The Markets | - Part 114

Nigerian Cocoa Shows High Mold Levels in Early Crop Arrivals

LAGOS (Capital Markets in Africa) – Initial harvests of Nigeria’s main-crop cocoa arriving at ports and warehouses show high levels of mold in the major producing southwest region due to a prolonged wet season, according to commodities inspection agents and buyers. Cocoa beans inspected in a sample of warehouses in the region are showing mold in the range of 18 percent to 24 percent, compared with a maximum of 4 percent required by the International…

Tokyo Whale Sells $230 Million Bitcoin in Mt. Gox Wind-Down

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The trustee liquidating cryptocurrencies on behalf of defunct exchange Mt. Gox has offloaded another 25.98 billion yen ($230 million) of Bitcoin and Bitcoin Cash. The disposals were made in the period since the 10th creditors meeting was held on March 7, Nobuaki Kobayashi said in a statement on Tuesday. The total compares with 43 billion yen in the prior round of sales, which the bankruptcy attorney announced six months ago. Digital…

Egypt Plans to Sell $5 Billion Bonds Overseas in Next Few Months

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CAIRO (Capital Markets in Africa) – Egypt plans to issue international bonds worth about $5 billion in the coming months, Finance Minister Mohamed Maait said Wednesday. “We don’t know the schedule yet, but we’re planning,” Maait told a gathering of business people in Cairo. “We are monitoring the interest rate, we are monitoring international markets.” Maait said that the exact issue size had yet to be finalized and Egypt was still considering what currency to issue in….

MTN Surges as Nigeria Softens Tone on $8.1 Billion Claim

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LAGOS (Capital Markets in Africa) – MTN Group Limited’s shares rose the most in more than six months after Nigeria softened its stance over claims that Africa’s biggest wireless carrier illegally transferred $8.1 billion out of the country. The Central Bank of Nigeria made the accusation late last month, plunging the South African company into a crisis that’s wiped almost a third off its share price. MTN has since provided additional information that may lead…

Foreigners Aren’t Yet Done Selling Egyptian Assets

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CAIRO (Capital Markets in Africa) – Foreign investors are accelerating their sales of Egyptian securities amid growing skepticism over the country’s economic outlook and while they ponder a more negative environment for emerging markets. Investors from abroad were net sellers of stocks and bonds each session this month through Tuesday, data provided by the stock exchange and compiled by Bloomberg show. On Sept. 5, foreign outflows reached almost 1 billion Egyptian pounds ($52 million), the…

Year of `Scandals’ Spurs South African Bourse to Plan New Rules

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JOHANNESBURG (Capital Markets in Africa) – Johannesburg’s stock exchange said it’s proposing tighter listing rules after South African financial markets were “shaken by a range of corporate scandals, rumors and innuendo” over the past year. The bourse published a consultation paper Wednesday, saying recent events showed a need for it to review its responsibilities and strengthen aspects of regulation. Recommendations range from boosting racial and gender diversity on boards, to doubling the notice period before new stocks…

Iron Ore Lumps, Pellets in Vogue as China Scrubs Nasty Skies

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LAGOS (Capital Markets in Africa) – The global iron ore market is fracturing and that means form matters more than ever. Alongside a push for better grades, which has reshaped pricing patterns, and shunning of impurities that hurt efficiency, mills are now paying more for raw material that comes in lumps and pellets. “It’s not all about the grade of your product,” Macquarie Wealth Management said in a recent note that highlighted burgeoning investor interest in the trend….

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