The Markets

LAGOS (Capital Markets in Africa) — Nigerian stocks look unlikely to shake off their poor start to 2021 anytime soon, with an investor preference for returns available in the local debt market set to persist, according to analysts and investors. The benchmark Nigeria Stock Exchange All Share Index slipped 3% in the first quarter and the conclusion of a positive annual reporting season leaves few incentives to tempt investors to bet on slightly higher returns…

MAPUTO (Capital Markets in Africa) — A deadly raid by insurgents that stopped work at a gas project that Mozambique depends on for an economic revival has done little to derail a world-beating rally in the country’s currency. The metical has appreciated 14% against the dollar since the beginning of February, making it the world’s best performing currency in the period. And its stellar run isn’t over yet, according to Rand Merchant Bank’s Johannesburg-based analysts Neville Mandimika and Daniel Kavishe….

LONDON (Capital Markets in Africa) — Goldman Sachs Group Inc. is close to offering investment vehicles for Bitcoin and other digital assets to clients of its private wealth management unit. ″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term,” Mary Rich, who was recently named global head of digital…

LONDON (Capital Markets in Africa) – Global equities gained around 0.5-1.0% last week and are back within spitting distance of their mid-February highs. Markets have also opened higher this morning, shrugging off the news of the collapse of a US hedge fund which will lead to significant losses at Credit Suisse and Nomura. Rather than being seen as a canary in the coalmine, and a sign of impending doom as various fund failures proved ahead…

LONDON (Capital Markets in Africa) — Food-delivery startup Deliveroo Holdings Plc cut the upper valuation target in its London initial public offering by about 950 million pounds ($1.3 billion), after some institutional investors balked at the company’s treatment of riders. Deliveroo set new guidance of 3.90 pounds to 4.10 pounds a share, according to deal terms seen by Bloomberg. The company initially marketed the offering at 3.90 pounds to 4.60 pounds, valuing it at as…

NEW YORK (Capital Markets in Africa) — President Joe Biden’s administration appears relaxed about running large budget deficits, but for one government agency that’s usually been a cue to start sounding alarms. The nonpartisan Congressional Budget Office –- whose job is to evaluate how new legislation will affect the public finances — finds itself in a tough spot as Biden prepares to announce an economic package worth as much as $3 trillion, on top of his $1.9…