The Markets | - Part 167

PPC Extends Battle for African Cement Maker by Ordering Review

JOHANNESBUG (Capital Markets in Africa) – PPC Limited hired Investec Plc to review an offer by Fairfax Financial Holdings Ltd. for South Africa’s biggest cement maker and said other interested bidders should be granted enough time to conduct full due diligence. Investec has been appointed to consider the partial offer by Toronto-based Fairfax and the planned merger between PPC with local rival AfriSam Group Pty Ltd. that’s part of the proposal, Johannesburg-based PPC said in a statement Tuesday….

Zimbabwe Dollar Dearth Causes Shortages, Return of Inflation

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s money shortage has seen card and mobile-money payments eclipse cash sales at the nation’s retailers, throttling suppliers’ stock of hard currency needed to put goods on shelves and forcing up food prices. Cash transactions have shrunk to about 2 percent of daily takings across the 33-store Spar Zimbabwe chain, from 60 percent a year ago, Managing Director Terence Yeatman said. Consumer prices as measured by the statistics agency rose 0.1…

Foreigners Desert South Africa’s Stock Market Like Never Before

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Amid robust demand for emerging-market equities, there’s one place global investors are avoiding: Africa’s biggest stock market. With almost a full quarter to go, outflows from South Africa’s stock exchange have already reached 90.5 billion rand ($6.6 billion) this year, on track to equal last year’s record 125.8 billion rand. By comparison, net sales reached 56.6 billion rand in 2008, when emerging-market assets bore the brunt of a selloff sparked…

OPEC Oil Output Climbed in September as Libya, Nigeria Recover

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along with Nigeria is exempt from output cuts, rebounded 30,000 barrels a…

Libya Oil Output Set to Recover Following Sharara Brief Halt

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts Tuesday, National Oil Corp. Chairman Mustafa Sanalla said Monday in a televised interview on Libya TV. The field produced about 234,000 barrels a day before guards…

Hedge Funds Flip ICOs, Leaving Other Investors Holding the Bag

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Instead of speculating on bitcoin, the smart money has figured out that one of the surest way to get rich quickly with cryptocurrencies is to be in early on initial coin offerings. Hedge funds are proving to be first among equals when it comes to digital token sales by technology startups, receiving preferential discounts and terms and then often cashing out. While legal, the maneuver is drawing comparisons to some…

U.S.’s Top Financial Cop Warns ICO Market Probably Full of Fraud

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Wall Street’s top regulator has a warning for mom-and-pop investors who are rushing into the booming market for initial coin offerings: the space is probably full of fraud. “It would shock me if you don’t see pump-and-dump schemes in the initial coin offering space,” U.S. Securities and Exchange Commission Chairman Jay Clayton said on Thursday in Washington. “This is an area where I’m concerned about what’s going to happen to retail…

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