The Markets | - Part 145

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

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…

Banks Send South Africa Stocks to Record as Foreign Buying Persists

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JOHANNESBURG (Capital Markets in Africa) – Johannesburg’s benchmark stock index rose to a record, joining a global rally, as foreign investors continued purchases amid optimism about steps to improve management of Africa’s most-industrialized economy. The FTSE/JSE Africa All Share Index rose as much as 0.9 percent to 61,610.33 Tuesday. Naspers Ltd. contributed the most to the benchmark’s advance after Tencent Holdings Ltd., in which it owns a stake, climbed to an all-time high in Hong Kong. An…

Zimbabwe Considers Building Reserves to Back Currency Relaunch

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HARARE (Capital Markets in Africa) – Zimbabwe’s new president, Emmerson Mnangagwa, said his government is considering building reserves of gold and diamonds to back the eventual relaunch of the country’s own currency. The nation abandoned the Zimbabwe dollar in February 2009 after an economic collapse saw inflation surge to about 500 billion percent, according to the International Monetary Fund, after exports slumped and international lenders had withdrawn lines of credit. This resulted in the central bank…

Did Bitcoin Just Burst? How It Compares to History’s Big Bubbles

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LAGOS (Capital Markets in Africa) – Bitcoin’s recent wobbles have given fresh urgency to a question that’s gripped market observers for much of the past year: Will the cryptocurrency go down as one of history’s most infamous bubbles, alongside tulipmania and the dot-com craze? The magnitude of Bitcoin’s boom (before it lost as much as 50 percent from its Dec. 18 high) suggests investors have reason to be worried. As the chart shows, the cryptocurrency’s nearly 60-fold…

Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger

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LAGOS (Capital Markets in Africa) – January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 20 percent, as the prospect of regulatory crackdowns appeared to spread. While the largest digital coin trimmed its loss and was down 13 percent at $12,146 as of 8:28 a.m. in New York, it was still at the lowest level since late December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies…

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