African equity markets rebounded sharply this week, with several major indices reversing prior losses and others extending strong upward trends. The overall tone turned more constructive, supported by renewed investor appetite, corporate developments, and a flurry of listing activity across the continent. Compared to last week’s mixed performances, this week showed a clear bias toward recovery and momentum.

Egypt’s EGX 30 staged a dramatic comeback, jumping +7.02% after a steep -6.96% drop last week. This surge was driven by speculative enthusiasm and key listings: valU, a leading consumer finance platform, made its market debut on June 23, attracting strong investor demand. Meanwhile, upstream news also helped sentiment — EGAS awarded six natural gas exploration blocks worth $245 million, reinforcing investor optimism in Egypt’s energy sector. Top gainers included the Certificates of Odin Investment Fund (+148.34%), Orascom Investment Holding (+31.25%), and Egyptian Financial & Industrial (+32.56%).

Malawi once again stood out, adding +4.07% to last week’s +5.69%, pushing its YTD performance to +85.74%. While banking names like NBS Bank had driven last week’s rally, this week saw strength in Press Corporation (+27.50%), illustrating broader investor confidence in the country’s top corporates.

Kenya’s NSE ASI also turned in a strong week, rising +4.65%, after a quieter +0.90% gain the week prior. This renewed momentum was driven by big moves in utilities and infrastructure, including Kenya Power (+31.64%), KenGen (+23.47%), and Sameer Africa (+22.49%). The surge reflects a return of investor confidence after months of uncertainty.

Nigeria’s NGX ASI gained +1.57%, following a +2.35% advance the previous week. While the pace slowed, the market remained active, led by Neimeth Pharmaceuticals (+60.54%) after shareholders approved a ₦20 billion capital raise. However, sentiment was slightly dampened by news of yet another delay in the IPOs of Dangote’s fertilizer and refinery units.

Morocco’s MASI Index recovered +4.81%, fully erasing last week’s -2.50% decline. Investors returned in force to small- and mid-cap names like IB Maroc (+60.98%), Involys (+60.90%), and Stroc Industrie (+45.29%), suggesting the correction was short-lived.

Tunisia’s TUNINDEX added +2.46%, accelerating from last week’s +0.90%, and pushing its YTD gain to +16.29%. The market is gaining attention ahead of Taraji Holding’s IPO, a unique listing blending sports and finance.

Francophone Africa saw some divergence: the BRVM Composite fell -1.18% after strong recent gains. Losses in FILTISAC (-23.75%), Servair Abidjan (-17.11%), and SOLIBRA (-8.49%) weighed on the index. Elsewhere in the region, the Central African BVMAC gears up for a major event: BGFIBank is launching its long awaited IPO on July 15, seeking to raise CFA 15.7 billion, in what could be a turning point for regional capital markets.

Ghana’s GSE-CI rose modestly +0.62%, but trading activity plunged — volumes dropped over 67%, resulting in a flat end to the week. Investor sentiment remains cautious amid tight liquidity.

In Southern Africa, Zimbabwe’s ZSE bounced +1.55%, reversing last week’s -0.98% loss, although it remains in negative territory for the year. Momentum may improve in coming weeks, as the Zimbabwe Stock Exchange prepares for its own self-listing on July 9, a rare and symbolic move in regional markets.

Top 5 Weekly Gainers

Top 5 Weekly Losers