The Markets

Bitcoin Rally Is Eroding Gold’s Appeal, Top Online Vaulter Says

Posted on by The Editorial Team
Bitcoin Rally Is Eroding Gold’s Appeal, Top Online Vaulter Says

LAGOS (Capital Markets in Africa) –  Bullion’s rally faltered in the past two months as the dollar strengthened and global equities set new records, while concerns over Brexit and Catalonia’s push for independence failed to drum up notable haven demand. Now, bitcoin’s surge is attracting investor interest toward the cryptocurrency and away from the metal, the biggest online vaulting service said. According to Google Trends, global searches for “buy bitcoin” have overtaken “buy gold” after previously exceeding searches…

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Praet’s Cautious Approach to ECB Bond Buying Attracts Doubts

Posted on by The Editorial Team
Praet’s Cautious Approach to ECB Bond Buying Attracts Doubts

LONDON (Capital Markets in Africa) – The European Central Bank’s ultra-cautious approach to removing stimulus triggered varying reactions, including a defense by chief economist Peter Praet and criticism from one of his former colleagues. Addressing a workshop in Frankfurt on Monday, Praet argued that the Governing Council’s decision to keep quantitative easing open-ended was appropriate as inflation in the 19-nation euro region remains subdued. For Francesco Papadia, a former director general for market operations at the ECB, officials had…

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Oil Majors, Traders and Banks Team Up on Blockchain Platform

Posted on by The Editorial Team
Oil Majors, Traders and Banks Team Up on Blockchain Platform

LAGOS (CAPITAL Markets in Africa) – A group headed by some of the world’s biggest oil producers, trading houses and trade finance banks will develop a blockchain-based digital platform to manage physical commodity transactions. The group’s members, including producers BP Plc, Royal Dutch Shell Plc andStatoil ASA; trading houses Gunvor Group Ltd., Mercuria Energy Group Ltd. and Koch Supply & Trading; and banks ABN Amro Group NV, Societe Generale SA andING Groep NV, will form an independent venture to develop and operate the platform,…

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South Africa’s Main Stock Index Hits 60,000 for First Time

Posted on by The Editorial Team
South Africa’s Main Stock Index Hits 60,000 for First Time

JOHANNESBURG (Capital Markets in Africa) – South Africa’s benchmark stock index reached the 60,000 points level for the first time as investors responded positively to news that Cyril Ramaphosa has the lead in the African National Congress leadership race and a weakening rand gave support to exporters. The FTSE/JSE Africa All Share Index climbed as much as 0.8 percent to 60,140.33 in Johannesburg, before settling at a record close of 59,975.67, a gain of 0.6 percent. Signs that…

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Bets on Ramaphosa Sweeten South African Stocks Rally as Risk Wanes

Posted on by The Editorial Team
Bets on Ramaphosa Sweeten South African Stocks Rally as Risk Wanes

JOHANNESBURG (Capital Markets in Africa) – Buoyant commodities and a weaker currency have already made South African stocks a tasty treat for investors. Now, some are betting on politics to add to the flavour. Advancing raw-material prices and the rand’s plunge to the lowest level this year boosted exporters’ shares, sending the benchmark gauge in Johannesburg to a record. Yet, some money managers have remained doubtful on how far the rally could go given President…

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Traders Aren’t Yet Calling an End to Nigeria’s Naira Problem

Posted on by The Editorial Team
Traders Aren’t Yet Calling an End to Nigeria’s Naira Problem

LAGOS (Capital Markets in Africa) – Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree. Portfolio inflows have risen in the past three months with crude prices increasing above $60 a barrel and money managers taking heart from a new foreign-exchange trading window, in which the naira has converged with the black-market rate. That prompted central bank Governor Godwin Emefiele and Patience Oniha, the head of the nation’s Debt Management Office, to tell…

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Diamond Bank Sells West African Units for 61 Million Euros

Posted on by The Editorial Team
Diamond Bank Sells West African Units for 61 Million Euros

LAGOS (Capital Markets in Africa) – Nigerian lender Diamond Bank Plc sold the majority stake in its units in four West African countries as it seeks to shore up capital and focus on the home market. Manzi Finances SA, based in Abidjan, Ivory Coast, bought 97 percent of Diamond Bank’s ownership of units in that country as well as Benin, Togo, and Senegal for 61 million euros ($71 million), according to a filing on Friday to the…

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