The Markets | - Part 167

Blythe Masters’s Blockchain Firm Raises Money, Hires Executive

LAGOS (Capital Markets in Africa) – Blythe Masters’s blockchain software firm Digital Asset Holdings LLC raised another $40 million and hired a technology executive who previously worked for software giant Microsoft Corp. and quantitative hedge fund Two Sigma Investments. The company, where former JPMorgan Chase & Co. banker Masters is chief executive officer, is one of several trying to reshape finance by leveraging the blockchain ledger technology that underpins bitcoin and other cryptocurrencies. DAH’s clients include the…

Busy IPO Season Beckons for Cairo as Reforms Yield Results

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s stock market is shaping up to be the Middle East’s hot spot for initial public offerings next year. At least six companies plan IPOs by the end of 2018, following two sales since January, according to data compiled by Bloomberg. That’s a marked increase on the average of three in the past three years as foreign investors fretted that a severe dollar shortage would trap their money. Between…

London’s Stock of Unsold Homes Under Construction at Record High

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The stockpile of unsold London homes under construction rose to a record as developers ramped up supply, despite a housing market that has been suppressed by higher taxes and economic uncertainty. The number of properties being built or completed that have yet to find a buyer rose to 12,952 units from 12,601 at the end of last year, according to a report by Molior London seen by Bloomberg News. That’s the…

Egypt’s EGX 30 Falls Most in Five Months; CIB and AMOC Pressure

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s main stock benchmark falls 2.6% to 13,546.24 as of 2:09pm in Cairo, the most since April 23 and the lowest level in a month. Index is pressured by Commercial International Bank Egypt (CIB) and Alexandria Mineral Oils (AMOC). Commercial International Bank Egypt down 2.3% to 76.17 Egyptian pounds Biggest contributor to index decline; down to the lowest level since May NOTE: Bank is the biggest singular weight to the EGX 30 (35.2%) Overal, Egyptian…

Ghana Cocoa Regulator Is Said to Face $280 Million Shortfall

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s cocoa regulator is facing a 1.25 billion ($285 million) cedi budget shortfall for the new harvest as the world’s second-biggest producer of the beans is keeping farmer pay unchanged even after global prices slumped, according to two people familiar with the matter. At a forecast crop of 850,000 metric tons for the new season through September, the Ghana Cocoa Board will lose 1,481 cedis per ton after all expenses are paid,…

Iron Ore Rallies as China Imports Bust 100 Million Ton Level

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Iron ore imports by China surged above 100 million metric tons to a record, smashing the previous high set in 2015, as the country’s concerted push to clean up the environment stoked demand for higher-grade material from overseas while hurting local mine supply. Prices rallied. Purchases of iron ore expanded to 102.8 million tons in September from 93 million tons a year ago, surpassing the previous record of 96.3 million tons…

Stock Traders Scarce in Kenya as Poll Crisis Clouds Outlook

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Traders are deserting Kenya’s stock market, a star performer earlier this year, as the unresolved crisis around the country’s presidential election discourages foreign investors. Volumes traded on the Nairobi stock exchange have slumped to the lowest this year, dropping to less than 46 million shares in the week ended Oct. 6 from as high as 285 million in June. Values have also dropped, with $870,000 of shares traded Thursday,…

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