top story Africa investor Ai40 Weekly Commentary - 27 June 2016

What a week for global markets! Britain’s exit from the European Union caused markets worldwide to plunge on the news. In addition, Nigeria’s currency plunged by 31% to 288.85 naira against the US dollar on the newly-established interbank market last Monday. As a result, Nigerian stocks declined and have taken all five of the lowest spots on the Ai40 Index this week. The Index now stands on a value of 93.59, down 2.14 points, or 2.23%, from last week’s close of 95.73. Global stock markets lost more than US $2 trillion in value on the back of ‘Brexit’ - the largest single day drop since 2007. Investors fled the risky assets and found sanctuary in safe havens such as gold. Although this was clearly a knee-jerk reaction, markets are expected to be volatile in the coming week. US stocks fell more than 3% and the Dow and S&P wiped out any gains they’d made this year. At Friday’s close, the Dow Jones Industrial Average was down 3.39%, or 610.32 points, to close the week at a value of 17,400.75. The Nasdaq Composite Index closed down by 4.12%, or 202.06 points, to end the week at a value of 4,707.98, while the S&P 500 dropped 3.59%, or 75.91 points, to close Friday on a value of 2,037.41. Gainers South Africa was the major winner on the Index this week, taking four of the five top positions. Enjoying gold’s status as a major safe haven, AngloGold Ashanti was the week’s best performer. Jumping 11.3%, the South African miner last week asked the World Bank’s International Centre for Settlement of Investment Dispute (ICSID) "to make an urgent order compelling Ghana to use its authority to return peace and stability to Obuasi Gold Mine," according to GhanaWeb. Standard Bank took second place with a gain of 9.6%. Click through to read 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