Recent report by United Nations Conference on Trade and Development (UNCTAD)If Africa continues to depend on major exports, primarily in agriculture, mining and mining, Africa might be caught in a entice of poverty. The report confirmed that commodities nonetheless account for greater than 60 % of complete commodity exports in 45 of the 54 continental countries.
UNCTAD reveals that knowledge-intensive companies corresponding to data and communications know-how, ICT and monetary companies might be groundbreaking for Africa. However, they level out that this sector at present accounts for less than 20 % of continental service exports.
Below is the Ventures Africa Weekly Economic Index for the week ending July 15, 2022. This financial index offers a glimpse of current exercise within the African economic system and any value adjustments that will have an effect on it.
Stock market
Stock efficiency in main African markets (Nigeria, Egypt, South Africa, Kenya) over the weekend is as follows:
NGXAll-ShareIndex is 1.27% 52,215.12 End the week with foundation factors.
Top 5 winners
Academy Press PLC – + 16.93%
CWG PLC – + 12.50%
Caverton Offshore Support grpPLC – + 12.30%
Wemabank PLC – + 10.00%
Airtel Africa PLC – + 10.00%
Top 5 decliners
Fidson Healthcare PLC – -21.58%
Cornerstone Insurance PLC – – 17.39%
Multiverse Mining and Exploration PLC – – 13.33%
Ikeja Hotel PLC – – 11.36%
NNig. Miller PLC. – – 9.95%
The EGX 30 completed the week at 8,772.93 factors, up 0.1% from 8,764.25 factors final Friday.
Top 5 winners..
Sharm Dreams Co. – + 6.30 for tourism funding
Dice Sports & Casual Wear – + 5.97
International Co For Investment & Development – + 5.95
Remco for the development of a vacationer village – + 5.70
Alexandria Spinning & Weaving (SPINALEX) – +5.16
Top 5 decliners
Dice Sports and Casual Wear Rights Issue – -80.00
Abu Dhabi Islamic Bank Rights Issue-Egypt – -65.19
Reacap Financial Investments – -5.38
ObourLand for the meals trade – -4.33
Elwadi for International and Investment Development – -4.09
The Johannesburg Stock Exchange closed at 65,088.90, down 3.19% weekly.
Top 5 winners..
Telkom SA SOC Ltd – + 26.08%
Kibo Energy Plc – + 25.00%
Alphamin Resources Corp – + 12.22%
Grindrod Shipping Hldg Ltd – + 10.54%
Tongaat Hulett Ltd – + 10.23%
Top 5 decliners
Trustco Group Holdings Ltd – -36.25%
Chrometco Ltd – -14.29%
Jasco Electronics Holdings Ltd – -10.71%
4Sight Holdings Limited – -9.52%
Cloud Atlas AMI Big50 ex-SA ETF – -9.35%
The Nairobi Stock Exchange (NSE) All Shares Index rose 3.9% from 138.45 factors to 142.33 factors.
Top 5 winners
Olympia Capital Holdings – + 8.00%
Everready East Africa – + 4.00%
Nairobi Business Venture – + 3.78%
CIC Insurance Group – + 2.97%
Nairobi Stock Exchange – + 2.93%
Top 5 decliners
Stanbic Holdings – -10.00%
Standard group – -9.92%
BK Group – -8.47%
Jubilee Holdings – -4.33%
ABSA Bank Kenya – -3.56%
Currency market
Here’s how the Nigerian, Egyptian, and South African currencies labored towards the US greenback within the official market.
- Nigeria Naira began the week at N424.62 / $ and ended at N430.33 / $ 1.
- The Egyptian pound began the week at 18.886 EGP / $ 1 and ended at 18.8825 EGP / $ 1.
- South African Rand began the week at 17.0857 ZAR / $ 1 and ended at 17.0766 ZAR / $ 1.
Oil value
Brent crude begins at $ 105.59 every week $ 101.61 Friday, July fifteenth.
Cryptographic market
As of July 17, 2:00 pm WAT, the worldwide cryptocurrency market capitalization was $ 97.172 billion. The efficiency of the highest three cryptocurrencies is:
- Bitcoin (BTC) rose 0.38% in every week to attain $ 21,374.43
- Ethereum (ETH) rose 14.42% in every week to attain $ 1,353.71.
- Binance Coin (BNB) rose 6.52% to $ 252.18 in every week.
Technical funding
- Nigerian Fintech Startup Swipe – A credit-focused know-how firm that strengthens its enterprise in Africa by offering credit score options that allow enterprise development and enlargement by way of credit score purchases. Credit-focused know-how firms have entry to quite a lot of credit score companies. To broaden, we raised US $ 500,000 in pre-seed funding this yr.
- Zazuu, a cross-border cash switch service, lately raised US $ 2 million from Launch Africa, Founders Factory Africa, Hoaq Club, Tinie Tempah, Jason Njoku CEO IrokoTV, Babs Ogundeyi, CEO Kuda Bank, and different angel buyers. Has been accomplished. The world’s first honest remittance cost service for Africans within the Diaspora.
- Persistent Energy has raised US $ 10 million in Series C funding to develop its local weather enterprise constructing enterprise in Africa in a spherical led by Kyuden International Corporation.
From an skilled
Ibukunoluwa Akinride, an economist on the Nigeria Economic Summit Group (NESG), displays the sentiment of the United Nations, albeit for exports which can be by no means useful to Nigeria. He known as for the suspension of exports of crude oil, a serious extract product for refining on international coasts in Nigeria. He emphasizes that the complete mysterious and gloomy means of crude oil imports and exports is burdening the nation in some ways.
“Gasoline pricing is unsustainable as a result of the federal government is paying a lot and dragging conversations over subsidies. Nigeria consumes as a result of its refineries are dying. Do not refine gasoline. If you refine in your nation, you’ll save extra cash. Saudi Arabia’s world’s most worthwhile oil firm, Saudi Ramco, is the oil itself. Nigeria wants to fastidiously contemplate recreating this feat on the African continent and all through the world, “he stated.
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