The Markets

LAGOS (Capital Markets in Africa) — Looking for the adrenaline rush of investing in Bitcoin but without the bother of crypto-exchanges and digital wallets? An exchange-traded fund might appeal, except an investor won’t find one tracking Bitcoin in the $5.8 trillion U.S. ETF universe — at least not yet. While exchange-traded crypto-tracking products exist in Europe, U.S. regulators have repeatedly batted down attempts to introduce them citing concerns about potential manipulation and thin liquidity. Yet…

LAGOS (Capital Markets in Africa) — Nigerian bonds tumbled, pushing their yields as much as 164 basis points higher Tuesday, on forecasts for higher rates and inflation. Debt across all maturities of central bank-issued Open Market Operations Bills, also known as OMO, continued to drop in price in Tuesday’s trade with the average yield rising 95 basis points to close at 6.4% as against Monday’s 5.5%, according to a note by FSDH securities. Yields on…

LAGOS (Capital Markets in Africa) — The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000. The cryptocurrency pulled back in the early U.S. hours, trading up 2.9% on the day around $46,000. Prices are still up more than 30% since the beginning of February. While the trading action was calmer, there’s still a fierce debate over whether Tesla’s $1.5 billion investment in Bitcoin will lead to…

ACCRA (Capital Markets in Africa) — Ghana’s stocks may snap three years of declines in 2021 as an improving economy and a more stable cedi attract foreign investors, according to Ecobank Development Corp., which expects local bank and oil-company shares to be in demand. The benchmark Ghana Stock Exchange Composite Index of 31 shares is set to gain as much as 15% this year, Nene Lomo Nartey, head of trading and sales at EDC, said in…

ADDIS ABABA (Capital Markets in Africa) — Ethiopia’s Eurobonds slumped, sending yields to their highest levels in more than eight months after Fitch Ratings said the nation’s decision to seek debt relief raised the risk of default. The yield on $1 billion of notes due in December 2024 jumped 68 basis points to 9.16% by the close in London on Tuesday. Fitch downgraded the Horn of Africa nation’s long-term foreign currency debt rating by one…

LAGOS (Capital Markets in Africa) — Hedge funds VR Capital Group Ltd. and Farallon Capital Partners LP have filed lawsuits against both Credit Suisse Group AG and the government of Mozambique over a $2 billion debt scandal. VR Capital, which is led by Richard Deitz, and Farallon are suing the investment bank in London over its involvement in arranging loans for a series of unsuccessful maritime projects in the southern African country, according to a legal…

NEW YORK (Capital Markets in Africa) — GameStop Corp.’s rally fizzled further in premarket trading, meaning the stock has now given up about 70% of the spectacular gains that were fueled by last month’s attack on short-sellers from Reddit day traders. The stock traded at $134 as of 8:30 a.m. in New York, that’s about $349 below Thursday’s record intraday peak of $483. The video-game retailer’s market value has dwindled by $24.3 billion to $9.4…