Good day! 

Public health officials in Africa are in a race to contain an outbreak of mpox that’s already infected at least 19,000 people, with the first set of vaccines set to arrive next week.

Also in today’s newsletter:

• BRVM stocks take a breather

• More half-year financials out

• Inflation slows down in Africa

• Daba in Ecobank Challenge final

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Markets Wrap

The African equity markets show a mixed performance this week. South Africa's FTSE/JSEASI had a positive 3.49% gain, while Nigeria's NGX ASI and Kenya's NSE NASI saw weekly declines. The WAEMU region's indices, BRVM-CI and BRVM 30, showed modest weekly increases.

Cryptocurrencies struggled, with Bitcoin and Ethereum both experiencing weekly drops of -2.52% and -4.68% respectively, reflecting continued volatility in the digital asset space. Commodities were also mixed, with gold rising 1.97% but oil and other energy-related commodities experiencing weekly losses, likely due to ongoing global economic uncertainties.

Markets

• BRVM stock market rally halts on Nestle, SIB dip

• SA rand slips as appetite for emerging markets assets wanes

• South Africa stocks surge to historic highs on rate cut bets

Earnings

• MTN posts first loss in eight years on currency devaluations

• Kenya Airways makes first half-year profit in over a decade

• Nigeria state oil company posts 29% increase in full-year profit

• South Africa's Sasol profit plunges 66% on weak chemical prices

Dividends

• BRVM-listed CFAO Motors to pay out over $5m in dividends

A Message From Daba

24 Hours To Go: Opportunity to Maximize Your Savings with Ivorian Treasury Bonds on Daba!

Opportunity to invest in Ivorian sovereign debt backed by the Ministry of Finance and Budget. These bonds offer attractive, stable, and government-guaranteed returns.

Key Details:

• Type: Treasury Bonds

• Issuer: Ivory Coast Government

• Tenure: 5 (2024-2029) and 7 years (2024-2031)

• Interest Rates: 5.90% and 6.00%

• Offer Price: 10,000 FCFA or US$17

• Offer Closing Date: August 22, 2024

This exclusive opportunity ends in just 24 HOURS! So act now.

Head to the Daba app now to learn more.

Disclaimer: Informational purposes only.  Not the offer or sale of a security. Investing is risky. Do your own research.

We're proud to announce that Daba has made it to the final of the prestigious Ecobank Transnational Incorporated Fintech Challenge 2024!

As Africa’s first multi-asset investment infrastructure provider, this further "validates our mission to empower retail and institutional investors by providing seamless access to diverse investment opportunities", notes Boum III Jr, our CEO & Co-founder.

CLICK HERE to read the full announcement here.

In another exciting news, Daba has partnered with US-based Fundr to make African investment opportunities accessible to accredited US investors through Fundr’s innovative platform. 

Learn more about our latest partnership HERE.

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The Week’s Top Stories

Cooling prices

Inflation slows in African economies as central banks start to cut rates

Across Africa, several countries reporting a slowdown in consumer price growth. South Africa, Ghana, Nigeria, and Ivory Coast have all seen their inflation rates ease, with South Africa's reaching a three-year low of 4.6%. 

This positive trend has led to interest rate cuts in countries like Rwanda and Namibia while Zambia recently held its rates steady, as policymakers aim to balance economic growth and price stability.

The moderation in inflation is a welcome relief for consumers grappling with the rising cost of living. However, challenges remain, as factors like geopolitical tensions and adverse weather conditions continue to pose risks to commodity and food prices.

Crypto regulation

Nigeria, Ghana the latest nations in Africa seeking to license VASPs

Amid surging cryptocurrency adoption across Africa, Nigeria and Ghana are taking significant steps to regulate the virtual asset market.

Nigeria's SEC plans to issue the country's first licenses for digital services and tokenized assets this month, marking a crucial milestone. Ghana's central bank has also introduced draft regulations mandating Virtual Asset Service Providers (VASPsP to register and adhere to stringent standards. 

These initiatives align the nations with global trends, as countries worldwide introduce new frameworks to balance innovation and consumer protection.

Headline Roundup

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

Economy & Macro

• BII partners with DP World to build Congo’s first deep-sea port

• South Africa publishes national policy framework on AI

• Niger resumes oil exports through Benin after pipeline reopened

• Turkey to explore oil blocks offshore Somalia in race for minerals

M&A and Corporate Deals

• Qatar Airways acquires 25% stake in South Africa's Airlink

• South Africa watchdog gives conditional approval to sale of Octotel

• British giant lender HSBC mulls sale of South African businesses

• Credit card giant Amex looks to expand in cash-dependent Africa

Startups and VC

• Nigeria’s Waza raises $8m to expand trade finance solutions

• Kenyan automaker Mobius sees buyer after shutdown decision

• E-commerce giant Jumia raises $99.6m in secondary shares sale

Fundraising and Accelerators

• AfDB commits $10m to KawiSafi Fund for Africa's climate startups

Must-Reads on Daba

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

Daba Learn

• Defensive Stocks: What to Buy During Market Downturn

• How to Build a Diversified Portfolio Using Alternative Investments

Insights

• 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 premier investment destinations: Seychelles and Mauritius lead the latest ranking of African investment destinations by South Africa's Rand Merchant Bank (RMB). The two Indian Ocean island nations outperformed the continent when measured by a combination of their economic performance, market accessibility, investment climate, and social and human development. Click here or tap the button below to read the article.

That’s it for this week. Next Frontier is sent once weekly. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.

If you haven’t, you can also download the Daba app to get daily bite-sized insights into African economies, industry and country reports, and access investment opportunities.

Catch you next week!