top story Africa investor Ai40 Weekly Commentary - 29 August 2016

Steep losses by Kenyan banks this past week sent the Ai40 Investors’ Index into a sharp drop. Last week’s value of 94.99 points was wiped away by a 2.21-point decline. This was a loss of some 2.32% and resulted in a close on Friday of 92.78 points, which could not even be offset by Ecobank’s huge leap by almost a quarter of its value. Investors last week were eagerly anticipating remarks by Chair of the US Federal Reserve, Janet Yellen. The remarks, when they came, sent markets into their weekly biggest losses since Brexit. Yellen stated that "the case for an increase in US short-term interest rates has strengthened in recent months", according to the Wall Street Journal, which "sparked an initial reaction to sell stocks that quickly reversed itself". At Friday’s close, the Dow Jones Industrial Average lost 0.29%, or 53.01 points, to close the week at a value of 18,395.40. The Nasdaq Composite Index closed up by 0.13%, or 6.71 points, to end the week at a value of 5,218.92, while the S&P 500 dropped 0.16%, or 3.43 points, to close Friday on a value of 2,169.04. Gainers After spending last week on the losers’ list, Togo-based Ecobank made a sterling comeback with a huge leap of 23.9% in value to record this week’s best performance by far. The company found itself in high demand last week on the BRVM (Bourse Régionale des Valeurs Mobilières) on which it is listed. The Moroccan-listed arm of LafargeHolcim founds itself way back in second place with a relatively minimal gain of 3.1% and was followed by Telecom Egypt, which gained just 2.8%... Click through for more


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