The Markets | - Part 145

Bitcoin and Stocks Have More in Common Than You Think: Gadfly

LONDON (Capital Markets in Africa) – Bitcoin has been a plaything for risk-hungry traders and punters rather than a widely held investment or real-world currency. It’s been shunned by banks and banned by governments. Yet it’s still possible that its slide on Monday made the broader market selloff worse, as investors sold assets to compensate for crypto-losses. Marginal as this may be, and you can’t be certain of correlation with something as unstable as digital…

Cryptocurrencies Under Pressure After Bitcoin Dips Below $6,000

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The rout in cryptocurrencies rolled on, sending Bitcoin to its lowest level since October, as worries over tighter regulation by U.S. authorities and central bankers elsewhere gave traders fresh reasons to exit after a brutal start to 2018. The selloff has now knocked about half a trillion dollars from digital coins since early January. That’s shaken a nascent market whose core attraction — anonymity and decentralization — is being challenged as never before…

South Africa JSE 40 Falls 1.8% to 49,580.21; Naspers Leads

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JOHANNESBURG (Capital Markets in Africa) – The FTSE/JSE Africa Top40 Tradeable Index fell for the ninth day, dropping 1.8 percent, or 916.09 to 49,580.21. The index dropped to the lowest level since Sept. 29. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 2.1 percent. Naspers Ltd. contributed the most to the decline and had the biggest loss, decreasing 4.3 percent. The biggest movers also included: Anglo American, down 3.7 percent; and Standard Bank, down 3.4 percent….

Egyptian Exchange EGX 30 Price Index Falls 2.5%; COMI EC Leads

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CAIRO (Capital Markets in Africa) – The Egyptian Exchange EGX 30 Price Index fell 2.5 percent to 14,583.85. The move was the biggest since falling 2.7 percent on October 16 and follows the previous session’s increase of 0.6 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 2.9 percent. Commercial International Bank Egypt SAE contributed the most to the decline, falling 2.8 percent. Pioneers Holding for Financial Investments SAE decreased 7.4 percent, the biggest loss. The…

Futuregrowth Unmoved on Lending as Eskom Eyes Bond Market

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest specialist fixed-income money manager says it’s not quite ready to resume lending to the cash-strapped state electricity company. Cape Town-based Futuregrowth Asset Management, which oversees about 177 billion rand ($15 billion), halted lending to Eskom Holdings SOC Ltd. in 2016, citing concerns over governance and financial management. While the publication of overdue financial statements this week was a step in the right direction, Futuregrowth’s position hasn’t…

Stocks in Economy With Best Growth Forecast Lead the World

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ACCRA (Capital Markets in Africa) – The World Bank’s optimism about prospects for Ghana’s economy has proved a tonic for Accra-traded stocks: the country’s benchmark index sits atop the world as January draws to a close. The Ghana Stock Exchange Composite Index has gained 19 percent since the year began in dollar terms, the most among benchmarks tracked by Bloomberg. “We can’t discount the sentiment factor, the optimism in the market in terms of Ghana…

Steinhoff Refers Ex-CEO to Police on Suspicion of Corruption

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV reported former Chief Executive Officer Markus Jooste to South Africa’s anti-graft police, pinning the blame for an accounting scandal squarely on the man who built the retailer into a global force. The owner of Mattress Firm in the U.S. and Conforama in France referred Jooste to the unit known as the Hawks on Tuesday based on its investigation into financial irregularities, acting Chairman Heather Sonn told lawmakers in Cape…

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