The Editorial Team |

Why the Mutated Coronavirus Variants Are So Worrisome: QuickTake

LAGOS (Capital Markets in Africa) — Viruses mutate all the time, including the novel coronavirus that’s caused the global Covid-19 pandemic. Most of the changes have no apparent effect. But recent variants that have emerged in the U.K., South Africa, and Brazil are causing particular concern. Studies suggest they are more contagious, and some evidence points to the U.K. strain being more deadly. An increase in infections has led to a surge in hospitalizations and…

Naira Bonds Drop as Traders See Higher Nigeria Rates Likely

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LAGOS (Capital Markets in Africa) — Nigerian bonds tumbled, pushing their yields as much as 164 basis points higher Tuesday, on forecasts for higher rates and inflation. Debt across all maturities of central bank-issued Open Market Operations Bills, also known as OMO, continued to drop in price in Tuesday’s trade with the average yield rising 95 basis points to close at 6.4% as against Monday’s 5.5%, according to a note by FSDH securities. Yields on…

Bitcoin’s Tesla-Driven Rally Fizzles After Prices Hit $48,000

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LAGOS (Capital Markets in Africa) — The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000. The cryptocurrency pulled back in the early U.S. hours, trading up 2.9% on the day around $46,000. Prices are still up more than 30% since the beginning of February. While the trading action was calmer, there’s still a fierce debate over whether Tesla’s $1.5 billion investment in Bitcoin will lead to…

Egyptian Inflation Slows, Giving Scope for Interest-Rate Cut

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CAIRO (Capital Markets in Africa) — Egyptian inflation slowed for a second month, giving the central bank more leeway to make its first interest-rate cut since November. Consumer prices in urban parts of Egypt grew an annual 4.3% in January, compared with 5.4% in December, the state-run statistics agency CAPMAS said Wednesday. The slowdown was driven by a decline in food and beverage prices, the single largest component of the inflation basket, which dropped 0.5%…

Ghana Stocks May Snap Losing Run With Banks, Oil in Demand

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ACCRA (Capital Markets in Africa) — Ghana’s stocks may snap three years of declines in 2021 as an improving economy and a more stable cedi attract foreign investors, according to Ecobank Development Corp., which expects local bank and oil-company shares to be in demand. The benchmark Ghana Stock Exchange Composite Index of 31 shares is set to gain as much as 15% this year, Nene Lomo Nartey, head of trading and sales at EDC, said in…

Mauritius Investment Corp. to Lend $415 Million in Covid Support

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PORT LOUIS (Capital Markets in Africa) — Mauritius Investment Corp., a central bank unit set up to help the Indian Ocean island economy weather the coronavirus crisis, has approved 16.5 billion rupees ($415 million) of financing to companies so far. In May 2020, the central bank formed MIC — which has access to as much as $2 billion of the nation’s international reserves — as part of relief measures for companies hurt by the Covid-19…

Standard Bank Keen to Raise Angolan Stake After Partner Jailed

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LUANDA (Capital Markets in Africa) — Standard Bank Group Ltd. is interested in buying shares it doesn’t already own in its Angolan unit after an investor in the business was detained and his shares seized by authorities. “Over the last two years we have increased our stake in our subsidiaries in Kenya and in Nigeria,” Sola David-Borha, the chief executive officer of Johannesburg-based Standard Bank’s African division, said in a video call. “If the opportunity arises…

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