The Markets | - Part 155

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. “We have a lot of advisers running around getting everything ready,” he said in an interview with Bloomberg TV on Wednesday. “It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are…

Old Mutual to Retain 19.9% Nedbank Stake After Splitting Units

Posted on by The Editorial Team

JOHANNESBUG (Capital Markets in Africa) – Old Mutual Plc, the London insurer splitting into four separate units, said a South African holding company it is setting up will retain a 19.9 percent stake in Nedbank Group Ltd. Old Mutual Ltd. will remain a minority shareholder in South Africa’s fourth-largest lender “as a foundation for the continued strategic relationship between the two entities,” Old Mutual said in a statement on Wednesday. OML will have a primary…

Shining Star of Initial Coin Offerings Crashing Back to Earth

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bancor, one of the most successful initial coin offerings in the short history of digital tokens, is proving to be a dud for investors. After raising $153 million in a matter of hours in June, the Tel Aviv, Israel-based startup — whose market maker-like application aims to facilitate trading in other digital coins — has seen the price of its token decline 56 percent, one of the worst performances among…

Glencore Abandons Hong Kong Listing as It Sticks With Africa

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Glencore Plc is planning to withdraw its listing from the Hong Kong Stock Exchange early next year, with the world’s biggest commodities trader saying that only a small number of investors had chosen to hold their shares on the local register. Dealings in Hong Kong-listed shares are expected to cease on Jan. 10, the Baar, Switzerland-based company said in a statement on Tuesday. Glencore, which trades raw materials including copper and zinc, and…

Nickel Next for Electric Car Boom as Trafigura Turns Bullish

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Glencore Plc and Trafigura Group Pte are often at loggerheads, but one thing they agree on: the nickel market will be transformed by the rise of electric cars. Nickel sulphate, a key ingredient in lithium-ion batteries, will see demand increase 50 percent to 3 million metric tons by 2030, Saad Rahim, chief economist at Trafigura, said in an interview. While other battery metals like cobalt and lithium have more than…

Cryptocurrency Push Sends Startup to Biggest Gain Since 2015 IPO

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) Canadian online lender Mogo Finance Technology Inc. rose the most in eight months after moving a step closer to giving customers the ability to hold bitcoin and other cryptocurrencies in digital wallets. Mogo shares rose as much as 35 percent, the most since the company’s initial public offering in June 2015, and closed at C$5.15, up 31 percent. The move gives the company a market value of C$94.4 million ($73.6 million). The Vancouver-based firm said…

Bitcoin Passes More Milestones as Market Cap Tops $100 Billion

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The most widely used digital currency will now cost you about $6,125 apiece after blowing past the $5,000 and $6,000 price levels for the first time earlier this month. Bitcoin’s total value is just over $100 billion, meaning it makes up more than half of the overall cryptocurrency market. Cryptocurrency prices have been unfazed by recent regulatory crackdowns across the world and scepticism from Wall Street stalwarts including Warren Buffett and…

« 1 … 153 154 155 156 157 … 252 »