The Markets | - Part 138

This Stock Proves How Much Egyptians Love Their Cigarettes

CAIRO (Capital Markets in Africa) – If money talks, the relationship between Egyptians and their cigarettes won’t be changing any time soon. Shares of Cairo-based Eastern Tobacco, which holds a monopoly on cigarette production in Egypt, have hit successive record highs, in both dollar and local-currency terms, after the company posted an increase of almost 161 percent in first-half profit. Eastern Tobacco has been on a upward trend since Egypt let its currency float freely…

Bitcoin Miners Face Shakeout as Only Strongest Survive at $6,000

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Bitcoin miners face a reckoning as the cryptocurrency’s tumble wipes out profits for all but the industry’s most efficient operators, according to Bloomberg New Energy Finance. Only miners with access to “very cheap” electricity of about 6 cents per kilowatt hour or less can stay profitable after Bitcoin slumped to $6,000 on Tuesday, said Sophie Lu, an analyst at Bloomberg New Energy Finance in Beijing. If Bitcoin stays this low…

Bitcoin and Stocks Have More in Common Than You Think: Gadfly

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Bitcoin has been a plaything for risk-hungry traders and punters rather than a widely held investment or real-world currency. It’s been shunned by banks and banned by governments. Yet it’s still possible that its slide on Monday made the broader market selloff worse, as investors sold assets to compensate for crypto-losses. Marginal as this may be, and you can’t be certain of correlation with something as unstable as digital…

Cryptocurrencies Under Pressure After Bitcoin Dips Below $6,000

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The rout in cryptocurrencies rolled on, sending Bitcoin to its lowest level since October, as worries over tighter regulation by U.S. authorities and central bankers elsewhere gave traders fresh reasons to exit after a brutal start to 2018. The selloff has now knocked about half a trillion dollars from digital coins since early January. That’s shaken a nascent market whose core attraction — anonymity and decentralization — is being challenged as never before…

South Africa JSE 40 Falls 1.8% to 49,580.21; Naspers Leads

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The FTSE/JSE Africa Top40 Tradeable Index fell for the ninth day, dropping 1.8 percent, or 916.09 to 49,580.21. The index dropped to the lowest level since Sept. 29. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 2.1 percent. Naspers Ltd. contributed the most to the decline and had the biggest loss, decreasing 4.3 percent. The biggest movers also included: Anglo American, down 3.7 percent; and Standard Bank, down 3.4 percent….

Egyptian Exchange EGX 30 Price Index Falls 2.5%; COMI EC Leads

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian Exchange EGX 30 Price Index fell 2.5 percent to 14,583.85. The move was the biggest since falling 2.7 percent on October 16 and follows the previous session’s increase of 0.6 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 2.9 percent. Commercial International Bank Egypt SAE contributed the most to the decline, falling 2.8 percent. Pioneers Holding for Financial Investments SAE decreased 7.4 percent, the biggest loss. The…

Futuregrowth Unmoved on Lending as Eskom Eyes Bond Market

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest specialist fixed-income money manager says it’s not quite ready to resume lending to the cash-strapped state electricity company. Cape Town-based Futuregrowth Asset Management, which oversees about 177 billion rand ($15 billion), halted lending to Eskom Holdings SOC Ltd. in 2016, citing concerns over governance and financial management. While the publication of overdue financial statements this week was a step in the right direction, Futuregrowth’s position hasn’t…

« 1 … 136 137 138 139 140 … 253 »