The Editorial Team |

Cryptocurrency Push Sends Startup to Biggest Gain Since 2015 IPO

LAGOS (Capital Markets in Africa) Canadian online lender Mogo Finance Technology Inc. rose the most in eight months after moving a step closer to giving customers the ability to hold bitcoin and other cryptocurrencies in digital wallets. Mogo shares rose as much as 35 percent, the most since the company’s initial public offering in June 2015, and closed at C$5.15, up 31 percent. The move gives the company a market value of C$94.4 million ($73.6 million). The Vancouver-based firm said…

Private Equity funds raise $95bn in third quarter of 2017

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LAGOS (Capital Markets in Africa) – Research provider Preqin indicated that 181 private equity (PE) funds raised a total of $95.2bn in capital commitments worldwide in the third quarter of 2017, compared to 256 PE funds that raised $137.7bn in the preceding quarter and 232 PE funds that secured $66.6bn in the third quarter of 2016. It pointed out that 45 buyout funds secured $65.9bn during the third quarter of the year, or 69.2% of…

UniCredit $21 Billion Bad-Loan Sale Said to Draw ECB Review

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LAGOS (Capital Markets in Africa) – The European Central Bank is examining UniCredit Spa’s landmark bad-loan sale of 17.7 billion euros ($20.6 billion) to assess if the price the bank reported is inflated by fees that should be stripped out, according to people familiar with the matter. Some of the commissions the Italian bank will pay to the buyers to manage the loans over coming years could affect the price, the people said, asking not to…

Bitcoin Passes More Milestones as Market Cap Tops $100 Billion

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LAGOS (Capital Markets in Africa) – The most widely used digital currency will now cost you about $6,125 apiece after blowing past the $5,000 and $6,000 price levels for the first time earlier this month. Bitcoin’s total value is just over $100 billion, meaning it makes up more than half of the overall cryptocurrency market. Cryptocurrency prices have been unfazed by recent regulatory crackdowns across the world and scepticism from Wall Street stalwarts including Warren Buffett and…

RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

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CAIRO (Capital Markets in Africa) – Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, is hiring investment bankers and analysts in Egypt as more vibrant capital markets attract financial services firms to the country. Mohamed Younis will be chief executive officer of the investment bank in Egypt, said Ahmed Badr, RenCap’s CEO for the Middle East and North Africa. Younis, previously at CI Capital Holding, an arm of Commercial International Bank Egypt SAE, will…

Bond Winners of Yesteryear Not Looking So Fantastic in 2017

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LAGOS (Capital Markets in Africa ) – Developing-nation debt traders who stuck with 2016’s top securities took a hit this year. That’s because last year’s best emerging-market dollar bond bets are posting the starkest reversals. Venezuela, Ecuador and Gabon, which led the pack in 2016, had some of the worst changes, according to data compiled by Bloomberg on debt from 69 developing nations. Meanwhile, last year’s laggards, Mozambique and Suriname, have had the best improvements. “As the…

Kenyatta Named Winner of Kenyan Vote Rerun as Odinga Cries Foul

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NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta was announced as the landslide winner of a chaotic election rerun that his main rival Raila Odinga rejected as a sham. Kenyatta, 56, won 7.48 million votes, or 98.3 percent of the total cast on Oct. 26, Wafula Chebukati, the chairman of the Independent Electoral & Boundaries Commission, said Monday in Nairobi, the capital. The turnout was 38.8 percent, down from 79 percent in an Aug. 8 contest that…

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