The Markets | - Part 148

Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger

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…

Ghana Stocks May Gain 25% This Year as Economy Grows: Databank

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Ghana (Capital Markets in Africa) – Ghana stocks will benefit from estimated 7.8% GDP growth this year, according to Alex Boahen, head of research at the country’s second-biggest private fund manager. Nation’s crude production and expected increase in bank credit growth to businesses and households will drive GDP growth Banks’ lending will be stronger after government began selling bonds last year to clear energy-sector debt on their balance sheets and with the central bank seen cutting…

South African Stocks Close Higher for Third Day As Rand Strengthens

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JOHANNESBUG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index climbs 0.7% on Tuesday, extending gains to eight-week high. Positive sentiment around political affairs strengthened currency, leading banks and insurers to climb. Biggest gainers by percentage: Royal Bafokeng (+9.4%), MMI (+3.9%), Consolidated Infrastructure (+7%), RCL (+6.9%), Clover (+6.8%) Biggest laggers by percentage: Net1 (-10.2%), Kumba (-6.9%), Grindrod (6.1%), Capital & Regional (-5.5%), Allied Electronics (-5.4%), Trustco (-5.3%), Impala (-4.2%) Rand climbed as much as 0.9%…

Nigerian Bourse CEO Sees IPO Revival as Economy Improves in 2018

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange expects its first initial public offerings for at least two years as companies take advantage of an improving economy and stock market to raise funds, the chief executive of the bourse said. “A number of companies have indicated interest” in selling shares as sentiment picks up, Oscar Onyema, CEO of the Lagos-based exchange, told reporters Tuesday. He didn’t name any companies or give any further details….

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

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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

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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…

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