top story Africa investor Ai40 Weekly Commentary - 25 May 2015

Although it was another week of slight movement, the Ai40 Index wiped out the gains made last week and is back to hovering just above the 113 mark. Settling on 113.01 at Friday’s close, the Index lost 0.93 points, down from last week’s value of 113.94. This is a loss of 0.81% and is due, in large part, to negative movement by North African telecommunications stocks. In US markets, Friday’s uneven session ended modestly lower despite the gains attained during the week. Following an economic outlook speech by Federal Reserve Bank Chief Janet Yellen, in which she said she expects to raise interest rates sometime this year, stocks sold off towards the end of the day. At Friday’s close, the Dow Jones Industrial Average lost 0.29%, or 53.72 points, to close down at a value of 18,232.02. The Nasdaq Composite Index dropped 0.03%, or 1.43 points, to end the week on a value of 5,089.36, while the S&P 500 was down 4.76 points, or 0.22%, to close at 2,126.06. Gainers Zenith Bank topped the gainers’ list this week; the Nigerian bank gained 4.2%. Nigeria’s Leadership reports that 15 listed banks on the floor of the Nigerian Stock Exchange (NSE) have recorded a total profit after tax of N168 billion for the first quarter, March 31, 2015: "this represents an increase of N23 billion or 15.86% compared to N145 billion profit recorded by the same financial institutions in the same period in their 2014 results." Egypt’s Commercial International Bank followed with a gain of 3.7%.


Uche Orji
CEO of the Nigerian Sovereign Investment Authority, speaks at the Ai Investment Summit
Bob Diamond
Co-Founder, Atlas Mara, speaks at the Ai CEO Institutional Investment Summit
President Mahama
of Ghana speaks at the Ai CEO Institutional Investment Summit
President Museveni
of Uganda speaks at the Ai CEO Institutional Investment Summit