In a remarkable finish to the trading week, the NGX All-Share Index (ASI) surged by 2.87%, marking a substantial gain of 2,641.15 points to settle at an impressive 94,538.12 points on the last trading day. SWOOTs (Seplat, BUA Cement) dominated the trading landscape, each posting a remarkable 10% gain, while Dangote Cement closely followed with […]
Nairobi-based startup Octavia Carbon has successfully secured funding from Renew Capital, an Africa-focused impact investment firm, to advance its groundbreaking Direct Air Capture (DAC) technology. The company’s mission is to combat climate change by actively developing, constructing, and deploying machines designed to extract carbon dioxide (CO2) directly from the atmosphere. Renew Capital’s investment in Octavia […]
In a historic move, US regulators have granted approval for exchange-traded funds (ETFs) that directly invest in Bitcoin, marking a significant milestone for the approximately $1.7 trillion digital asset sector. The Securities and Exchange Commission (SEC) has given the green light to funds managed by industry giants BlackRock, Invesco, and Fidelity, as well as smaller […]
Beltone Investment Management, a subsidiary of Beltone Financial Holding, has secured initial approval from the Financial Regulatory Authority (FRA) to establish a gold investment fund. Beltone is actively working to fulfill the remaining requirements and conditions outlined by the FRA. Upon completion of these procedures, the company anticipates obtaining the final approval for the fund’s […]
Global oil prices experienced a sharp decline on Monday following Saudi Arabia’s decision to slash its official selling price for oil exports in February. The move, aimed at maintaining competitiveness in the market, overshadowed heightened tensions in the Middle East. Brent crude, the international oil benchmark, witnessed a 3.9% drop, settling at $75.70 a barrel, […]
In a historic move for African investment, Africa50 Group, the pan-African infrastructure investment platform, has officially closed the first round of its Africa50 Infrastructure Acceleration Fund (Africa50-IAF), raising an impressive $222.5 million in commitments. A groundbreaking aspect of this achievement is the participation of 16 African institutional investors, marking a first for the continent. This […]
In a significant development, the Central Bank of Kenya CBK) has announced a shift in its methodology for determining the official exchange rate. The institution has embraced a weighted average approach based on forex interbank trades, specifically utilizing the Volume-Weighted Average Price (VWAP) to enhance market functionality and potentially facilitate more accurate price discovery. The […]
In a strategic move to bolster the country’s digital currency landscape, several Nigerian commercial banks have expressed their intent to develop a stablecoin named cNGN, aiming to complement the eNaira, Nigeria’s central bank digital currency (CBDC). Scheduled for launch in January 2024, cNGN is set to maintain a 1:1 peg to the naira, offering stability […]
Private investors in the UK are on track to make the largest withdrawal from London-listed equities in over two decades by the close of 2023. The escalating cost of living crisis is intensifying this trend, contributing to a significant flight from the local market. According to the latest data from the Investment Association, British retail […]
The Central Bank of Nigeria (CBN) witnessed an overwhelming display of investor confidence in the final issuance of Nigerian Treasury bills for 2023, as the December market auction recorded an impressive oversubscription of N970 billion. Despite the CBN offering N67.02 billion in treasury bills, the total subscription reached an astounding N1.037 trillion during the auction. […]
In a decisive move to fortify its economic resilience and reassure international investors, Kenya has finalized a landmark agreement aimed...
A significant trade dispute is brewing between two of the world's largest democracies, India and the United States, as New...
In a strategic move to alleviate its burgeoning debt burden and unlock crucial development financing, Egypt has successfully secured over...
As Kenyans prepare for fresh Saba Saba Day protests on Monday, the government has sounded a strong alarm regarding potential...
