African equity markets posted another mixed week, with Ghana, Kenya, and Uganda leading gains, while Morocco, Mauritius, and Tanzania softened. The divergence highlights selective flows, with frontier optimism contrasting with consolidation in more mature markets.
Ghana stood out once again as the GSE-CI climbed +4.4%, extending its year-to-date gain to an impressive +66.1% in local terms, fuelled by strong demand for banks such as Ecobank Ghana (+17.7%) and consumer plays like Fan Milk (+10.2%). Kenya added +2.5%, recovering from last week’s decline, with broad support across financials and retail counters, including Crown Paints (+15.4%), CIC Insurance (+13.7%), and Co-operative Bank (+10.4%). Uganda also advanced +1.9%, carried by Centum Investment (+8.6%) and Equity Bank (+5.9%).
Malawi sustained momentum (+0.8%), extending its world-beating rally to +236% YTD, with Press Corporation (+15.0%) and Telekom Networks Malawi (+7.8%) supporting sentiment. Zambia firmed (+0.2%), supported by Chilanga Cement (+22.5%) and Zambeef (+10.0%), while Nigeria eked out a modest +0.2%, with Zenith Bank (+9.1%), Stanbic IBTC (+9.3%), and International Breweries (+10.1%) helping to offset declines in mid-caps.
On the downside, Morocco’s MASI fell -3.0%, pressured by financials such as AGMA (-11.2%) and blue chips including Cosumar (-6.5%) and Taqa Morocco (-7.3%). Mauritius (-0.02%) and Tanzania (-0.4%) also dipped, while Botswana was unchanged. Zimbabwe recovered slightly (+1.0%) after last week’s drop, though weakness persisted in counters such as Willdale (-39.8%) and OK Zimbabwe (-12.6%), partly offset by Tigere Property Fund (+46.4%) and Tanganda Tea (+17.5%).
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Corporate and policy developments added further colour. Banco de Fomento Angola’s IPO on BODIVA closed five times oversubscribed, with trading expected to commence around September 30, marking a milestone for Angola’s capital markets. In Nigeria, the central bank cut its key rate by 50bps to 27%, its first easing in four years, while the SEC approved a transition to mark-to-market accounting for fixed income funds. Meanwhile, Guinness Nigeria extended its historic rally (+162% YTD), and in Zimbabwe, the VFEX has gained +34% YTD, cementing its role as a key USD-denominated platform for mining and consumer names. Regionally, Ecobank finalized its exit from Mozambique, and DTB Kenya announced plans to sell its Burundi unit, underscoring ongoing portfolio reshaping among banks.
