African stock markets, with their great diversity, offered a multi-tempo performance this week, between sectoral surges, tactical arbitrages, and micro-corrective shocks. Against the backdrop of a calm summer for institutional investors, who are fans of buy and hold strategies, volatility returns to its former levels, giving speculators the upper hand. In the background, the upcoming IPOs of National Investment Bank in Accra and BGFI Holding Corporation in Libreville are shaping a silent reconfiguration of the balance of power in regional stock markets.
The star of the moment remains Ghana, with its GSE-CI index up by +4.48% for the week, reaching +36.5% since January 1st. The prospect of a new banking listing boosts expectations. MTN Ghana alone sets the pace with a jump of +9.06%, reflecting a persistent growth premium on the market’s largest capitalization.
Just behind, Nigeria continues its upward trend (+2.18%), driven by a rush on mid & small caps. The Initiates Plc surges by +60.82%, Academy Press shines at +33%, and Wema Bank surprises with +23.6%. The attraction for domestic stocks is renewed by solid half-yearly reports and a resurgence of confidence in local savings mechanisms.
Egypt records a gain of +1.95% on its EGX 30, in a sequence dominated by the healthcare sector: Alexandria New Medical Center (+28.76%) and Arab Drug Company (+25.65%) capitalize on sector consolidation prospects. The primary market confirms its leading role with the success of National Printing’s IPO and the oversubscription of Bonyan’s private placement (multiplied by 6.88), a strong signal of increasing depth in demand.
Nairobi, long struggling, is waking up: the NSE 20 gains +1.65% following the listing of SKL and the launch of the first ETF on the market – the Satrix MSCI World Feeder ETF – marking a major technical advancement in market sophistication.
The BRVM progresses by +1.45%, driven by bullish flows on Sonatel and Ecobank CI. With +12.82% YTD, the regional stock exchange capitalizes on its resilience. The imminent IPO of BGFI Holding Corporation on the BVMAC (July 31st, 80,000 FCFA/share) sharpens the appetite of managers seeking attractive valuations in pan-African banking exposures.
In Johannesburg, it’s not so much the weekly performance (+0.23%) as the symbol that strikes: the FTSE/JSE All Share surpasses the 100,000 points threshold, a thousand times its 1960 level. A milestone with strong psychological impact, supported by big mining, banking, and technology caps.
Malawi, on the other hand, stands out negatively with a sharp decline of -9.71%, following the collapse of Standard Bank Malawi Plc (-80%), triggering a purge after a speculative surge (the stock remains at +92.86% YTD). Namibia (-0.61%) and Tanzania (-0.29%) experience technical adjustment declines. Zimbabwe (+1.31%), facing regulatory instability, remains on the edge, while the delisting of Truworths still weighs on market sentiment.
Finally, in the Maghreb, the Casablanca Stock Exchange continues its steady ascent: +1.23% for the week, +31.35% since January. Tunisia (+0.74%) and Uganda (+0.80%) round out the table with discreet but steady progressions, typical of markets with little correlation to global risk.
The IPO dance is shaping up to be the next catalyst for African stock exchanges. Investors, whether long-term or passing speculators, will have a keen interest in adjusting their strategy in this new cycle of expanding the continental float.
