The Markets | - Part 105

No Looking Back for S. African Rand as Bears Lose Conviction

JOHANNESBURG (Capital Markets in Africa) – Rand bears are on the retreat as South Africa’s currency heads into 2019. The currency got off to a blistering start to the year, adding 3 percent amid receding worries over the U.S.-China trade war and the Federal Reserve’s second thoughts about policy tightening. And in a sign investor are leaving last year’s 14 percent slump behind them, some bearish indicators back at levels last seen before Turkey’s meltdown in August….

Bitcoin Pushes Past $4,000 as Technical Gauge Turns Positive

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin climbed above $4,000 for the first time this year, helping to push the volatile cryptocurrency into positive territory after a brutal 2017 that saw investor post losses of more than 70 percent. The biggest digital currency gained as much 6.4 percent to $4,077 in New York. Other tokens were One technical measure that traders follow indicates more gains may be in store. The Directional Movement Index crossed into positive territory for…

Total Poised to Start Exports From Big New Oil Field in Nigeria

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Total SA is poised to start exports of crude from a major new offshore field in Nigeria, adding to global supplies at a time when oil prices are plunging. Shipments of Egina crude from a floating offshore production vessel have been scheduled for February, according to a copy of a loading program for the new grade seen by Bloomberg. Initial exports should be just over 100,000 barrels a day but could double in the…

Africa’s Biggest Money Manager Shakes Out Its Purse for Denel

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – For South Africa’s cash-strapped weapons company Denel SOC Ltd., there’s one fish that keeps on biting whenever it casts its net into debt markets, and that’s the Public Investment Corp. Earlier this month, the state-owned arms maker issued 290 million rand ($20 million) of government-guaranteed, senior unsecured notes maturing a year from now. The PIC, which manages most of the South African government’s pension-fund money, bought all of that new…

As Global Equities Take a Hit, Gold Miners Are Doing Fine

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion’s outlook brightens. Newcrest Mining Ltd., Australia’s top producer, rallied as much as 2.3 percent on Tuesday, while South Africa’s Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada’s Barrick Gold Corp. — which is taking over rival Randgold Resources Ltd. — has surged 28 percent this quarter. The gold miners…

Relief Still Far Off After Lost Year: African Markets in 2019

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Traders in African markets have had a year to forget, and there are signs the rout’s not over yet. The continent’s stocks and bonds have performed worse than those of all other emerging-market regions in 2018, reversing their outperformance of last year. The sell-off has left equities in nations such as South Africa, Egypt, Nigeria and Kenya at or near their cheapest levels in years. And the yields of Eurobonds issued by governments…

JPMorgan, Nomura in Opposite Corners on Rand 2019 Prospects

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The rand’s implied volatility against the dollar tells you one thing about the currency in 2019: it’s going to be a wild ride. It’s just not clear which way. The cost of hedging in the options market against price swings in the South African currency over the next year has climbed almost 500 basis points since April. Though it has moderated from its September high, it’s still about 200 basis points…

« 1 … 103 104 105 106 107 … 253 »