The Markets | - Part 155

Bitcoin Heads to Wall Street Whether Regulators Are Ready or Not

LAGOS (Capital Markets in Africa) – Two U.S. exchanges, including the parent of the venerable Chicago Mercantile Exchange, are racing to embrace bitcoin, dragging federal regulators into a realm skeptics call a fad and fraud. The development shows how some big financial players are moving to co-opt the volatile cryptocurrency and lure more mainstream investors into the market, even before regulators have agreed on just what bitcoin is. CME Group Inc.’s contracts will debut Dec. 18. Cboe…

Nasdaq Is Said to Plan Bitcoin Futures, Joining Biggest Rivals

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nasdaq Inc. plans to introduce bitcoin futures next year, according to a person familiar with the matter, becoming the third major U.S. exchange to attempt to dive into the red-hot market for cryptocurrencies. The New York-based exchange aims to introduce the products as early as the second quarter, according to the person, who asked not to be named discussing a private matter. The contracts will trade on Nasdaq’s NFX market,…

Arabian Cement Egypt Rises 5%; Trading Volume Surges

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CAIRO (Capital Markets in Africa) – Arabian Cement Co. rose 4.6 percent, the biggest gain since April 11 compared with end-of-day price changes and almost 14 times the country’s benchmark index. The shares climbed to EGP 8.81 from EGP 8.42. Trading volume was more than five times the 30-day average of 494,560 for this time of day. Arabian Cement Egypt’s move compares with the 0.3 percent gain in the Egyptian Exchange EGX 30 Price Index and little change in…

Egyptian Stocks Leap; EFG-Hermes Predicts 20% Upside in 2018

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CAIRO (Capital Markets in Africa) – Egypt’s main stock benchmark, the EGX 30, gains 2.2% to 14,534.67 as of 12:30pm in Cairo, the steepest intraday advance since March 2. EFG-Hermes sees local market as being in the middle of “a multi-year rally“ supported by broad reforms with multiple catalysts ahead. EGX 30 has 20% upside through the end of 2018, strategist Mohamad Al Hajj writes in a note. Index rises to the highest level in dollar terms since…

Egypt’s Ibnsina Pharma Plans Expansion After $90 Million IPO

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CAIRO (Capital Markets in Africa) – Ibnsina Pharma, Egypt’s second-biggest pharmaceuticals distributor, plans to invest 700 million Egyptian pounds ($39 million) over the next five years to expand its storage hubs using the proceeds from its ongoinginitial public offering. The company, which is offering 40 percent of its shares in the local market for about $90 million, plans to add 20 new distribution centers over the next five years to boost growth, co-Chief Executive Officer Omar…

Egypt Lifts Remaining Currency Restrictions as Crunch Abates

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CAIRO (Capital Markets in Africa) – Egypt’s central bank lifted its last remaining official foreign-currency controls, as a dollar shortage that stymied the economy receded since authorities floated the pound and introduced wide-ranging reforms. The regulator removed limits imposed in 2015 for deposits and withdrawals by importers of non-essential goods, the bank said in a statement Tuesday. Deposits had been restricted to $10,000 per day and $50,000 monthly, while withdrawals were capped at $30,000. Caps…

Emerging-Market Bulls Hold Firm After Best Rally Since 2009

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LAGOS (Capital Markets in Africa) – Emerging-market investors who made bullish calls on equities amid this year’s monster rally are sticking to their guns, wagering that economic growth will propel gains in 2018. Money managers and strategists including Goldman Sachs Group Inc., Ashmore Group Plc and T. Rowe Price Group Inc. say this year’s 33 percent surge for the benchmark index of developing-nation stocks is justified by rising profits. Along with analysts at JPMorgan Chase & Co….

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