The Markets | - Part 180

Africa’s Biggest Copper Mine Hit by Zambian Power Restrictions

LUSAKA (Capital Markets in Africa) – Zambia is cutting power to mines including Africa’s biggest copper site, the Kansanshi pit owned by First Quantum Minerals Ltd., escalating a fight over tariffs. “They have still got some significant amount of power for them to operate, but obviously their operations will not be at 100 percent because of the power restrictions,” Energy Minister David Mabumba told reporters Tuesday in Lusaka, the capital. Glencore Plc has said it halted production…

Bitcoin Surges Past $4,000 as Speed Breakthrough to Fuel Spread

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency. The largest digital tender jumped to a peak of $4,298 Monday, a gain of nearly 20 percent since Friday, after a plan to quicken trade execution by moving some data off the main network was activated last week. The solution — termed SegWit2x — had been so contentious that…

With No ‘JPMorgan of Bitcoin,’ Exchanges Struggle to Win Trades

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin needs “Downtown” Josh Brown more than he needs bitcoin. Brown, the chief executive officer of Ritholtz Wealth Management and author of a popular finance blog, has long been sceptical of the digital currency. He finally bought some, he said, “because the goddamn thing won’t go away.” Bobby Lee, BTCC co-founder and chief executive officer, discusses the outlook for cryptocurrencies. Still, Brown, who helps manage half a billion dollars, isn’t really a convert…

Old Mutual First-Half Profit Climbs as Insurer’s Split Looms

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc, the London insurer planning to split into four separate businesses, said first-half profit almost doubled after it reduced debt and sold shares in its U.S. asset management unit. Pre-tax adjusted operating profit rose 37 percent and net income climbed to 531 million pounds ($689 million) from 284 million pounds a year earlier, the London-based insurer said in a statement on Friday. Diluted basic earnings per ordinary share increased…

Investors Too Busy Cheering Kenyatta to Fret About Vote Spat

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Euphoria over a President Uhuru Kenyatta win, even if the election results are preliminary, boosted the nation’s stocks by the most in Africa and sent Kenya’s dollar bonds higher. The FTSE NSE Kenya 25 Index of stocks advanced as much as 2.7 percent to the highest level in two years. The yield on the nation’s Eurobonds due 2024 fell the most since March and the shilling was little changed. With ballots from more than 97…

Nigerian All-Share Index Drops 2.71%, Biggest since 1 June 2016

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the second day, dropping 2.71 percent, or 998.59 to 35,866.12. The move was the biggest since falling 2.75 percent on June 1, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.4 percent. Dangote Cement Plc contributed the most to the decline, falling 5 percent. Cement Co. Northern Nigeria Plc decreased 9.7 percent, the biggest loss. Dangote Sugar Refinery Plc rose 10…

Diageo’s Kenyan Unit Sees Improved Outlook as Earnings Climb

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – East African Breweries Ltd., the region’s biggest brewer, said it’s optimistic about the outlook for the year ahead with its main market Kenya performing better and business in Tanzania returning to growth. “Management is encouraged by trends in the second half of the year in Kenya, during which the business saw better performance in premium and mainstream beer,” the Nairobi-based company said in an emailed statement. “In Tanzania, the…

« 1 … 178 179 180 181 182 … 259 »