The Editorial Team |

OPEC’s Angola Drops Its Currency Further a Week After Ending Peg

LUANDA (Capital Markets in Africa) – Angola weakened its currency by 10 percent against the dollar, letting it drop for a second time this month after scrapping a peg in a bid to boost its battered economy. The central bank sold euros on Tuesday at a rate of 248.77 kwanzas per euro, it said in a statement on its website. That was 11 percent weaker than the rate of 221.26 used at the last auction a…

Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger

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LAGOS (Capital Markets in Africa) – January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 20 percent, as the prospect of regulatory crackdowns appeared to spread. While the largest digital coin trimmed its loss and was down 13 percent at $12,146 as of 8:28 a.m. in New York, it was still at the lowest level since late December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies…

Algeria Signs With Vitol for First Oil-to-Refined Products Deal

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ALGIERS (capital Markets in Africa) – Algeria’s state-run Sonatrach signed an agreement with oil-trader Vitol Group to ship crude to Italy to be processed and sent back as refined products, in the first deal of its kind to trim the country’s $2 billion annual bill for imported fuel. Sonatrach selected Vitol, the world’s largest independent oil trader, from among five companies that participated in a tender to ship its crude outside the country and have it sent…

Nigerian Rates Easing Still Some Way Off Even as Inflation Slows

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LAGOS (capital Markets in Africa) – The slowdown in Nigeria inflation to a 20-month low may not be enough to prompt the central bank to start easing just yet. The inflation rate in Africa’s most-populous nation fell to 15.4 percent from 15.9 percent in November, the Abuja-based National Bureau of Statistics said in an emailed report Tuesday. The median estimate of seven economists in a Bloomberg survey was for the rate to remain unchanged. Prices rose 0.6 percent…

Ghana Stocks May Gain 25% This Year as Economy Grows: Databank

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Ghana (Capital Markets in Africa) – Ghana stocks will benefit from estimated 7.8% GDP growth this year, according to Alex Boahen, head of research at the country’s second-biggest private fund manager. Nation’s crude production and expected increase in bank credit growth to businesses and households will drive GDP growth Banks’ lending will be stronger after government began selling bonds last year to clear energy-sector debt on their balance sheets and with the central bank seen cutting…

South African Stocks Close Higher for Third Day As Rand Strengthens

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JOHANNESBUG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index climbs 0.7% on Tuesday, extending gains to eight-week high. Positive sentiment around political affairs strengthened currency, leading banks and insurers to climb. Biggest gainers by percentage: Royal Bafokeng (+9.4%), MMI (+3.9%), Consolidated Infrastructure (+7%), RCL (+6.9%), Clover (+6.8%) Biggest laggers by percentage: Net1 (-10.2%), Kumba (-6.9%), Grindrod (6.1%), Capital & Regional (-5.5%), Allied Electronics (-5.4%), Trustco (-5.3%), Impala (-4.2%) Rand climbed as much as 0.9%…

Nigerian Bourse CEO Sees IPO Revival as Economy Improves in 2018

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange expects its first initial public offerings for at least two years as companies take advantage of an improving economy and stock market to raise funds, the chief executive of the bourse said. “A number of companies have indicated interest” in selling shares as sentiment picks up, Oscar Onyema, CEO of the Lagos-based exchange, told reporters Tuesday. He didn’t name any companies or give any further details….

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