top story Africa investor Ai40 Weekly Commentary - 27 July 2015

Last week’s sigh of relief was short-lived as the Ai40 Index once again ended the week negatively. It was down 1.17 points from last week’s value of 105.51. This means that the Index lost 1.1% to close the week down at a value of 104.34. This time last year the Index was sitting on a value of 127.97. This means that the Index has lost almost 18.5% of its value over the past year. US markets also had a pretty poor session, with the S&P 500 suffering its biggest weekly loss since March, falling 2.2% over the week. The Dow Jones lost 2.9% over the week and the Nasdaq lost 2.4%. This followed an investor sell-off of stocks of materials, energy and industrials companies after a dramatic slide in commodities prices, especially that of gold and oil. At Friday’s close, the Dow Jones Industrial Average lost 0.92%, or 163.39 points, to close the week at a value of 17,568.53. The Nasdaq Composite Index dropped by 1.12%, or 57.78 points, to end the week on a value of 5,088.63, while the S&P 500 was down by 22.50 points, or 1.07%, to close at 2,079.65. Gainers The winners’ list this week was led by Senegalese telecoms company Sonatel, which gained a robust 7.6%. The company announced its interim results last week and reported a rise in net profits to CFA112.33 billion (US $187.5 million) in the first half of 2015, compared with CFA97.67bn over the same period in 2014. Two Kenyan stocks followed. In second place, East African Breweries trailed with a gain of 3.4% while telecoms company Safaricom jumped by 2.6%. In fourth position, Morocco’s Banque Centrale Populaire gained 2.1% and, in its second-straight week on the Index, Egypt’s biggest lender Commercial International Bank (CIB) increased in value by a measly 1.8%. The lower oil prices are weighing heavily on Egypt’s stock exchange, which ended the week down one percent.


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