The Editorial Team |

Blockchain Secondary Market Planned Amid Explosion of Interest

LAGOS (Capital Markets in Africa) – A new way for accredited investors to put money into blockchain startups is opening up. A firm called BnkToTheFuture plans to open a market in the second quarter that will let investors trade equity stakes in companies involved with the blockchain, the transaction-tracking technology that underpins digital currencies like bitcoin. BnkToTheFuture will use a blockchain ledger to keep record of those investments for clients. Its impending market will join a…

Israel, Egypt Ministers Said to Discuss Potential Gas Exports

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CAIRO (Capital Markets in Africa) – Ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to a person with direct knowledge of the matter. Egyptian Oil Minister Tarek El-Molla and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation Egypt would halt talks on buying gas from Israel, the person said. El-Molla…

Biggest African Phone-Tower Firms Are Said to Plan 2018 IPOs

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LONDOND (Capital Markets in Africa) – Three of Africa’s largest telecommunication towers companies plan to pursue share sales in either London or New York early next year, taking advantage of high industry valuations to fund expansion, according to people familiar with the matter. Closely-held IHS Towers, targeting an enterprise value of $10 billion, plans to list in New York, said the people, who asked not to be identified as the information isn’t public. Helios Towers Africa LLP is…

Macron Tells African Crowd He Aims to Leave Colonial Past Behind

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OUAGADOUGOU (Capital Markets in Africa) – French President Emmanuel Macron used a speech to African students to put economic development, culture and education on the same level of importance as the terrorism and migration challenges that dominated his predecessors’ relations with the continent. In a speech of almost two hours to a boisterous crowd of students at Ouagadougou University in Burkina Faso, the 39-year-old president laid out his African policy, insisting that France’s colonial past should no…

South African Rand Surges as Traders Cheer Respite From Moody’s

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand is living up to its reputation as the world’s most volatile currency. Having been dealt what should have been a crippling blow by S&P Global Ratings on Friday, sparking a 2 percent slump, the currency advanced as much as 3.3 percent on Monday, on track for its best day since December 2015, after Moody’s Investors Service retained its investment-grade rating on the nation’s local-currency debt….

Not Even Egypt’s Deadliest Terror Attack Can Faze Stock Traders

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CAIRO (Capital Markets in Africa) – Holders of Egyptian stocks seem to have developed thick skin. The benchmark index rose 0.8 percent in Cairo on Sunday even after more than 300 people were killed in a militant attack in northern Sinai on Friday. “No one is in shock as investors have, unfortunately, become immune to such events,” said Ashraf Akhnoukh, the director of Middle East and North Africa sales trading at Arqaam Capital. Still, “there is…

Dispute at Congo Cobalt Mine Heads to Court, Halts Supply

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DR CONGO (Capital Markets in Africa) – An attempt by Congo’s Gecamines to profit from the boom in battery metals has backfired, leaving the state-owned miner facing two international court actions and halting cobalt production at a key mine. Gecamines blocked its 16-year partner GTL’s access to the cobalt site in the south eastern Congolese town of Lubumbashi in March to make way for a new investor, as prices for the metal soared. The attempt to switch…

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