The Markets

NEW YORK (Capital Markets in Africa) – U.S. stocks had their worst weekly outflow in more than three years as investors turned to more defensive assets amid mounting risks from tapering and China Evergrande Group’s debt crisis. Traders pulled $28.6 billion from U.S. equity funds in the week through Sept. 22, the largest redemption since February 2018, according to a Bank of America Corp. note, which cited EPFR Global data. Instead, they piled about $40…

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s top cocoa grower, says a premium put in place to boost the livelihoods of their farmers will not change from its current form. “We now consider the LID to be part of the commercial life of cocoa,” Yves Kone, the managing director of regulator Le Conseil du Cafe Cacao, said during an interview in the commercial capital, Abidjan, late Wednesday. The so-called Living Income Differential, an…

NAIROBI (Capital Markets in Africa) – Kenya increased the cost of gasoline to the highest in a decade after authorities decided not to tap a fund meant to keep prices stable and as the local currency weakened. The price of gasoline jumped 6% to 134.72 shillings ($1.23) per liter in the nation’s capital, Nairobi, the Energy and Petroleum Regulatory Authority announced in a statement on Tuesday. The new rates will be effective for a month…

LAGOS (Capital Markets in Africa) -The Nigerian state-owned energy company’s debt burden will become “a political hot potato” when the firm is overhauled under new legislation, FSDH Capital Ltd said. The Nigerian National Petroleum Corp.’s current liabilities exceed its assets by 4.56 trillion naira ($11.1 billion), according to its 2020 financial statements. President Muhammadu Buhari last month signed a law that aims to transform the energy industry in Africa’s biggest oil producer, including replacing the NNPC with…

After a bearish week last week and a bearish start to the current week, Bitcoin and the crypto majors found much-needed support this morning. At the time of writing, Bitcoin, BTC to USD, was up by 2.14% to $45,920.0. A mixed start to the day saw Bitcoin fall to an early morning low $44,699.0 before making a move. Steering clear of the first major support level at $43,311, Bitcoin rose to a late morning high $46,212.1….

LAGOS (Capital Markets in Africa) – Coinbase Global Inc., the biggest cryptocurrency exchange in the U.S., is looking to raise $1.5 billion in a debut bond offering, according to a statement Monday. Goldman Sachs Group Inc. is managing the sale from its high-yield syndicate desk and may price the deal as soon as Tuesday, according to a person with knowledge of the matter. The bonds will mature in seven and 10 years, and a call with investors…