The Markets | - Part 171

Foreigners Desert South Africa’s Stock Market Like Never Before

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

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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

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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

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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…

Bitcoin `More Than Just a Fad,’ Morgan Stanley CEO Gorman Says

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LAGOS (Capital Markets in Africa) – Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting…

Michael Ove, A 31-Year-Old Wants to Revolutionize Cryptocurrency Trading

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Michael Oved helped Virtu Financial Incorporation become the most consistently profitable market maker in the history of electronic trading. Now he has his sights set on revolutionizing how digital currency exchanges operate. The new company he cofounded, AirSwap, sounds like a contradiction in terms: A decentralized exchange. Made possible by the nascent technology of the ethereum blockchain, there’s no central authority around which buyers and sellers gather. Instead, a computer program known as…

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