The Markets | - Part 155

Steinhoff Africa Retail Gains Most Since Listing as Profit Beats

JOHANNESBURG (Capital Markets in Africa) – Steinhoff Africa Retail Limited rose the most since its September listing after South Africa’s second-biggest retailer reported debut earnings that beat estimates. The stock climbed as much as 6.6 percent and traded 1.1 percent higher at 25.99 rand as of 10:28 a.m. in Johannesburg, valuing the company at 90 billion rand ($6.5 billion). That brings its gain since listing to 27 percent. With more than 4,800 stores in 12 African countries, the…

Bitcoin Job Postings Are Surging on LinkedIn as Price Soars

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Bitcoin-related job postings as a proportion of total listings on LinkedIn jumped more than nine fold in the financial services industry over the past three years and 4.6 times in the software technology industry, according to data from the career-oriented social network. While the number of listings within financial services is growing faster, the majority of crypto-related jobs — 70 percent — are still tied to software development. And as bitcoin’s…

Bitcoin Heads to Wall Street Whether Regulators Are Ready or Not

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

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