Weekly Economic Index: Nigeria wants to lead Africa's tech ecosystem with new Startup Act – Ventures Africa
The government of President Muhammadu Buhari has finally signed the passed the long waited Startup Bill into law- the Nigeria Startup Act.. The motion which has been on for over a year in the senate and a hot topic of discussion in the business climes
After years of high-handedness on tech startups, Nigeria wants to better position its startup ecosystem to lead the continent. The new Startup Act lays out rules and systems for how startups and governmental and regulatory bodies collaborate in order to advance the country’s growing tech ecosystem.
Market roundup
Below is the Weekly Economic roundup from Ventures Africa for the week ending 21st of October 2022. This economic index gives you a glimpse into recent activities in the African economy and price changes that could affect it.
Stock markets
Here is how stocks performed in key African markets (Nigeria, Egypt, South Africa, and Kenya) at the end of the week ending Friday, 21st of October 2022:
The Nigerian Exchange Group (NGX) All-Share Index rose by +0.15 per cent (+66.50) to close the week at 44,396.73 basis points.
Top 5 gainers
Academy Press – +9.77 %
Sterling Bank -+3.95 %
Chams – +3.85 %
Mutual Benefits Assurance – +3.57 %
Transcorp – +2.83 %
Top 5 decliners
N.E.M. Insurance – -9.98 %
Royal Exchange – -9.78 %
Morison Industries – -9.59 %
Sovereign Trust Insurance – -7.14 %
Apic Insurance – -5.56 %
The Egyptian Exchange ( EGX 30) Index rose by + 1.15 per cent ( +116.80) to close the week at 10,273.53 basis points, on Thursday 20th October.
Top 5 gainers
Maridive & Oil Services – +14.29 %
El Obour Real Estate Investment – +10.23 %
Egyptian For Tourism Resorts – +8.00 %
Aspire Capital Holding – +8.00 %
Belton Financial Holding – +7.55 %
Top 5 decliners
Egyptian Real Estate Group – -4.78 %
Medical Packaging Company – -3.70 %
Al Khair River For Development Agricultural Investment – -3.70 %
Nasr Company For Civil Works – -3.26 %
Egyptian Financial & Industrial – -3.19 %
The Johannesburg Stock Exchange (JSE) All Share Index slumped -0.39 per cent (-256.60) basis points to close the week at 65,539.25 basis points.
Top 5 gainers
Advanced Health Limited – +30.00 %
Orion Minerals Ltd – +16.67 %
Mix Telematics Ltd – +16.40 %
Cloud Atlas AMI Big50 ex-SA ETF – +13.06 %
Safest Capital Ltd – +8.59 %
Top 5 decliners
Rex Trueform Group Ltd – -20.32 %
SAB Zenzele Kabili – -12.46 %
Ellies Holdings Ltd – -11.76 %
Choppies Enterprises Ltd – -10.64%
Labat Africa Ltd – -9.09 %
The Nairobi Securities Exchange (NSE) All-Share Index dropped -1.16 per cent (-1.51) to close the week at 128.30 basis points.
Top 5 gainers
Kakuzi – +7.69 %
Liberty Kenya Holdings – +7.27 %
Kenya Power & Lighting – +6.08 %
Carbacid Investments – +3.29 %
CIC Insurance Group – +3.08 %
Top 5 decliners
Longhorn Kenya – -9.41 %
Car & General (K) –9.36 %
Standard Group – -8.75 %
East African Cables – -7.83 %
UNGA Group – -6.90 %
Currency markets
Here is how Nigeria, Egypt, Kenya, and South Africa’s currencies performed against the US Dollar at the official markets.
Oil prices
Crypto markets
According to data from Coinmarketcap, the global cryptocurrency market cap stood at $926.26 billion as of 8 pm on Sunday, 23rd of October- a 0.55 per cent increase over the previous day. Here is how the top three cryptocurrencies performed:
Tech funding
From the expert
“The Nigeria Start Act is one of the boldest moves by the government as it deliberately attempts to harvest the enormous intellectual and entrepreneurial capacity of the mind of young people, who form a larger part of the country’s population. I have seen the composition of the council and I am not sure if making the President its Chairman is a wise idea because he already has many things to deal with,” said Oladapo Olowo, Head of the Legal Department, Keystone Bank Limited.
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