With the fast growth of internet penetration in Africa comes broad exposure to cyber insecurity. While the continent builds momentum in internet infrastructure and experiences an exponential increase in tech adoption it seems to be paying inadequate attention to cyber security.

In November 2021, Kaspersky reported that Nigeria, South Africa, and Kenya recorded 81 million cyber attacks in three months, a paradox to how cybercrime is rising along with internet penetration. Analysts expect the continent’s digital economy to be $712 billion by 2050. But if that percentage cost of cybercrime remains constant, Africa may lose almost $25 billion to cyber attacks by 2050.

Market roundup

Below is the Weekly Economic roundup from Ventures Africa for the week ending the 23rd 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

An employee makes notes in front of an electronic stock information screen inside the Nairobi Securities Exchange Ltd. (NSE), in Nairobi, Kenya, on Tuesday, Dec. 8, 2015. The government had planned to plug the 2016-17 fiscal deficit with about 240 billion shillings of external borrowing, and about the same amount raised on the domestic debt market. Photographer: Riccardo Gangale/Bloomberg

Here is how stocks performed in major African markets (Nigeria, Egypt, South Africa, and Kenya) at the end of the week ending Friday, 23rd of September 2022:

  • Nigeria

The NGX All-Share Index declined by -0.33 per cent (-162.32) to close the week at 49,026.62  basis points, compared to the 49,475.42 basis points recorded the previous week. 

 Top 5 gainers

Vitafoam Nigeria – +6.90%

R T Briscoe – +6.06%

Access Holdings – +6.02%

Cornerstone Insurance – +3.70%

Fidelity Bank – +3.00%

Top 5 decliners

CWG – -10.00%

Berger Paints – -9.85%

Eterna – -9.45%

Sunu Assurances Nigeria – -8.57% 

Chams – -6.90%

  • Egypt

The EGX 30  Index slumped by -0.23 per cent (-22.90) to close the week at 9,933.05 basis points, on Thursday 22nd of September, compared to the 10,079.02 basis points recorded the previous week. 

Top 5 gainers

Raya Holding For Financial Investments – +18.10%

Memphis Pharmaceuticals – +9.79% 

El Obour Real Estate Investment – +9.74% 

Arab Valves Company  – +9.63% 

Ismailia National Food Industries – +9.22%

Top 5 decliners

Zahraa Maadi Investment & Development – -49.57%

Commercial International Bank (Egypt) – -33.67%  

Gharbia Islamic Housing Development – -6.81% 

Egyptian Kuwaiti Holding – -4.96% 

Medinet Nasr Housing – -4.58%

  • South Africa

The JSE All Share Index dropped -2.85 per cent (-1,860.40) basis points to close the week at 63,416.66 basis points compared to the 66.584.34 basis points recorded the previous week.

Top 5 gainers

Finbond Group Ltd – +22.50%

Spur Corporation Ltd – +11.27%

Transcend Residential Property Fund – +10.34%

Tradehold Ltd – +9.89%

Cloud Atlas AMI Big50 ex-SA ETF – +7.81%

Top 5 decliners

MC Mining Ltd – -24.84%

DRA Global Ltd – -11.96%

Industrials REIT Ltd – -10.00%

Stefanutti Stocks Holdings Ltd – -9.38%

Impala Platinum Hlgs Ltd – -8.09%

  • Kenya

The Nairobi Securities Exchange (NSE) All-Share Index dropped -0.07 per cent ( -0.09) to close the week at 134.86 basis points.

Top 5 gainers

EA Portland Cement – +9.71% 

NCBA Group – +9.27% 

Kapchorua Tea – +9.18% 

Car & General (K) – +6.33% 

Uchumi Supermarkets – +4.00% 

Top 5 decliners

Liberty Kenya Holdings – -10.00%  

Nairobi Securities Exchange – -6.40% 

HF Group – -2.96% 

Umeme – -2.95% 

East African Breweries –2.59% 

Currency markets 

Financial inclusion
A customer conducts a mobile money transfer, known as M-Pesa, inside the Safaricom mobile phone care centre in the central business district of Kenya’s capital Nairobi July 15, 2013. The picture was taken on July 15. REUTERS/Thomas Mukoya (KENYA – Tags: BUSINESS TELECOMS) – RTX13QOM

Here is how Nigeria, Egypt, Kenya, and South Africa’s currencies performed against the US Dollar at the official markets.

  • The Nigerian naira started the week at 432.93 NGN/$1 and closed at 430.55 NGN/$1.
  • The Egyptian pound started the week at 19.4953 EGP/$1 and closed at 19.4847 EGP/$1.
  • The South African Rand started the week at 17.6779 ZAR/$1 and closed at 17.9549 ZAR/$1.
  • The Kenyan shilling started the week at 120.49 KES/$1 and closed at 120.65 KES/$1.

Oil prices 

  • Brent oil closed Friday 23rd of September at $85.54 per barrel, compared to $91.7341 per barrel recorded the previous week.
  • The West Texas Intermediate (WTI) closed the week at $78.74 per barrel compared to $85.11 per barrel last week.

Crypto markets 

Photo of Bitcoin and the South African Flag.

According to data from Coinmarketcap, the global cryptocurrency market cap stood at $935.1 billion as of 6 pm on Sunday 25th of September- a 0.72 per cent decrease over the previous day. Here is how the top three cryptocurrencies performed:

  • Bitcoin (BTC) fell 0.35 per cent to trade at $19,035.69.
  • Ethereum (ETH) fell 2.05 per cent to trade at $1,312.39.
  • Binance coin (BNB) fell 1.12 per cent to trade at $275.21.

Tech funding

  • Janngo Capital (VC) announces $34 million 1st close of $60m Africa-focused tech fund.
  • Nigeria’s Remedial Health secures $4.4 million in seed funding to give pharmacies access to credit.
  • E-health startup LocumBase secures seed funding from Grindstone Ventures
  • SubsBase, an Egyptian subscription management platform raises a $2.4 million seed round.
  • Egyptian fintech startup Exits.me raises $1 million pre-seed round.

From the expert

Commenting on the problem of cyber insecurity in our recent Twitter Space, Confidence Staveley, Founder and Executive Director of CyberSafe Foundation noted that Africa does not have the political will to establish the infrastructure and implement laws to keep cyber security at the same pace as innovation. “We are having a lot of innovative solutions and technology flooding the market but security seems an afterthought. Governments should establish agencies to be in charge of cyber security or let an existing agency that has what it takes, coordinate it,” she stated.

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