The Markets

LAGOIS (Capital Market in Africa) – African nations in search of cheaper financing still have the option to seek budget support from multilateral institutions and issue green bonds as eurobond yields surge, according to Oxford Economics Africa.   Of the 74 emerging sovereign dollar bonds tracked in a Bloomberg index, more than half of the worst-performing securities in the month to date are in Africa. That’s pushed the average eurobond yield on the continent to levels last seen…

LAGOS (Capital Markets in Africa) – Nigerian Exchange Ltd., plans to start a blockchain-enabled exchange platform next year to deepen trade and lure young investors to the market. The move follows the introduction of regulations to guide trade in digital assets by the Nigerian Securities and Exchange Commission, and the growing interest to adopt the distributed-ledger technology by businesses and policy makers across the continent including in Kenya and South Africa.The exchange looks to deploy the blockchain…

LUANDA (Capital Markets in Africa) –  With about 200 people counting down to Banco BAI’s share debut, Angola’s stock exchange finally got off the ground.  BAI, the southwest African nation’s biggest lender, had 20 buy orders at 21,650 kwanzas ($50) on the bourse known as Bolsa de Divida e Valores de Angola, or Bodiva, 5% more than the the initial public offering price. But there were no sellers.  “Today we have reached a new historic…

NAIROBI (Capital Markets in Africa) – Kenya faces the risk of a fully-established parallel foreign-currency market as importers purchase dollars at a rate about 3% higher than the official quotes, according to a manufacturers’ lobby. Members of the Kenya Association of Manufacturers are buying the greenback at 120 shillings and above, compared with prices the banks publish of around 116 shillings, the group said in a statement on Monday. The business group spoke out about…

LAGOS (Capital Markets in Africa) – Bitcoin fell below $30,000 and touched its lowest level since June, while the TerraUSD stablecoin continued its downward spiral.  The world’s largest cryptocurrency by market value fell more than 6% at one point Wednesday to trade at $29,085, nearly an 11-month low. Analysts had been watching the $30,000 as a key threshold, with many projecting that losses could accelerate once the coin falls below it.  Meanwhile, the TerraUSD algorithmic…

NEW YORK (Capital Markets in Africa) – Apple Inc. predicted that supply constraints would cost $4 billion to $8 billion in revenue during the current quarter, a warning that sent the shares tumbling and cast a pall on record-setting results that the company just reported.  Covid restrictions, which have swept China in recent weeks, will take a toll on the June quarter, Apple said during a conference call Thursday. The fiscal second quarter’s sales and…