African markets ended the week on a mixed note, with strong gains in Malawi (+9.0%), Zambia (+4.3%) and Uganda (+3.5%) offset by declines in Nigeria (-2.5%), Tanzania (-2.7%) and Ghana (-0.9%). The BRVM (+1.4%) and Kenya (+2.6%) extended last week’s upward momentum, while Tunisia (-0.2%) and Botswana (+0.1%) traded broadly flat.
North Africa remained steady: Egypt’s EGX 30 rose slightly (+0.1%) after last week’s pullback, while Morocco’s MASI gained (+0.7%) to continue its solid year-to-date rally. South Africa’s JSE ASI advanced (+0.8%), sustaining the recovery seen in the previous week.
Nigeria was the main drag, with the NGX ASI sliding (-2.5%) after modest losses last week, as profit-taking weighed on banking and cement majors. Tanzania also deepened its correction (-2.7%), led by weakness in financials.
On the corporate side, Turnall Holdings (Zimbabwe) surged +85.7%, topping the gainers’ list, followed by Eaagads (+50.7%) and Nairobi Securities Exchange Plc (+46.5%) in Kenya. Malawi’s Standard Bank (+32.3%) and Tanzania’s DCB Bank (+39.0%) also posted outsized rallies. Conversely, Tanzania’s NICOL (-32.7%), Kenya’s Eveready (-30.3%), and Olympia Capital (-23.2%) led the week’s sharpest declines, while Nigeria’s NEM Insurance (-18.2%) and Zimbabwe’s National Tyre Services (-15.6%) also retreated heavily.
Overall, sentiment remained selective: frontier markets such as Malawi, Zambia and Uganda continued to attract flows, while Nigeria and Tanzania saw sustained selling pressure. Compared with last week, breadth improved slightly, with more indices ending in positive territory.
