The Markets | - Part 144

Rand at a Crossroads as Key Levels to Determine Rally’s Future

JOHANNESBURG (Capital Markets in Africa) – Some traders are wondering whether the rand’s 20 percent rally since November has gone too far. This week may settle that question. The South African currency has just completed a so-called “golden cross”, signalling an extension of the gains versus the dollar on the back of market-friendly swings in national politics. But it has come up against another hurdle, which it briefly cleared on Tuesday before falling back. Traders may…

The World’s Best Stocks May Gain Even More If Oil Holds Up

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The world-beating rally in Nigerian stocks may not be over yet. The main equity index in Africa’s biggest economy has surged 12 percent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the exchange, has climbed to a record high. The advance will probably be…

Oil Trades Near Three-Year High as OPEC Members Reassure on Cuts

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LAGOS (Capital Markets in Africa) – Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The production curbs have contributed to stability in the market and should remain, Iraqi Oil Minister Jabbar al-Luaibi said Saturday. Yet Brent crude at $70 a…

Bitcoin Fund’s 91-for-1 Share Split Is Another Dot-Com Flashback

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LAGOS (Capital Markets in Africa) – Here’s one more way Cryptocurrencies are mimicking the dot-com frenzy as they capture popular attention: massive stock splits. Greyscale Investments announced that its Bitcoin Investment Trust — an open-ended fund that provides the purest exposure to owning the most popular currency short of owning the underlying asset — will undergo a 91-for-1 spliton Jan. 26. That’ll turn the 1.9 million shares currently outstanding into a whopping 174.4 million. Based on…

Faceless Men Upend South African Stocks on Steinhoff 2.0 Fears

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JOHANNESBURG (Capital Markets in Africa) – The name is enough to spread mayhem among South African traders. And all Viceroy Research is willing to disclose is that they’re three people working out of New York to protect investors. Stocks including Africa’s largest generics drug maker and biggest real estate investment trusts were sent reeling this week on speculation that they were in Viceroy’s sights. More than $3 billion was wiped off the value of property stocks alone in just four…

Goldman Says Cryptocurrencies May Succeed as Form of Real Money

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LAGOS (Capital Markets in Africa) – Bitcoin may seem like a solution in search of a problem in the U.S., where transaction costs are already low and the dollar stable. But in developing countries, digital currencies could succeed as a real form of money, Goldman Sachs Group Inc. says. Many currencies in sub-Saharan Africa have lost value due to high inflation and supply mismanagement. As a result, foreign money makes up more than 90 percent…

Naspers Is Said to Plan $200 Million Investment in Swiggy

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. is in talks to lead an investment of as much as 2.5 billion rand ($200 million) in India’s Swiggy to increase its stake in the online food-delivery company, according to two people familiar with the matter. Africa’s biggest company by market value plans to team up with China’sTencent Holdings Ltd. to put together the new financing round, said the people, who asked not to be named as the information isn’t…

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