The Markets | - Part 148

Zimbabwe Considers Building Reserves to Back Currency Relaunch

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500 billion percent, according to the International Monetary Fund, after exports slumped and international lenders had withdrawn lines of credit.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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

« 1 … 146 147 148 149 150 … 260 »