The Markets

LAGOS (Capital Markets in Africa) – Optimism about digital assets stoked by Bitcoin’s run to a record high has helped push the overall value of cryptocurrencies to an all-time peak of more than $2.7 trillion. That’s a climb of about $200 billion from the last high in May for a sector that now spans almost 10,000 coins, according to data from tracker CoinGecko. The ascent shows how bets on cryptos are spreading beyond Bitcoin amid enthusiasm about…

ACCRA (Capital Markets in Africa) – Ghana’s credit-risk premium has soared to the highest since the start of the pandemic ahead of next month’s budget. It may widen further if Finance Minister Ken Ofori-Atta fails to convince investors that West Africa’s second-biggest economy has a handle on servicing its sky-high debt — a task made all the more difficult by sluggish economic growth. That raises questions about debt sustainability, according to Ernest Addison, governor of the Bank of…

LAGOS (Capital Markets in Africa) – Bitcoin rallied early Monday after falling over the weekend, ahead of an anticipated U.S. exchange-traded fund approval. The largest cryptocurrency gained as much as 5.5% and was trading at about $61,975 as of 10:21 a.m. in London. It fell both Saturday and Sunday to nearly $59,000. Bitcoin is in focus as the first futures ETF tied to the token may debut Monday, according to a filing. Major levels being watched include…

CAIRO (Capital Markets in Africa) – Egypt’s president on Saturday said a revamp of the nation’s bloated and costly subsidy system was necessary, amid a broader push by the government to ensure that such aid reaches the neediest segment of the population. Speaking at the inauguration of a state housing project, Abdel-Fattah El-Sisisaid that the lack of sufficient digitization of data in Egypt has, over the years, opened the door to a misallocation of state resources….

LAGOS (Capital Markets in Africa) – Crude in London surged toward $85 a barrel as the global power crunch boosts demand for oil ahead of winter.  Brent futures rose as much as 2.7% to the highest level since October 2018. Prices of coal and natural gas have surged in Europe and Asia with stockpiles running low before the Northern Hemisphere winter, prompting some switching to oil products such as diesel and fuel oil. It is quickly tightening the market…