The Editorial Team |

Reddit Trades Crumble as GameStop, AMC and Silver Plunge

NEW YORK (Capital Markets in Africa) — The wild run-up of trades popular with Reddit crowds is starting to come crashing down. GameStop Corp. sank 44% in U.S. pre-market trading, extending a 31% plunge on Monday. AMC Entertainment Holdings Inc. slid 32% and Express Inc. lost 22%. Silver tumbled more than 5% after surging to an eight-year high. The speculative activity hatched online has captivated global markets, drawing attention from U.S. politicians and overwhelming brokerages around…

Nigeria’s Commercial Hub Begins Clinical Trial of Ivermectin

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LAGOS (Capital Markets in Africa) — Lagos State, which includes Nigeria’s commercial hub and biggest city, approved clinical trial of the drug Ivermectin to assess its effectiveness against Covid-19. Ivermectin is an FDA-approved broad-spectrum anti-parasitic agent that has been shown to have anti-viral activity against a broad range of viruses including SARS-CoV-2 and potentially cut the risk of Covid-19 deaths by as much as 75%, according to researchers at the University of Liverpool. “While this…

Nigeria’s Heirs to Revive $800 Million Shell Oil Block

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LAGOS (Capital Markets in Africa) — Nigerian independent producer Heirs Oil & Gas Ltd. plans to restore an oil block acquired from Royal Dutch Shell Plc to its former output levels to make it one of the country’s biggest local operators. Heirs finalized last month its purchase of an operating stake in a permit known as Oil Mining Lease 17 in a deal worth more than $1 billion. The transaction is the latest in which…

For Shrinking Greylock, a $100,000-a-Month Rent Proved Too Much

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MAPUTO (Capital Markets in Africa) — Argentina, Mozambique, Barbados and the Republic of Congo have two things in common: They’ve all restructured their debt, and they’ve all tangled with Greylock Capital Management. Now Greylock, one of the best-known hedge funds in emerging markets investing, finds itself at a similar crossroads. Some 25 years after its founding, the firm — its assets headed to a mere $350 million or so by the end of March —…

MTN Hires Citi, Standard Bank for South African Towers Deal

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JOHANNESBURG (Capital Markets in Africa) — MTN Group Ltd. appointed Citigroup Inc. and Standard Bank Group Ltd. to advise on a sale and lease back of some of the carrier’s South African telecom towers, according to people familiar with the matter. Africa’s largest mobile-phone company by sales is looking to raise between 5 billion rand ($333 million) and 10 billion rand from the deal, said the people, who asked not to be identified as the…

Ford to Spend $1 Billion in Biggest South Africa Investment

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JOHANNESBURG (Capital Markets in Africa) — Ford Motor Co. will plow $1.05 billion into a plant in South Africa — its biggest-ever investment in the country — as the carmaker scales back in other regions including Brazil and Europe. The upgrades to the Silverton plant near the capital, Pretoria, will boost the site’s annual capacity by almost a fifth to 200,000 units and create about 1,200 direct jobs, the company said in a statement on…

London Bankers Face Location Limbo as ECB Targets Brexit Moves

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LONDON (Capital Markets in Africa) — Young bankers waiting to learn when or whether they might be relocated to the European Union can take some solace from the fact that oftentimes, their bosses also don’t know their own fate. A senior banker hired to work in London last year was asked just weeks later to pack his bags and move to Europe. Some trading managers at one U.S. bank still don’t know whether they’ll be…

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