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JP Morgan’s Africa push
Plus Ethiopia opens up with $255M IPO, a Sudan-led growth slump, and Daba is hiring.
Anthony Miclet
October 17, 2024
Good Day,
In this newsletter, Ethiopia is set to raise $255M by selling 100M shares in Ethio Telecom in a historic deal that marks the country’s first-ever IPO and paves the way for the launch of its stock exchange. And then:
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Markets Wrap
Markets
Earnings & Dividends
Geregu Power Share Price Soars on Pre-Tax Profits Surge to $22M
The Week’s Top Stories
Slower growth
World Bank Lowers Sub-Saharan GDP Forecast on Sudan Conflict
The World Bank has downgraded sub-Saharan Africa's 2024 growth forecast to 3%, down from 3.4%, largely due to Sudan's ongoing civil war.
The conflict has devastated Sudan's economy, expected to contract by 15.1% this year, impacting the entire region.
Growth is projected to rebound by 4% in 2025-2026. The World Bank urges governments to prioritize fiscal consolidation, debt management, and human capital investment.
Africa push
JPMorgan Opens Offices in Kenya, Ivory Coast in Expansion Move
US banking giant JPMorgan Chase is expanding its African footprint and has set up representative offices in Kenya and Ivory Coast.
Led by former central banker Sailepu Montet in Kenya and Michael Ahonzo Avou in Ivory Coast, this move aligns with CEO Jamie Dimon's first African visit in seven years.
The bank, optimistic about Africa's future, aims to deepen its presence across the continent. With 160 employees primarily in South Africa, JPMorgan is also considering a full banking license in Nigeria.
Banking boost
Nigerian Lenders Raise $770M Fresh Capital to Meet New Requirements
Nigeria's top five banks have raised 1.26 trillion naira ($770M) to meet new capital requirements, well ahead of the 2026 deadline.
Guaranty Trust, Zenith, Access, Fidelity, and FCMB saw their offerings oversubscribed, reflecting strong investor confidence. This proactive move, in response to the Central Bank's directive, has driven a 4.2% rise in the NGX banking index.
The success, bolstered by young investors using the new NGX Invest platform, positions these banks favorably for future regulatory challenges while enhancing market participation.
Headline Roundup
A summary of the major business, tech, and finance headlines of the past week.
Economy and Macro
Moody’s Upgrades Ghana’s Credit Rating On Debt Revamp Progress
Kenyan Shilling Gains 17% as Central Bank Cuts Interest Rates
Uganda Plans $600M Rail Line to Boost Logistics Through Tanzania
Saudi Arabia Signs $25M Credit Deal to Boost Trade with South Africa
Nigeria Inflation Hit 32.7% in September On Fuel Price Surge, Flooding
M&A and Corporate
Zijin to Acquire Ghana’s Akyem Gold Mine from Newmont in $1B Deal
US-Based BG Titan Launches E-Farms in Uganda in $650M Project
TotalEnergies Plans $3.2B Gas Import Terminal in Mozambique
Adani Energy to Extend Kenya's Electricity Transmission in $736M Deal
Safaricom Expands M-Pesa to Ethiopia to Tap Mobile Money Market
Startups and Tech
Fundraising and Accelerators
Must-Reads on Daba
Boost your investing IQ with educational blogs and thematic articles on Africa.
Learn
Investing Basics: 21 Investment Terms Everyone Should Know
Ten ETF Strategies Every Beginner Investor Should Know
Insights
Perspectives
Opportunities Corner
Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.
Latitude59 Pitch Contest (Nov 1)
Mastercard Agribusiness Challenge (Nov 22)
Join the Daba Team - We're Hiring!
Daba is expanding, and we're seeking passionate individuals to join our team. We have exciting opportunities for:
Think you’re a fit?
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Chart of the week
Get more context into themes shaping Africa’s investing landscape.
Ethiopia opens up: Prime Minister Abiy Ahmed’s administration earlier this year ended half a century of control of its currency and is easing rules of doing business to lure investment into East Africa’s biggest economy and help rebuild the war-ravaged country. Click here or tap the button below to learn more about the Horn of African nation’s maiden IPO.
That’s it for this week.
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