The Markets | - Part 110

As Global Equities Take a Hit, Gold Miners Are Doing Fine

LAGOS (Capital Markets in Africa) – Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion’s outlook brightens. Newcrest Mining Ltd., Australia’s top producer, rallied as much as 2.3 percent on Tuesday, while South Africa’s Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada’s Barrick Gold Corp. — which is taking over rival Randgold Resources Ltd. — has surged 28 percent this quarter. The gold miners…

Relief Still Far Off After Lost Year: African Markets in 2019

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Traders in African markets have had a year to forget, and there are signs the rout’s not over yet. The continent’s stocks and bonds have performed worse than those of all other emerging-market regions in 2018, reversing their outperformance of last year. The sell-off has left equities in nations such as South Africa, Egypt, Nigeria and Kenya at or near their cheapest levels in years. And the yields of Eurobonds issued by governments…

JPMorgan, Nomura in Opposite Corners on Rand 2019 Prospects

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The rand’s implied volatility against the dollar tells you one thing about the currency in 2019: it’s going to be a wild ride. It’s just not clear which way. The cost of hedging in the options market against price swings in the South African currency over the next year has climbed almost 500 basis points since April. Though it has moderated from its September high, it’s still about 200 basis points…

UBS Wealth Has Hedge Fund-Like Playbook to Combat Market Mayhem

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The world’s largest private bank is doubling down on exotic strategies to profit from the intensifying meltdown in the synchronized bull market. As Wall Street frets another annus horribilis, UBS Global Wealth is embracing a playbook beloved by hedge funds — a slew of options trades that bet, for example, on the continued outperformance of U.S. healthcare stocks versus industrials when tensions in commerce sink equities. The $2.4 trillion money manager’s…

Goldman’s $1 Trillion Asset Manager Is Betting on Stocks in 2019

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Equities is the place to be in 2019, according to a senior money manager at Goldman Sachs Asset Management. The company, which says it oversees more than $1 trillion, is betting that global growth will extend into next year, giving support to stock fundamentals. GSAM favors emerging-market assets over the developed market, although U.S. stocks look appealing after the sell-off even as the economy moderates. “We’re broadly positive on equities,” said…

Blood Gold’ Crackdown May Imperil Small Miners It Seeks to Help

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – New rules designed to prioritize safety for many of the world’s most vulnerable gold miners may in fact put their livelihoods at risk. When his fellow miners winch him up from the hole in the desert, Keith Gushure is covered in mud. Gushure, 21, holds a pick and a hammer. For the past 18 hours he’s been trying to chip, gouge and pry gold out of the 56-foot (17-meter)…

Battered Bitcoin Miners Seen Shutting Down as Losses Pile Up

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin miners hit hard by the cryptocurrency’s crash may be throwing in the towel. The Bitcoin network’s hash rate, one way of gauging the computing power dedicated to mining the digital currency, dropped about 24 percent from an all-time high at the end of August through Nov. 24, according to Blockchain.com. While the decline may have partially resulted from miners switching to other cryptocurrencies, JPMorgan Chase & Co. says some in…

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