The Markets | - Part 120

BMO, Ontario Teachers’ Test Canadian Debt Issuance on Blockchain

LAGOS (Capital Markets in Africa) – Bank of Montreal and Ontario Teachers’ Pension Plan tested a Canadian-dollar debt deal over blockchain, a further step in determining the viability of the new technology in fixed-income markets. Bank of Montreal sold C$250 million ($190 million) of one-year floating rate deposit notes to the Ontario pension fund and used blockchain technology to mirror the transaction, the Toronto-based lender said Wednesday in a statement. The bank’s BMO Capital Markets unit built…

Rand Sinks as a Downbeat Moody’s, Naspers Spur a Perfect Storm

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand was battered by headwinds including a downbeat assessment of the economy by Moody’s Investors Service and a plunge in the biggest company on the Johannesburg Stock Exchange. The currency sank as much as 3.4 percent against the dollar after Moody’s said the pace of South Africa’s fiscal consolidation will be slower than government forecasts due to weaker-than-expected economic growth and a rising public sector wage bill. The statement…

Rand Traders Brace for Turmoil as Turkey Saps Risk Appetite

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JOHANNESBURG (Capital Markets in Africa) – Traders are positioning for more turmoil for the rand as Turkey’s financial crisis damps risk appetite among emerging-market investors. The rand’s one-month implied volatility against the dollar soared by the most since December 2015 on Monday. The South African currency plunged by the most in about a decade during Asian trading hours, but has since pared its decline. The yield on benchmark government bonds climbed above 9 percent for…

Bitcoin Dips Below $6,000 as Almost Every Cryptocurrency Drops

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LAGOS (Capital Markets in Africa) – Bitcoin touched below $6,000 and dozens of smaller digital tokens retreated as this month’s sell-off in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887, the lowest level since June, before paring some of the drop, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over…

OPEC Lifted Crude Production in July Despite Saudi Supply Cut

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LAGOS (Capital Markets in Africa) – OPEC crude production rose in July, despite sliding output in Libya, Iran and Saudi Arabia. The bloc’s output averaged 32.32 million barrels a day in July, up 41,000 barrels a day from June, the group said in its monthly oil market report, citing secondary source figures. Increased production in Kuwait, Nigeria and the United Arab Emirates more than offset the drop elsewhere. The Organization of Petroleum Exporting Countries agreed in June to…

Regulation of the Initial Coin Offerings: Sitting in the Waiting Room

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LAGOS (Capital Markets in Africa) – Although the debate about whether or not to regulate initial coin offerings (ICOs) is in full swing, many key regulators are hot on its heels, and even if we are in the first paragraph, ‘in summary’, they are going to be regulated. The challenge, of course, will be to regulate appropriately without stifling growth and innovation. The volatility of certain tokens (also traditionally referred to as cryptocurrencies or coins)…

THE ALPHA STORY IN AFRICA

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Many investors are familiar with the African growth story. The young demographic, growing middle class and attractive GDP growth prospects have been recited before and I am sure we can agree that the long-term growth story sounds superb. For investors with a long-term horizon, these fundamentals make Africa the perfect place to invest your money for the next 10-20 years especially as most of the developed regions do not…

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