The Markets | - Part 159

Zimbabwe Stocks Fall on Coup as Companies Stay on High Alert

HARARE (Capital Markets in Africa) – Zimbabwean stocks fell the most in two months after the army seized control of the country, prompting shoppers to shun the main retail areas in the capital Harare, and Nedbank Group Ltd. to send some of its staff back to South Africa. The country’s benchmark index slid 1.3 percent, the biggest drop since Sept. 19, led by a 20 percent decline in clothing retailer Edgars Stores Zimbabwe, and financial services…

Bitcoin Surges in Zimbabwe After Armed Forces Seize Power

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power. The price of the cryptocurrency in the Southern African nation jumped as high as $13,499, almost double the rate at which it trades in international markets, according to prices cited on Golix’s website. It traded at $13,010 by 3:34 p.m. in Harare, the Zimbabwean capital. Demand for bitcoin in Zimbabwe…

Bitcoin’s Roller-Coaster Ride Cuts $38 Billion Before Reversal

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin is proving that investing in digital currencies isn’t for the faint of heart. After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses. “Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York….

South Africa Tests Investor Appetite in Biggest Bond Auction Yet

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s widening budget deficit is going to cost it. Just how much, the Treasury will find out when it holds its biggest auction yet of local-currency debt on Tuesday. Benchmark 10-year yields have climbed more than 60 basis points since Oct. 25, when Finance Minister Malusi Gigaba said the government will need to raise an additional 122 billion rand ($8.4 billion) of debt over the next three years to plug…

Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighbouring Oman backs prolonging the output limits beyond March and sees…

Bitcoin Cash: The Digital Cousin Disrupting Cryptocurrencies

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Just when you thought you had a handle on the new-fangled crypto craze, here comes bitcoin cash. Bitcoin’s lesser-known cousin, the so-called cash version has disrupted the $200 billion market and over the weekend got close to overtaking ethereum as the second-biggest cryptocurrency by market capitalization. The main difference between bitcoin and bitcoin cash is the block size. A block is equivalent to a file storing data on approved transactions, which…

Want to Know What Investors See for the Rand? Follow This Stock

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – If you want to know what investors are thinking about prospects for South Africa’s rand as the ruling African National Congress’ leadership battle unfolds, look no further than Cie Financiere Richemont SA’s Johannesburg share price. The company has the highest correlation to movements in the rand among stocks in the FTSE/JSE Africa Top 40 Index of South Africa’s biggest listed companies, according to data compiled by Bloomberg. The correlation this month rose…

« 1 … 157 158 159 160 161 … 260 »