The Markets

LAGOS(Capital Markets in Africa) — The Bitcoin rollercoaster is back. The cryptocurrency fell by as much as 15% Sunday with rival coins like Ether and XRP also plunging. The retreat came after Bitcoin hit a record high of more than $64,000 Wednesday as the stock-market debut of the U.S.’s largest exchange for the tokens, Coinbase Global Inc., stoked enthusiasm for all things crypto. While prices steadied on Monday with Bitcoin holding just below $57,000, that’s…

LAGOS (Capital Markets in Africa) — Nigerian companies are paying more to borrow in capital markets, signaling an end to the era of low rates which many issuers took advantage of to refinance higher-cost debt. Firms including MTN Nigeria and Nigerian Breweries have been forced to raise the rates offered on new debt issues due to “aggressive bids” by investors seeking higher yields, Stanbic IBTC Asset Management, said in a note to clients on Tuesday….

LONDON (Capital Markets in Africa) — The U.K. economy rebounded in February as a mass vaccination program and the prospect of a loosening of coronavirus restrictions lifted consumer confidence. Gross domestic product rose 0.4% following a revised 2.2% decline in January, the Office for National Statistics said Tuesday. All the main sectors of the economy saw output rise. The economy remains 7.8% smaller than it was before the pandemic hit Britain in February 2020. Britain is…

NEW YORK (Capital Markets in Africa) — It’s harder than ever to dismiss Bitcoin as a fad or a fraud, and even longtime skeptics have come around to at least a grudging acknowledgment that cryptocurrency isn’t going away. Digital assets are rapidly entering the mainstream, and financial advisors are fielding myriad questions from clients about this rapidly growing asset class. Big-name investors like Paul Tudor Jones and Stanley Druckenmiller revealed Bitcoin allocations in 2020, while…