The Markets | - Part 142

Banks Lead Declines as South African Stocks Fall Most in 7 Weeks

JOHANNESBURG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index closes 1.4% lower on Monday, biggest decline since Dec. 6. “The rand is weaker — a little bit of the excitement and positivity of Cyril Ramaphosa in Davos is waning,” Michele Santangelo, a money manager at Independent Securities, says by phone. “A lot of stocks that have had huge runs that are coming off, particularly in the financial sector, had a great start to the…

Crypto Victims Flush Away Cash on Deal That’s More UTI Than ICO

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Lithuanian startup Prodeum set out to raise as much as 5,400 Ether (about $6.5 million) in an initial coin offering, ostensibly to revolutionize the agriculture industry and put fruit on the blockchain. That’s not the strange part. Tracking produce could actually be a good use for the technology, and some legit firms are already doing it, so investors can be forgiven for signing up. But then there’s the name. “Prodeum” is spelled almost…

West Africa’s Stock Exchange Expects Regional Bank IPO in 2018

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ABIDJAN (Capital Markets in Africa) – The IPO will be one of two initial public offerings expected this year on West Africa’s Bourse Regionale des Valeurs Mobilieres, known as BRVM, Edoh Kossi Amenounve says in an interview. Other IPO “should be Societe des Telecommunications du Mali” Average profitability growth of BRVM’s stocks seen rising to 6.5%-7% in 2018 after 5% in 2017 2017 profitability dropped after declining in capital gains BRVM to launch the online…

Nigeria Plans $2.5 Billion Eurobond Sale in First Quarter

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LAGOS (Capital Markets in Africa) – Nigeria may sell $2.5 billion of Eurobonds in the first quarter to refinance domestic debt and wants to start talks with JPMorgan Chase & Co. about being reinstated in its local-currency emerging-market bond index, according to a government official. The issuance would complete a dollar-debt program that started with selling $3 billion of Eurobonds in November, said Debt Management Office Director-General Patience Oniha. The yield on dollar bonds due November 2027 have…

South Africa’s Rand Cracks 12 per Dollar First Time Since ’15 as Optimism Grows

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand traded below 12 per dollar on Wednesday for the first time since May 2015, extending a rally sparked by an improving domestic political environment and supported by global risk-on sentiment and the greenback’s retreat. The currency advanced as much as 0.9 percent to 11.9265 per dollar, and traded 0.7 percent stronger at 11.9462 by 11:52 a.m. in Johannesburg. That brings gains in the past three months to 15…

Nigeria SE Falls 2.8% to 43,131.24; Dangote Cement Leads Decline

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the third day, dropping 2.8 percent, or 1,258.61 to 43,131.24. The move was the biggest since falling 4.3 percent on May 31, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 0.4 percent. Dangote Cement Plc contributed the most to the decline, falling 3.3 percent. Fcmb Group Plc decreased 9.7 percent, the biggest loss. MAY & Baker Nigeria Plc rose 4.9 percent,…

UBS Chairman Weber Sees `Massive’ Potential Drop in Bitcoin

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LAGOS (Capital Markets in Africa) – UBS Group AG Chairman Axel Weber said the Swiss bank won’t trade Bitcoin or offer it to retail clients as increased regulation could lead to a “massive” drop in value. “This is something where the price is really unclear,” Weber said in an interview Wednesday with Bloomberg TV at the World Economic Forum in Davos, Switzerland. “We fear that in the future if these investments implode and the market corrects, then…

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