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A rough 2,492-carat diamond—the second-largest ever discovered in the world—was found in Botswana at the Karowe mine, famed for producing some of the largest diamonds and operated by Canada’s Lucara Diamond.

Fun fact: Botswana accounts for about 20% of the world's diamond production. Read more about the latest find here.

Also in today’s newsletter:

• BRVM reaches 7-year high

• Wasoko and MaxAB unify

• Mpox shots soon to arrive

• Weak passports fail to thrive

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Markets Wrap

African equity markets showed positive performance this week. South Africa's FTSE/JSEASI gained 0.92%, Nigeria's NGX ASI rose 0.64%, and Kenya's NSE NASI increased by 1.15%. BRVM indices also saw modest gains.

Cryptocurrencies had mixed results. Bitcoin rose 0.76%, while Ethereum experienced a significant drop of 6.52%, highlighting the sector's ongoing volatility. Commodities performed well overall. Gold saw a slight increase of 0.43%, while oil rebounded strongly with a 3.04% gain, suggesting improved sentiment in energy markets for the week.

Markets

• BROrange CI Drags BRVM Indices Down Amid Profit-Taking

• Emerging Markets Stocks Rally as US Signals Imminent Rate Cuts

• Investors Flee Chinese ETFs as Emerging Market Debt Draws Interest

• Major Oil Spread Widens as Concerns Grow Over Libyan Supply

• Zimbabwe to Launch Commodities Trading on Exchange by Year-End

Earnings

• Ivorian Lender NSIA Banque CI Posts 28% Net Income Growth

• South Africa's Largest Gold Producer Harmony Sees Profits Double

• StanChart Profit Surges 48% on Higher Lending, Fees Revenue

• Kenya's BOC Half-Year Net Profit Up 23% on Lower Costs

• South African Lender Absa Reports Lower Half-Year Profit

Dividends

• Kenyan Lender NCBA Increases Interim Dividend After Jump in Profits

• BRVM-Listed CFAO Motors to Pay Out Over $5m in Dividends

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The Week’s Top Stories

Soaring stocks

BRVM Stock Market Hits 7-Year High as Telecom Rivalry Spurs Rally

Telecom giants Sonatel (SNTS) and Orange Côte d'Ivoire (ORAC)'s rivalry for market leadership on the BRVM stock market helped the benchmark Composite index gain 1.93% last week.

That surge saw the market close at 252.92 points, a recovery from the previous week's slight dip of 0.16%, putting total market capitalization at well over $15bn.

The index has reached a level not seen since 2017, reflecting the heightened investor interest spurred by the telecom sector's performance.

Category king

African B2B E-Commerce Giants Wasoko, MaxAB Complete Merger

Two of Africa's largest B2B e-commerce platforms, Kenya-based Wasoko and Egypt-based MaxAB, have finalized their merger (considered the largest in African tech) after eight-month-long negotiations.

The transaction creates a combined entity with Africa’s largest B2B informal retailer network – over 450k and 16 subsidiaries across the continent – aiming to capture a $600bn informal retail market.

Notable investors like Tiger Global, Silver Lake, Avenir, and British International Investment had collectively invested over $240m in the companies before the merger.

Vaccine relief

Mpox Shots Set to Start Arriving in Congo From September 1

Mpox vaccines are expected to arrive in the Democratic Republic of Congo from September 1, as the region battles a deadly outbreak that has escalated into a global health emergency.

On Tuesday, Africa Centres for Disease Control and Prevention (Africa CDC) announced that around 380k vaccines have been secured, with distribution plans targeting vulnerable populations.

The vaccine deployment coincides with the World Health Organization's (WHO) launch of a preparedness and response plan on Monday. More than 23,000 people have been infected so far.

Headline Roundup

A summary of the major business, tech, and finance headlines of the past week.

Economy & Macro

• Nigerian GDP Expands 3.2% in Second Quarter on Services Sector

• S&P Latest to Downgrade Kenya's Credit Rating After Fitch, Moody's

• South Africa, Senegal Records Lowest Inflation in Years

• Zimbabwe Inflation Surges as New Gold Currency Faces Challenges

• Botswana, Rwanda Central Banks Cut Key Interest Rates

M&A and Corporate Deals

• Tekedia Capital Acquires Troubled Nigerian Edtech Startup Quizac

• Carlyle-Backed Apex to Set Up Botswana’s First Fund Administrator

• Endeavour Mining, Lilium Settle Dispute Over African Gold Mines

Startups and VC

• Binance Taps Africa's Mobile Money Boom to Expand Crypto Access

• Solarise Gets $8.9m From Mergence For Renewable Energy Push

• South Africa's TymeBank Plans Indonesia Expansion in Asia Push

• Talent Firm Andela Taps Ex-Uber Executive Carrol Chang as New CEO

• Sukhiba Raises $1.55m Seed Extension to Expand CRM Platform in Africa

Fundraising and Accelerators

• US Development Agency to Back Liquid Telecom in $225m Raise

• Visa Backs Kenyan HR and Payroll Startup Workpay in $5m Round

Must-Reads on Daba

Boost your investing IQ with educational blogs and thematic articles on Africa.

Learn

• Defensive Stocks: What to Buy During Market Downturn

• How to Build a Diversified Portfolio Using Alternative Investments

• Bond Yields: What They Are and Mean for Your Investments

• Treasury Bonds: Your Ultimate Guide to Govt Securities

Insights

• Nsia Banque Delivers Strong Profitability, Boosting Shareholder Value

• CFA Franc: A Hedge Against Weak African Currencies

• WAEMU: Inside the West African Regional Bloc

Perspectives

• The Almanack of DFS Lab: Making Sense of VC Investing in Africa

• Is Africa’s Growth-Driven Fintech Boom Built to Last?

Opportunities Corner

Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.

• Open Startup Grow Program (Aug 31)

• Tholoana Enterprise Program (Sep 9)

• Future of Capitalism (Sep 30)

• Mastercard Agribusiness Challenge (Nov 22)

Chart of the week

Get more context into themes shaping Africa’s investing landscape.

Africa’s weakest passports: The latest Henley Passport Index highlights the stark disparities in global mobility for African nations. Somalia's passport, granting visa-free access to a mere 35 countries, ranks as the continent's weakest in 2024 while powerhouses like Seychelles and Mauritius enjoy travel privileges akin to Europeans. The rankings underscore the complex interplay of geopolitics, economics, and diplomacy that shapes international travel access. Click here or tap the button below to read the article.

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Catch you next week!