The Markets

LAGOS (Capital Markets in Africa) –  South Africa’s rand, Turkey’s lira and Brazil’s real may be among the worst-performing emerging-market currencies in the past month, but Morgan Stanley isn’t giving up hope. The lender’s VIRP model, which produces buy and sell signals based on volatility and idiosyncratic risk premia, remains long on those units, as well as Russia’s ruble, even as a rally in developing-nation assets loses steam amid rising geopolitical risks and lingering concerns over a…

LUANDA (Capital Markets in Africa) – Angola will ship the least crude oil in at least 11 years in April, suggesting structural issues afflicting the nation’s production are increasingly hurting its biggest source of export revenue. Exports will drop to 1.31 million barrels a day in April, the smallest outflow since at least March 2008, according to copies of loading programs seen by Bloomberg. Angola, Africa’s second-largest producer, is among members of the Organization of Petroleum Exporting…

LAGOS (Capital Markets in Africa) – Nigeria implemented its portion of the OPEC+ production deal in February, said the country’s oil minister, a move that enhances the impact of supply cuts that have already boosted crude prices. “We’re basically complying, effective February” with the country’s pledged 53,000 barrel-a-day reduction, Minister of State for Petroleum Emmanuel Ibe Kachikwu said in an interview on Thursday. “The price fluctuations mean OPEC needs to be a bit more together, a bit…

LAGOS (Capital Markets in Africa) – Singapore’s sovereign wealth fund GIC Pte was among investors that helped U.S. cryptocurrency exchange Coinbase Inc. raise $300 million last year, according to people familiar with the matter. While Coinbase said it garnered investment in its October funding round from firms including Tiger Global Management, Wellington Management and Andreessen Horowitz, GIC’s participation hasn’t previously been disclosed. GIC declined to comment, while an official for Coinbase also declined to comment. With the foray into digital assets, possibly…

JOHANNESBURG (Capital Markets in Africa) – Blue Label Telecoms Ltd. is considering offers for potential new investment in Cell C Pty Ltd. after posting a first-half loss partly caused by its interest in South Africa’s third-largest mobile-phone company. Blue Label led a rescue of Cell C two years ago, but the move is yet to pay off as the unit struggles with debt and the dominance of larger rivals, Vodacom Group Ltd. and MTN Group Ltd….

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV said it’s on track to publish audited financial results and is entering the final stages of a debt restructuring as first-quarter sales rose 3 percent. The South African retailer, which almost collapsed amid an accounting scandal in late 2017, has sold assets and held extensive talks with lenders as it battles to stay afloat. The owner of Conforama in France and Mattress Firm in the U.S….

HARARE (Capital Markets in Africa) – Zimbabwean banks traded $7.7 million since the central bank effectively created a new currency that’s its allowing to be bought and sold on an interbank market, a person familiar with the matter said. The amount is part of an initial allocation of $25 million that the Reserve Bank of Zimbabwe is providing to commercial banks to trade, the person said, declining to be identified because the information isn’t public….