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S&P Bulletin: Senegal’s Parliamentary Election Results Could Slow Reform Momentum

DAKAR (Capital Markets in Africa) – S&P Global Ratings anticipates that the Senegalese president, Macky Sall, may find it more difficult to implement his reform agenda following the parliamentary elections on Aug. 7, 2022. Preliminary results indicate that, for the first time since Senegal gained its independence in 1960, the incumbent president’s coalition has lost its parliamentary majority. Of the 165 seats in the Senegalese parliament, the president’s coalition Beno Bokk Yakaar (United in Hope),…

Bitcoin Tumbles Below $40,000 to Lowest Level in Five Months

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Cryptocurrencies sank Friday, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets. The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000. Digital tokens overall have shed some $1 trillion in value since a November peak, according to CoinMarketCap data. “Bitcoin and the broader crypto market remain subject to the whims of macro variables,” Fundstrat Digital…

Netflix, Peloton Bring Pandemic-Stock Era to Shuddering Halt

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) – The Covid-19 pandemic isn’t over yet, but the boom it helped create for stay-at-home stocks appears to be vanishing. Netflix Inc. and Peloton Interactive Inc., two of the highest-profile stars of the lockdown era, both plunged Thursday — the latest sign that investors have moved on from the so-called pandemic trade. Netflix expects to add a paltry 2.5 million users in the current quarter, well short of estimates. Peloton, meanwhile, is slashing…

Tycoon Dangote Can’t Get Enough Tomatoes to Run Plant Profitably

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Nigerian billionaire Aliko Dangote is barely managing to operate Africa’s biggest tomato processing plant, six years after the factory began production, as he can’t get adequate berries to crush. Dangote’s 1,200-ton a day plant is producing at 20% of capacity because farmers don’t have enough resources to boost acreage. The factory was meant to reverse Nigeria’s dependence on imports of tomato paste from China and increase local production. But…

Nigerian Company Plans to Complete New Oil Refinery by 2025

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — BUA Group, which owns Nigeria’s second-biggest cement plant, said it plans to finish building a 200,000-barrel-per-day refinery by 2025. “We are looking to between three and four years” to complete construction, Chief Executive Officer Abudul Samad Rabiu told reporters in Lagos, Nigeria’s commercial capital. The company on Wednesday signed an agreement with France-based Axens SA to build the facility in Nigeria’s southeastern Akwa Ibom state, Rabiu said, declining to…

Could We Have Seen S&P’s Historic Rebound Coming? – John Authers

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A year ago, when the index began its 70% climb, no one could possibly have concluded that the worst of the pandemic was over. What a Long, Strange Trip It’s Been Congratulations: We have just finished the best 12 months in the history of the S&P 500. It was exactly a year ago that the world’s most-followed index hit bottom after the onset of the Covid-19 pandemic, and it…

Bonds Plunge, Stocks Undo Gains on Inflation Risk: Markets Wrap

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Inflation concerns are rattling investors worldwide once again, fueling a selloff in bonds and sending U.S. stocks down from record highs. Ten-year Treasury yields climbed above 1.75% for the first time since January 2020, while the 30-year breached 2.5% for the first time since August 2019. The Nasdaq 100 Index, a benchmark for high-valuation stocks that are sensitive to rising yields, sank, with Apple Inc., Microsoft Corp. and Tesla…

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