The Markets | - Part 156

Cost of Hard Currency in Zimbabwe Tumbles as Optimism Takes Root

HARARE (Capital Markets in Africa) – The street price of hard currency in Zimbabwe has dropped more than 30 percent since Robert Mugabe was ousted as president last week. One U.S. dollar cost the equivalent of $1.30 in Zimbabwean bond notes on the black market on Tuesday, down from $1.90 on November 20, according to street traders who quoted prices to Bloomberg. Zimbabwe doesn’t have its own currency, with the government adopting a basket of…

South Africa Looks for Extra $1.8 Billion of Spending Cuts

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa will look to cut spending by a further 25 billion rand ($1.8 billion) over the next three years as the nation tries to avert another downgrade of its rand debt to junk. President Jacob Zuma on Monday asked the Presidential Fiscal Committee, led by Finance Minister Malusi Gigaba, to finalize the plans for expenditure reductions for the 2019 fiscal year that starts in April. This is in addition to the…

Fitch Rates Nigeria’s U.S.$3 Billion Eurobond ‘B+’

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — One of the leading rating agencies, Fitch Ratings has assigned Nigeria’s $1.5 billion 6.500% senior unsecured notes due 28 November 2027 and the $1.5 billion 7.625% senior unsecured notes due 28 November 2047 a final rating of ‘B+’. According to a statement yesterday, the final rating replaced the expected rating of ‘B+ (EXP)’ that Fitch had assigned to the issue on November 15, 2017. It explained that the expected…

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

Posted on by The Editorial Team

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,…

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