The Markets | - Part 155

South African Rand Surges as Traders Cheer Respite From Moody’s

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand is living up to its reputation as the world’s most volatile currency. Having been dealt what should have been a crippling blow by S&P Global Ratings on Friday, sparking a 2 percent slump, the currency advanced as much as 3.3 percent on Monday, on track for its best day since December 2015, after Moody’s Investors Service retained its investment-grade rating on the nation’s local-currency debt….

Not Even Egypt’s Deadliest Terror Attack Can Faze Stock Traders

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Holders of Egyptian stocks seem to have developed thick skin. The benchmark index rose 0.8 percent in Cairo on Sunday even after more than 300 people were killed in a militant attack in northern Sinai on Friday. “No one is in shock as investors have, unfortunately, become immune to such events,” said Ashraf Akhnoukh, the director of Middle East and North Africa sales trading at Arqaam Capital. Still, “there is…

Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin blew past $9,700 just a week after topping $8,000 and approached its closest ever to five figures, gaining mainstream market attention as it defies bubble warnings. The biggest price jump since August consolidated during Japanese trading hours and vaulted the largest cryptocurrency’s value in circulation above the market caps of all but about 30 of the S&P 500 index members. The increase also buoyed its 10-day volatility to…

Kenya Is Said to Seek Proposals for $2 Billion Eurobond Sale

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s government is seeking proposals from banks about a possible $2 billion Eurobond offering in the first quarter of 2018, according to two people familiar with the matter. The East African nation’s Treasury asked banks for pitches on how to structure the sale, said the people, who asked not to be identified because they aren’t authorized to speak publicly about the matter. The deadline for proposals is Nov. 29,…

South African Rand, Brazil Pension Saga Top Emerging-Market Bill

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Emerging-market investors can almost always count on South Africa to keep them on their toes these days. Rand-denominated bonds will trade Monday for the first time since S&P Global Ratings lowered the country’s local-currency debt to junk last week. Elsewhere in emerging markets, Brazil’s government is seeking to drum up support for the pension overhaul, Mexico will nominate a new central bank governor and India will release third-quarter economic…

Rand Bounce Back Seen at Risk on South Africa Political Outlook

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s politics and economic outlook could trip up the gains the rand has managed to make in bouncing back from an expected credit-rating downgrade, analysts say. The rand rallied as much as 3.2 percent on Monday, overturning its losses on Friday when S&P Global Ratings demoted local currency-denominated debt to junk, amid relief that Moody’s Investors Service retained its investment-grade rating. Moody’s has warned it may do the same…

Wild Swings in Iraq Oil Production Give OPEC Another Problem

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC has an Iraq problem: the group’s second-biggest exporter is lurching between quota busting and production-crimping crisis, clouding the policy-making picture as ministers decide how long they need to extend output curbs. After consistently exceeding its output quota all year, Iraqi production plunged in October when clashes between the federal army and fighters from the semi-autonomous Kurdish region disrupted fields in the disputed Kirkuk province. While the conflict has calmed, exports from…

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