The Editorial Team |

The Economy Looks Set to Roar, and That Worries Investors

LAGOS (Capital Markets in Africa) — Before we talk about what’s going on in the stock market—and why it’s whipsawed so many investors even though the S&P 500 index is near a record high—we have to talk about bonds. U.S. Treasuries are probably the world’s most important financial market, but it’s easy to forget about them when they’re well-behaved. When prices suddenly drop, which causes their yields to rise, for many professional investors it can…

The Winners and Losers From Surging Oil and Commodity Prices

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LAGOS (Capital Markets in Africa) — You’d think a world tiptoeing its way out of the coronavirus pandemic might only be good news for governments and economies. Yet the consequent surge in the price of energy, metals, and crops is highlighting the strengths of some and the vulnerabilities of others. Oil has climbed 75% since the start of November as major economies vaccinate their populations and reopen after the pandemic shut down factories and grounded planes. Copper, used…

MTN Looks to Spin Off Fiber, Fintech Units to Unlock Value

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JOHANNESBURG (Capital Markets in Africa) — MTN Group Ltd. has begun work toward separating its fiber and fintech units as part of plans to unlock value and raise funds to fuel expansion. Africa’s biggest wireless carrier is seeking strategic partners and investors for the businesses, Chief Executive Officer Ralph Mupita said in a presentation Wednesday. The company owns 85,000 kilometers (52,817 miles) of fiber across the continent, while fintech products such as mobile-payment services are growing rapidly….

Africa’s Biggest Bank Sees Lengthy Slog to Recover From Pandemic

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LAGOS (Capital Markets in Africa) — Standard Bank Group Ltd. said any economic recovery from the Covid-19 pandemic in Africa would likely take until late this year or even 2022, warning of the long wait ahead for lenders struck by a slump in borrowing and spending. The continent’s largest bank reported a 51% decline in profit after taxes and other adjustments for the year through December, according to a statement on Thursday. The Johannesburg-based company also declared…

Tiger-Backed Flutterwave Becomes Latest Nigeria Tech Unicorn

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LAGOS (Capital Markets in Africa) — Flutterwave Inc. said its valuation passed $1 billion after raising funds from investors including billionaire Chase Coleman’s Tiger Global Management LLC, making the payments firm the third in a spate of Africa-focused tech firms to become so-called unicorns. U.S. hedge fund Tiger was joined by New York private equity firm Avenir Growth Capital in leading the $170 million round, according to a statement on Wednesday. That took total investment…

Warren Says ‘Sharks’ Citadel, Robinhood Prey on Customers

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LAGOS (Capital Markets in Africa) — Senator Elizabeth Warren renewed her attacks on Citadel Securities and Robinhood Markets on Tuesday, accusing the companies at the center of the GameStop Corp. trading saga of profiting at the expense of their customers during periods of extreme market volatility. “When big sharks like Citadel and Robinhood come out ahead no matter what happens, and when the information they gather isn’t disclosed, and when it’s secret how that information…

Bitcoin Retreats From $55,000 Amid Pause in This Week’s Rally

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LAGOS (Capital Markets in Africa) — Bitcoin pared its rally this week after briefly climbing past $55,000 amid ongoing speculation about whether the largest cryptocurrency can test the record it set last month. The token fell as much as 2.1% and was trading at about $53,500 as of 12:01 p.m. in Hong Kong. It remains on track for a second straight weekly advance, bouncing back from a rout at the end of February. “It wouldn’t…

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