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Bitcoin Is Exactly Like Gold Except When It Isn’t

LAGOS (Capital Markets in Africa) – Bitcoin has been described as digital gold. The phrase digital gold may be a brilliant and highly informative metaphor, a cynically clever sales trick (a form of associative and repetitive priming) intended to boost bitcoin trading by naïve investors or, perhaps, an indication of the futility of explaining the utility of bitcoin. Elmandjra (2020) embraces the concept of bitcoin as digital gold and enthusiastically recommends bitcoin investment while Furman…

Tanzania’s First Female Leader Sworn In With Authority in Doubt

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DAR ES SALAM (Capital Markets in Africa) — Samia Suluhu Hassan was sworn in as Tanzania’s president two days after the death of incumbent John Magufuli, and now faces the arduous task of securing political control of the East African nation. Hassan, 61, took the oath of office at a ceremony in the commercial hub of Dar es Salaam on Friday. She succeeded Magufuli under a constitutional provision that the president’s deputy will serve out…

Time to be Small -Rupert Thompson, Chief Investment Officer at Kingswood

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LONDON (Capital Markets in Africa) – Equity markets recovered some of their mojo last week. Global equities gained 2.0%-2.5% in sterling and local currency terms respectively and are now only 0.5%-1.0% below their mid-February peak. In the US, a number of equity indices have touched new all-time highs in recent days. The S&P 500, which is the benchmark generally used by professional investors and measures the performance of the largest 500 stocks, inched above its…

Buffett’s Tone Deaf’ Annual Letter Skirts Major Controversies

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LAGOS (Capital Markets in Africa) — Warren Buffett’s 15-page annual letter to shareholders on Saturday made mention of the pandemic that ravaged the globe in 2020 exactly once: One of his furniture companies had to close for a time because of the virus, the billionaire noted on page nine. Buffett likewise steered clear of politics, despite the contested presidential election and riots at the U.S. Capitol, and never touched on race or inequality even after…

Vaccines, Energy Top South African President’s Priority List

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JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa pledged to intensify efforts to rebuild an economy shattered by the onset of the coronavirus, with vaccine procurement and enhanced energy security among his top priorities. The government has secured 9 million single-shot vaccines from Johnson & Johnson, with 80,000 expected to arrive next week and 500,000 over the next four weeks, Ramaphosa said in a state-of-the-nation address on Thursday. Talks are ongoing to secure sufficient…

Citadel Silver Holding Exposes Rifts in WallStreetBets Army

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LAGOS (Capital Markets in Africa) — Ken Griffin’s Citadel has once again found itself at the center of a WallStreetBets drama, this time over the firm’s holdings of silver. The precious metal has become a popular buying target for retail investors keen to inflict losses on hedge funds, after posts on WallStreetBets claimed the market was ripe for a short squeeze. Yet some members of the Reddit forum have responded with pleas to avoid the trade, saying Citadel stands…

Zambia May Sell Majority Stake in Mine Bought From Glencore

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LUSAKA (Capital Markets in Africa) — Zambia is sounding out new investors to buy a majority stake in Mopani Copper Mines Plc after last week agreeing to take over the operations from Glencore Plc. That deal will see the government control Mopani, an asset that has been unprofitable for years but still owe $1.5 billion of debt to Glencore. Selling a majority stake would help state-owned ZCCM Investments Holdings Plcraise about $300 million to further…

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