock markets maintained their momentum this week, with several exchanges posting strong gains supported by favorable earnings, monetary policy developments, and notable corporate events. The bullish tone that dominated last week—driven by IPO announcements and product innovation—extended into early August, although with some divergence in performance across regions.
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The Nigerian Exchange posted another strong week, rising +5.07%, making July its best month so far in 2025 with a +16.57% return. MTN Nigeria became the most capitalized stock in the country, gaining +20.00%, as investors responded positively to its leadership in telecom and mobile money. Among top gainers were UAC of Nigeria (+60.69%), boosted by the announcement of Coca-Cola’s sale of CHI to the group, and Me Cure (+41.52%). However, profit-taking hit last week’s top performer The Initiates Plc (-14.76%) and Secure Electronic Tech (-13.04%).
Malawi’s MSE extended its outstanding run, up +5.03% this week and +128.49% YTD in local currency. Standard Bank Malawi (+34.31%) rebounded sharply after last week's stock split. Sunbird Tourism (+14.99%) and National Investment Trust (+11.11%) also contributed to the rally.
The Bank of Ghana delivered a historic 300bps interest rate cut, fueling a broad-based rally. The GSE-CI gained +4.82%, extending its YTD return to +43.08% (+92.01% in USD terms). MTN Ghana (+9.23%) and Republic Bank (+12.90%) were among key movers.
The Zimbabwe Stock Exchange rose +3.85% after recent turbulence. Gains were led by BAT Zimbabwe (+47.78%), Revitus REIT (+24.64%), and Mashonaland Holdings (+21.59%). On the VFEX, investor anticipation grew ahead of Kavango Resources’ listing on August 29.
The Nairobi Securities Exchange fell -0.98% this week. While Sameer Africa (+47.64%) and Olympia Capital (+14.87%) posted strong gains, the broader market remained under pressure. Investor attention is now turning to regulatory changes, with the 100-share minimum trading rule set to be dropped starting August 8, a move designed to attract more retail participation.
The EGX30 added +0.21%, with Misr Oils and Soap (+88.82%) and Misr Cement Qena (+33.90%) among standouts. Meanwhile, Alexandria New Medical Center (-10.55%) reversed sharply after last week’s +28.76% surge. Investor focus also shifted as Orascom Construction announced a move of its primary listing to the Abu Dhabi Securities Exchange (ADX).
The NSX declined -2.21% this week as investors digested the government’s newly unveiled 2025–2035 Financial Sector Transformation Strategy, which aims to deepen capital markets, expand green finance, and modernize the financial system. The plan targets a 70% increase in investor participation and the annual launch of five new financial instruments.
BRVM (+0.55%) saw solid moves from Unilever CI (+43.37%) and Alios Finance (+23.74%), while in Central Africa, the BVMAC IPO of BGFI Holding was postponed due to shareholder disputes.
