Naspers unit and Egypt’s largest bank invest in fintech company, and more

 Naspers unit and Egypt’s largest bank invest in fintech company, and more

Naspers unit and Egypt’s largest bank invest in fintech company.

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Shares on the Johannesburg Stock Exchange traded higher on Friday ahead of yesterday’s holiday. The Johannesburg All-Share Index closed up nearly 1% at 74,848 points, while the blue-chip Top 40 Index rose 1.04% to 68,275 points. In terms of individual stocks, Alexander Forbes topped the list of the All-Share Index after the stock rose 24.47% during the day. On the other side of the market, Liberty Two Degrees lost 7.76%.

The rand weakened yesterday. The local currency was trading around R14.92 to the dollar at the close of the day, down 0.38%. The yen broke through the key 120 level against the dollar for the first time since 2016 this morning and Treasuries extended losses after Federal Reserve Chairman Jerome Powell hinted at more aggressive monetary tightening than previously expected on Monday.

Gold prices fell this morning as U.S. Treasury yields hit new multi-year highs following Federal Reserve Chairman Jerome Powell’s aggressive inflation policy, while safe-haven gold prices were further supported by the escalation of the Ukraine crisis. Oil prices extended gains today after news that some EU members are considering sanctions against Russian oil and attacks on Saudi oil facilities spooked the market.

INVESTEC LTD – Investec Group updates pre-market

The group is pleased to update its fiscal 2022 adjusted earnings per share guidance to 51-55 pence, up from 48-53 pence in November 2021. For the year ending March 31, 2022, the group expects adjusted operating profit before tax to be between £642 million and £683 million (FY2021: £377.6 million). Adjusted operating profit for the Southern Africa business is expected to be at least 30% higher in rand terms than the previous year (FY2021: R5 510 million, £251.6 million). UK business adjusted operating profit to be at least 120% ahead of prior year (FY2021: £126.0 million). Earnings per share between 49p and 53p (or 84% to 99% above prior year).

Naspers unit and Egypt’s largest bank invest in fintech company

A unit of Naspers, Africa’s largest company by value, and Egypt’s largest bank have invested in Lucky to help the fintech startup in the North African country expand in the region and the Middle East. Lucky, which counts Lorax Capital as an investor, received $25 million in the funding round led by Nclude, the startup said in a statement. Other backers included Naspers unit PayU, Global Ventures, National Bank of Egypt, Venture Souq, Banque Misr, Banque du Caire, Endeavour Catalyst, OTF, Arzan Capital and Disruptech. The company offers credit products and manages cashback rewards.

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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