Good Morning,

Two of Africa’s largest equity markets hit their highest-ever levels in the past week as Kenya braces for fresh protests over a controversial finance bill withdrawn by the president on Wednesday.

In other top stories for today:

• Kenya withdraws tax bill

• Ghana’s $13bn bond deal

• BICICI’s remarkable run

• Africa’s largest bourses

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Markets Wrap

Markets

• BRVM main index crosses 230 points in extended bull run

• Positive post-election investor sentiment sees JSE hit record high

• Orange CI share price jumps to highest level since 2022 IPO

• Sonatel stock hits 5-year high as BRVM posts another weekly gain

• Bitcoin crashes to $60,000 on waning demand for ETFs

• Ghana Eurobond holders to forgo about $4.7bn of their claims

• Zimbabwe Stock Exchange plans to list on own bourse

• Medical cannabis firm Cilo Cybin completes JSE SPAC listing

Earnings

• South Africa’s Naspers profit doubles on Tencent, e-commerce unit

A Message From Daba

This Stock Soared By 50% in Just Three Months! 📈

Our first BRVM stock highlight focuses on BICI Cote d'Ivoire, a key player in the financial sector that has seen its share price skyrocket by an impressive 46.6% over the past three months - after releasing its impressive Q1 2024 results, which we analyze here.

Starting at 7,490 XOF (11 USD), the stock has climbed to 10,700 XOF (16 USD), delivering a year-to-date return of 42.9% as of Friday, June 21, 2024. Investors are seeing substantial returns, and the momentum shows no signs of slowing down.

Want to stay ahead of the curve and discover more high-potential investment opportunities like this?

Every week, we reveal what the region’s best research analysts believe are the 10 best stocks on the BRVM for investors to buy…

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The Week’s Top Stories

Mixed markets

BRVM, JSE Stock markets reach all-time highs as cryptos linger

The Johannesburg Stock Exchange (JSE) hit a record high, surpassing the 81,000 points mark driven by optimism around South Africa's government of national unity. Meanwhile, the BRVM main index recently crossed the 230 points mark for the first time in six years.

Bitcoin’s price recovery after the recent market-wide crash continued in the past 24 hours as the asset jumped to just under $62.5k but failed there and retraced by several hundred dollars. The altcoins are also slightly green daily, with ETH nearing $3.4k and BNB closing at $580.

Crude oil futures held firm on Thursday as fears of war between Israel and the Iran-backed militia Hezbollah overshadowed soft U.S. gasoline demand. Gold price hit a fresh weekly low near $2,290 on Wednesday, extending previous losses.

Ruto’s humbling

Kenya president withdraws controversial finance bill after deadly protests

President William Ruto—facing the most significant challenge to his presidency since taking office in 2022—on Wednesday announced the withdrawal of a contentious finance bill following widespread demonstrations that rocked Kenya on Tuesday. 

The protests, which saw parliament engulfed in flames, resulted in at least 22 fatalities, according to the Kenya National Commission on Human Rights. Ruto has pledged to engage in dialogue with the nation's youth, who spearheaded the demonstrations. 

And this dramatic shift in policy may prove to be a watershed moment, highlighting the growing influence of young voices in shaping Kenya's political landscape and potentially setting a precedent for youth activism across Africa.

Green wheels

Rwanda’s Ampersand partners BYD to tap Africa's $5bn motorcycle market

Ampersand, the local EV energy tech firm, is teaming up with Chinese giant BYD to electrify Africa's commercial motorcycle scene, which has up to 30m petrol-powered bikes.

The dynamic duo is set to roll out 40,000 electric motorcycles by 2026, with BYD supplying the batteries and Ampersand bringing its charging network expertise to the table. 

Already a major player in Rwanda and Kenya's charging infrastructure, Ampersand is gearing up to expand its network to keep pace with the incoming wave of electric bikes.

Headline Roundup

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

Economy & Macro

• IMF approves over $900m for Tanzania budget, climate change fight

• Moody’s maintains Nigeria’s credit rating with a positive outlook 

• Central Bank data says Botswana unemployment rate at 16-year high

• Ghana reaches agreement to restructure $13bn of Eurobonds

• Uganda signs deal with UAE to build third international airport

• Senegal's economy seen growing 6.4% between 2025-2027

M&A and Corporate Deals

• Giant retailer Spar plans acquisitions to boost market share in SA

• Starlink sees subscriber growth less than one year in Kenya

• South Africa's Thelo to raise $250m for Africa’s giant rail corridors

• French giant Orange weighs up 40% stake sale in Mauritius Telecom

• EnjoyCorp acquires 86.5% stake in Nigeria's Champion Breweries

Startups and VC

• Downforce secures $4.2m for soil fertility assessment tools in Africa

• Flutterwave lays off 30 employees three months after Barter wind-up

• Worldcoin to resume operations as police drop investigation in Kenya

• Cadana closes $7.1m to accelerate payroll for emerging market talents

• Egypt's Connect Money gets $8m to enable businesses issue cards

Fundraising and Accelerators

• Oikocredit makes first-time $10m loan to AfricInvest for SMEs

• Launch Africa invests $4.3m in 16 startups from second fund

Opportunities Corner

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

• e-Track Program (Jun 30)

• TiE Women MENA Program (Jun 30)

• Archipelagos SME Program (Jun 30)

• develoPPP Ventures (Jun 30)

• Ecobank Fintech Challenge (Jul 7)

• THRIVE Global Impact Challenge (Jul 12)

• D-Prize Competition for Social Impact (Jul 14)

• 10k2Startup Program (Jul 15)

• Mastercard Agribusiness Challenge Fund (Nov 22)

Insight for the week

Get more context into events shaping Africa’s economic landscape.

The continent’s largest bourses: African stock markets have experienced robust growth, presenting lucrative opportunities for investors. 

With 29 operational exchanges and a combined market capitalization of around $1.3 trillion, African bourses contribute over 2% to the global market.

Some of the oldest and most established exchanges in Africa include the:

• Egyptian Exchange (EGX), founded in 1883

• Casablanca Stock Exchange of Morocco, tracing its roots back to 1929

• Johannesburg Stock Exchange (JSE) established in 1887

• Nairobi Securities Exchange in Kenya, which dates back to 1954

But which are the largest?

In a recent blog, we explore the ten biggest stock exchanges by market capitalization—the sum of all the values of companies listed on the bourse.

The top five largest stock markets by market capitalization are South Africa’s JSE, the Casablanca bourse, the Botswana Stock Exchange, the Nigerian Exchange (NGX), and EGX, based on the latest data as of May 31, 2024.

Alongside these titans, sizable exchanges can also be found in countries like Kenya and the West African Economic and Monetary Union (WAEMU) regional exchange serving eight French-speaking nations.

Click the link below to learn more and discover how Daba can empower your investment journey across Africa’s dynamic markets.

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Catch you next week!