The Markets | - Part 107

Foreigners Are Back to Gobble Up Egypt’s Local-Currency Debt

CAIRO (Capital Markets in Africa) – It appears foreign investors can no longer resist the allure of some of the juiciest yields in emerging markets. In debt auctions held this week, they bought 30 percent of Egyptian local-currency Treasury bills and more than half of longer-dated bonds, the Ministry of Finance said in a statement on Tuesday. They acquired all of the five-year securities sold a day earlier, in what the ministry labeled a clear sign of…

Nigeria’s Election Chaos May Be Boosting Appeal of Egypt Assets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The fortunes of Egypt and Nigeria’s local-currency bonds have diverged. Foreign inflows into Egyptian Treasury bills has narrowed the yield gap with Nigerian assets to below a percentage point for the first time in almost a year. That’s partly because the North African nation hasn’t been making headlines, which is in sharp contrast to Nigeria, where assets missed out on a rally this year because of political chaos ahead of general elections…

Fleeing Investors, Unloved Malls Plague Top U.K. Property Funds

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Mom-and-pop investors are fleeing U.K. property funds at the fastest pace in more than two years, roiling an almost $24 billion-corner of the money management industry. Withdrawals from the biggest U.K. property funds accelerated in the final months of 2018 as the global equity market rout added to worries about Brexit and the floundering retail sector. That’s forcing several funds, including those managed by Standard Life Aberdeen Plc and Nuveen LLC, to sell real…

World’s Most Hated Stocks Won’t Be Saved by Brexit Delay

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – It may take more than a delay in Brexit to lure foreign funds back to U.K. stocks, a market that’s been deemed by some strategists as “uninvestable.” No matter that banks from Citigroup Inc. to JPMorgan Chase & Co. have touted U.K. shares, and no matter their cheap valuations. The country remained the most hated region in Bank of America Merrill Lynch’s global fund manager survey in January, with…

Here’s What FX Traders Should Watch as May Faces Brexit Votes

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound is vulnerable to swings Tuesday as traders tweak positions ahead of votes by lawmakers to change Theresa May’s Brexit deal. The currency could climb to levels not seen in six months if Parliament votes to accept what has come to be known as the Cooper-Boles amendment, which seeks to defer Britain’s departure from the European Union should the prime minister not win approval for her deal by a…

Having Lost $15,000, Bitcoin Has $2,000 More to Go; Here’s Why

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) — The Bitcoin price has fallen by about $15,000 since its Dec. 18, 2017 peak, hovering around $3,400, and key indicators give us reason to believe it has another $2,000 or so to slide. There’s little to stop it from revisiting the $1,000 range, about where the 2017 frenzy began. Highly correlated to Bitcoin (BTC), estimated dollar-transaction value has declined to levels last when the cryptocurrency’s price was about $2,400….

Zimbabwe to Allow Dollar Trading to Ease Currency Squeeze

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe said it will allow companies and individuals to transfer dollars electronically, as it looks to ease a crippling scarcity of foreign exchange that’s sent the economy into meltdown and triggered protests. The Reserve Bank of Zimbabwe has upgraded its systems to allow for such transactions and will run testing until Feb. 1, after which it plans to go live, the bank said in a statement Monday. The southern African nation’s…

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