Here are three big stories from Africa’s business and policy landscape you might have missed but should keep in mind this week:
Banks cleared a ₦120 billion debt
ICYMI: Market roundup
- The Nigerian stock market gained 0.91% last week, taking the NGX All-Share Index and Market Capitalization to 68,143.34 and N37.295 trillion respectively.
- The top gainers were CWG Plc (+44.14%), Tantalizers Plc (+39.39%), Oando Plc (+38.74%), Beta Glass Plc (+32.95%) and Omatek Ventures Plc (+26.09%). The top decliners were Chellarams Plc. (-18.77%), Cornerstone Insurance Plc (-11.43%), Consolidated Hallmark Insurance Plc (-11.30%), Morison Industries Plc. (-9.89%), Vitafoam Nig Plc. (-9.27%).
- The naira closed at N736.62 against the dollar at the Investors and Exporters window.
- Brent crude closed trading at $90.36 per barrel, while West Texas Intermediate closed at $87.51 per barrel.
- The cryptocurrency market had a flat trading week, maintaining its $1.04 trillion market cap. Bitcoin started the new week at $25,843, ETH at $1,615 and BNB at $212.
- Talent City, now known as Itana, has raised a $2 million pre-seed to establish a digital free zone.
- Ariika, an Egypt-based home and decor e-commerce brand, raised a Series A round by selling a 20% stake in the company.
- Nestcoin has received $1.9m in strategic funding to strengthen its balance sheet and accelerate the growth of its new product, Onboard.
- Asaak, a Ugandan fintech company, has acquired FlexClub Mexico to mark its entry into the Latin American market.
- Okra Solar, a mesh-grid technology company, raised a $12 million Series A round to scale its technology.