Weekly Economic Index: Africa's tech economy shows a bullish trend despite a surging inflation – Ventures Africa
Startup funding in Africa has more than doubled in the first half of 2022 compared to last year’s period. Although the continent has not recorded any new tech unicorns as of today, tech funding grew to $3.14 billion in the first six months of 2022 despite surging inflation and economic meltdowns. This reflects investors’ optimism about the potential of Africa’s digital economy.
In 2021, Africa’s tech startups raised about $4.3 billion in funding, an all-time high. Experts forecast funding to reach above $5 billion by the end of the year.
Market roundup
Below is the Weekly Economic roundup from Ventures Africa for the week ending the 2nd of September 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, 2nd of September 2022:
The NGX All-Share Index rose by +0.31 per cent (+154.66 ) to close the week at 50,045.83 basis points, compared to the 49,682.15 basis points recorded the previous week.
Top 5 gainers
FCMB Group – +9.06%
Stanbic IBTC Holdings – +6.45%
E-Tranzact International – +6.00%
Transcorp – +4.76%
NPF Microfinance Bank – +4.52%
Top 5 Decliners
McNichols – -9.46%
R T Briscoe – -8.57%
Chams – -7.14%
Honeywell Flour Mill – -4.53%
UACN Property Development – -2.86%
The EGX 30 Index slumped by -0.62% (-61.99) to close the week at 9,936.87 basis points, on Thursday 1st of September, compared to the 10,287.27 basis points recorded the previous week.
Top 5 gainers
Odin For Investment & Development – +10.05%
Egyptian Modern Education Systems – +6.67%
Misr Duty-Free Shops – +5.97%
Belton Financial Holding – +5.54%
Orascom Financial Holdings – +4.76%
Top 5 Decliners
Al Arafa For Investment And Consultancies – -18.18%
Sharm Dreams Co. For Tourism Investment – -7.83%
Ismailia Misr Poultry – -6.25%
El Shams Housing & Urbanization – -6.01%
Misr Fertilizers Production Company – MOPCO – -5.22%
The JSE All Share Index closed the week at 67,378.31 (+1,353.51) basis points, a slump compared to the 70,173.13 basis points recorded the previous week.
Top 5 gainers
Randgold & Expl Co Ltd – +20.59%
enX Group Ltd – +18.52%
Brikor Ltd – +13.33%
Jubilee Metals Group Plc – +11.06%
Motus Holdings Ltd – +10.10%
Top 5 Decliners
African Dawn Capital Ltd – -17.65%
Astoria Investment Ltd – -16.67%
Conduit Capital Ltd – -12.50%
Bowler Metcalf Ltd – -7.14%
Adcorp Holdings Ltd – -6.93%
The Nairobi Securities Exchange (NSE) All-Share Index grew by +0.47 per cent (+0.65 ) basis points to 141.05 to close the week, compared to the 137.91 basis points recorded the previous week.
Top 5 gainers
EA Portland Cement – +9.09%
EAAGADS – +5.47%
Carbacid Investments – +3.33%
Centum Investment – +3.26%
Express Kenya – +2.70%
Top 5 Decliners
Sameer Africa – -6.29%
B.O.C Kenya – -5.60%
Diamond Trust Bank Kenya – -3.85%
TPS Eastern Africa – -3.24%
Jubilee Holdings – -3.13%
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 $973.43B as of 5 pm on Sunday 4th of September- a 0.28 per cent decrease over the previous day. Here is how the top three cryptocurrencies performed:
Tech funding
From the Expert
According to Ikenna Onyejiaka, Vice President of Technology at Treepz Global- a Nigeria-based ride-hailing company with a presence in Ghana and Uganda, Africa’s tech ecosystem is resilient despite regulatory and policy odds. “On Tech funding in Africa, it shows how innovative and resilient we young Africans are. In my opinion, many odds – regulations and policies- are stacked against us. But we still manage to pull through most times.”
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