The Markets | - Part 161

Shining Star of Initial Coin Offerings Crashing Back to Earth

LAGOS (Capital Markets in Africa) – Bancor, one of the most successful initial coin offerings in the short history of digital tokens, is proving to be a dud for investors. After raising $153 million in a matter of hours in June, the Tel Aviv, Israel-based startup — whose market maker-like application aims to facilitate trading in other digital coins — has seen the price of its token decline 56 percent, one of the worst performances among…

Glencore Abandons Hong Kong Listing as It Sticks With Africa

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Glencore Plc is planning to withdraw its listing from the Hong Kong Stock Exchange early next year, with the world’s biggest commodities trader saying that only a small number of investors had chosen to hold their shares on the local register. Dealings in Hong Kong-listed shares are expected to cease on Jan. 10, the Baar, Switzerland-based company said in a statement on Tuesday. Glencore, which trades raw materials including copper and zinc, and…

Nickel Next for Electric Car Boom as Trafigura Turns Bullish

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Glencore Plc and Trafigura Group Pte are often at loggerheads, but one thing they agree on: the nickel market will be transformed by the rise of electric cars. Nickel sulphate, a key ingredient in lithium-ion batteries, will see demand increase 50 percent to 3 million metric tons by 2030, Saad Rahim, chief economist at Trafigura, said in an interview. While other battery metals like cobalt and lithium have more than…

Cryptocurrency Push Sends Startup to Biggest Gain Since 2015 IPO

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) Canadian online lender Mogo Finance Technology Inc. rose the most in eight months after moving a step closer to giving customers the ability to hold bitcoin and other cryptocurrencies in digital wallets. Mogo shares rose as much as 35 percent, the most since the company’s initial public offering in June 2015, and closed at C$5.15, up 31 percent. The move gives the company a market value of C$94.4 million ($73.6 million). The Vancouver-based firm said…

Bitcoin Passes More Milestones as Market Cap Tops $100 Billion

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The most widely used digital currency will now cost you about $6,125 apiece after blowing past the $5,000 and $6,000 price levels for the first time earlier this month. Bitcoin’s total value is just over $100 billion, meaning it makes up more than half of the overall cryptocurrency market. Cryptocurrency prices have been unfazed by recent regulatory crackdowns across the world and scepticism from Wall Street stalwarts including Warren Buffett and…

RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, is hiring investment bankers and analysts in Egypt as more vibrant capital markets attract financial services firms to the country. Mohamed Younis will be chief executive officer of the investment bank in Egypt, said Ahmed Badr, RenCap’s CEO for the Middle East and North Africa. Younis, previously at CI Capital Holding, an arm of Commercial International Bank Egypt SAE, will…

Bond Winners of Yesteryear Not Looking So Fantastic in 2017

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa ) – Developing-nation debt traders who stuck with 2016’s top securities took a hit this year. That’s because last year’s best emerging-market dollar bond bets are posting the starkest reversals. Venezuela, Ecuador and Gabon, which led the pack in 2016, had some of the worst changes, according to data compiled by Bloomberg on debt from 69 developing nations. Meanwhile, last year’s laggards, Mozambique and Suriname, have had the best improvements. “As the…

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