The Markets | - Part 157

Mugabe’s Woes Wipe Out $6 Billion From Zimbabwe’s Skewed Stocks

HARARE (Capital Markets in Africa) – Investors dumped Zimbabwean stocks every day since the military seized power on optimism that 93-year-old President Robert Mugabe will be forced to step down. The stocks, which are denominated in U.S. dollars and were used to hedge against rising inflation, fell another 10 percent on Tuesday, bringing the Zimbabwe Stock Exchange Industrial Index’s retreat since the army’s takeover on the morning of Nov. 15 to 35 percent. The bourse’s market capitalization has…

Nigeria Sells $3 Billion of Eurobonds in Its Biggest Offer Yet

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria raised $3 billion in a two-part international bond sale as it seeks to fund a fiscal deficit and reduce its local-currency debt burden. The West African nation split the offering equally between 10- and 30-year tranches. The yield was 6.5 percent for the shorter notes and 7.625 percent for the 30-year portion, down 25 basis points on each tranche from the initial guidance. The offering, its biggest Eurobond…

Blockchain Gets a Wall Street Win: `We Know the Thing Works Now’

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The prospect of blockchain technology remaking financial services just moved a step closer to reality after banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. completed a successful six-month test in the $2.8 trillion equity swaps market. The program, managed by blockchain startup Axoni, kept track of the swaps contracts after they were executed, recording things like amendments or termination of the deals, stock splits and dividends, and achieved…

Bitcoin Flirts With Record $8,000 High, Leaving Sell-Off Behind

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin has picked up right where it left off, capping a resurgent week by climbing within a few dollars short of a record $8,000 just days after a plunge of as much as 29 percent from the previous high tested the confidence of advocates of the cryptocurrency. Bitcoin has gained 17 percent this week, touching a high of $7,997.17 during Asia hours before moving lower in late trading. The rally…

UBS Shuns Bitcoin Allocations Due to Threat of Crypto Crackdown

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – UBS Group AG, the world’s largest wealth manager, isn’t prepared to make portfolio allocations to bitcoin because of a lack of government oversight, the bank’s chief investment officer said. Bitcoin has also not reached the critical mass to be considered a viable currency to invest in, UBS’s Mark Haefele said in an interview. The total sum of all cryptocurrencies is “not even the size of some of the smaller currencies” that UBS…

Bonds Extend Rally Ahead of Linker Auction

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s 10-year government bonds rose for a fourth day, set for the longest winning streak in two months, ahead of National Treasury’s inflation-linked bond auction, scheduled later Friday. The rand weakened against the dollar, broadly in line with other emerging-market currencies. National Treasury plans to sell 900m rand ($63.4 million) across inflation-linked bonds maturing in 2029, 2033 and 2050. This is the first linker auction with an increased issuance size,…

Tunisia SE Falls 0.4% to 6,115.94; Banque de Tunisie Leads

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – The Tunisia Stock Exchange Tunindex fell for the third day, dropping 0.4 percent, or 26.09 to 6,115.94. The move was the biggest since falling 0.5 percent on Oct. 2. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.6 percent. Banque de Tunisie contributed the most to the decline, falling 1 percent. Industries Chimiques du Fluor decreased 3.3 percent, the biggest loss. Societe Immobiliere et de Participations rose 3.6 percent, the…

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