top story Ai40 Weekly Commentary - 30 March 2015

The Ai40 Index dropped slightly over the week as South Africa was unable to sustain the good performances from last week. Instead it was Nigeria’s week to shine, making a welcome change from last week. In fact, they took four of the five top positions this week. Despite this, the Index dropped 0.15 points, or 0.13%, to close on 110.76, down from last week’s 110.91. Friday’s close saw the markets end a four-day losing streak with slight gains, but still ended the week with the biggest loss since January. Reports show that US growth rates remain unchanged but that corporate profits have fallen for the first time since 2008. The Dow Jones Industrial Average gained 0.19%, or 34.43 points, to close at a value of 17,712.66. The Nasdaq Composite Index jumped 0.57%, or 27.86, to end the week on a value of 4,891.22, while the S&P 500 was up 0.24%, or 4.87 points, to close at 2,061.02. Gainers Four of the top five gainers this week were banks, and three of those were Nigerian. Zenith Bank took the top spot with a 12.8% gain. It was followed closely by First Bank, which has spent several weeks this year in the bottom position; it gained 12.4%. Stanbic IBTC Bank took fourth place with a 6.0% jump. Despite concerns over the outcome of Nigeria’s elections, the NSE All-Share Index recorded five straight days of gains. Standard Bank was in third place this week; the South African bank gained 6.2%. Nigerian Breweries took the last spot on the winners’ list with a 5.6% increase. According to Ventures Africa, Nigeria’s US $2.4 billion alcohol market is set to benefit from rivals Nigerian Breweries and Guinness Nigeria’s battle for the bitters market.


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