Market Watch |

Rising Oil Prices Hold Mixed Blessings for African Currencies

LAGOS (Capital Markets in Africa) — In a world of rising U.S. Treasury yields and a stronger dollar, higher oil prices can be a game-changer — for good or for bad. Oil exporters are the obvious beneficiaries: African crude producers including Angola, Ghana, and Nigeria had budgeted for an average price of around $40 per barrel for Brent crude in 2021, according to Rand Merchant Bank analysts. The price actually averaged closer to $60, providing…

Miami Pushes Crypto With Proposal to Pay Workers in Bitcoin

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Miami Mayor Francis Suarez proposed paying municipal workers and collecting taxes in Bitcoin, expanding a campaign to promote cryptocurrencies. The mayor wants to allow the City of Miami’s workers to choose to receive all or a portion of their pay in Bitcoin, according to a resolution passed by the city’s governing commission. In addition, the mayor proposed allowing people to pay all or part of property taxes or city fees in…

Ivory Coast Reopened Eurobonds Get Orders More Than Triple Offer

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ABIDJAN (Capital Markets in Africa) — Investors placed orders for more than triple the amount of Eurobonds offered by Ivory Coast in a reopened sale Monday, evidence of the unrelenting appetite for the higher returns on riskier frontier-market assets. The west African nation, the world’s largest cocoa producer, issued 600 million euros ($725 million) more of its existing euro-denominated 4.875% coupon bonds due 2032 and 250 million euros more of the 6.625% coupon securities maturing 2048,…

Egypt Seizes on Bond Rally as It Borrows $3.75 Billion

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CAIRO (Capital Markets in Africa) — Egypt raised $3.75 billion of bonds on Monday as it sought to take advantage of investors’ hunger for higher-yielding assets. The North African nation issued securities due in five, 10 and 40 years, with respective yields of 3.875%, 5.875% and 7.5%. The initial price talk ranged from 4.25% on the shortest tranche to 7.875% on the longest one. A wave of monetary stimulus and optimism that coronavirus vaccine rollouts will sustain a global economic recovery…

Reddit Market Winners Face Hard Choice: Sell or ‘Hold the Line’?

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NEW YORK (Capital Markets in Africa) — On Wednesday they watched their fortunes surge. They made gains collectively worth billions and bludgeoned two hedge funds. Then their holdings plummeted, only to rebound again to stratospheric heights unimaginable just a few weeks earlier. Now that members of the Reddit forum WallStreetBets have become a cultural juggernaut on Main Street and a force to be reckoned with on Wall Street, many of the investors who make up…

Nigeria Seen Devaluing Naira by as Much as 10% in 2021: Survey

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LAGOS(Capital Markets in Africa) — Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a Bloomberg survey of investors and analysts. Of the 17 survey participants, eight forecasts a devaluation of between 5% and 10% this year. Five saw a devaluation of more than 10% and the remaining four predicted a markdown of as much as 5%….

What to Watch in Commodities: Alcoa, OPEC, Gold, Glencore, IEA

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LAGOS (Capital Markets in Africa) — Commodity investors embark on an intriguing earnings season this week amid conflicting signals. Raw materials just hit a two-year high — aided by a weaker dollar, hopes for more U.S. stimulus, and gains in food prices — but signs from around the globe suggest the pandemic is worsening. Aluminum giant Alcoa Corp. is among companies in the vanguard, along with major oil-service player Schlumberger Ltd. Top banks including Goldman Sachs Group Inc. will…

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