The Markets

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…

KAMPALA (Capital Markets in Africa) – Uganda’s stock exchange is in talks with three companies about listing, after Indian drugmaker Cipla Ltd.’s domestic unit ended a six-year drought with its bourse debut. One of the companies may launch an initial public offering in the next six months, Uganda Securities Exchange Chief Executive Officer Paul Bwiso said in an interview Monday in the capital, Kampala. The bourse has been buoyed by a new government initiative to support the…

LAGOS (Capital Markets in Africa) – Commodity investors have a busy docket this week, with near-term headlines set to be dominated by the damage wrought by Hurricane Florence in the U.S. and its far-flung Asian cousin, Typhoon Mangkhut. There’s also likely be squalls for raw materials from the U.S.-China trade war, with metals including copper sinking on Monday on concern more levies may hit. Beyond the bad weather, there’s a trio of a meeting that’ll command attention, with…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s battered rand may receive an unexpected boost from the central bank this week if money-market rates are anything to go by. While only three out of 19 economists in a Bloomberg survey are predicting a South African Reserve Bank rate increase on Thursday, traders have been adding bets on a surprise hike. Forward-rate agreements are now putting the odds of a 25 basis-point hike at more than 50 percent,…

LAGOS (Capital Markets in Africa) – Undaunted by the crash in cryptocurrencies, the company that created the first exchange-traded Bitcoin trackers now wants to offer a whole basket of digital currencies to bet on. The plan is to launch an exchange-traded product based on a basket of 5 to 10 such currencies before the end of the year, according to Stockholm-based XBT Provider AB. This is “something that the market is looking for,” said Laurent Kssis,…