Political Risks |

In Topsy-Turvy Zimbabwe, Stocks to Fall on Confidence Return

HARARE (Capital Markets in Africa) – If investors want a sign that confidence is returning to Zimbabwe following the armed forces’ seizure of power from President Robert Mugabe on Wednesday morning, they should look for stocks to fall. In Zimbabwe’s dysfunctional market, the deeper the economy has sunk, the more equities have soared. The nation’s main gauge is up 322 percent in the past year in dollars, the best performance globally, even as a cash shortage choked businesses and…

Congo’s Electoral Body Says Vote Schedule Depends on Funding

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s international partners must provide urgent financial support for the country’s electoral process so that delayed polls can take place next December, the head of the electoral authority said. “What I will advise our partners is either they want to finance it and we kick this off, or they don’t want to finance it,” Independent Electoral Commission President Corneille Nangaa said in an interview Tuesday…

Zimbabwe Equities Are Almost More Bitcoin Than Bitcoin: Gadfly

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – The political turmoil isn’t a prelude to a buying opportunity. Look before you leap. Zimbabwe’s political shake-up isn’t exactly the first step on the road to investment. A jump of 390 percent year-to-date in the benchmark Zimbabwe Industrial Index, which has a market capitalization of $14.5 billion and excludes mining companies, looks fabulous news for frontier funds invested in what used to be called Africa’s bread-basket. It’s held on to those…

Zimbabwe Stocks Fall on Coup as Companies Stay on High Alert

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwean stocks fell the most in two months after the army seized control of the country, prompting shoppers to shun the main retail areas in the capital Harare, and Nedbank Group Ltd. to send some of its staff back to South Africa. The country’s benchmark index slid 1.3 percent, the biggest drop since Sept. 19, led by a 20 percent decline in clothing retailer Edgars Stores Zimbabwe, and financial services…

Mugabe’s Era Is Ending as Zimbabwean Military Seizes Power

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s military seized power and detained 93-year-old President Robert Mugabe in a struggle over the succession of the only leader the nation has ever known. Mugabe told President Jacob Zuma by phone that he’s being confined to his home and is fine, the South African presidency said in a statement. Zimbabwe Defense Forces spokesman Major-General Sibusiso Moyo said in a televised address that the military action wasn’t a coup and was aimed at…

Factions Threaten South Africa’s ANC Leadership Conference Plans

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party is battling to calm internal divisions that are threatening to disrupt preparations for its national conference next month as factions engage in a bitter fight over who will replace President Jacob Zuma as its leader. The African National Congress’s National Executive Committee decided on Monday to confirm the leadership of the Eastern Cape province after a disputed conference in that region in September, according to two…

Mauritian Deputy Premier Soodhun Steps Down, Prime Minister Says

Posted on by The Editorial Team

PORT LOUIS (Capital Markets in Africa) – Mauritian Vice Prime Minister Showkutally Soodhun has stepped down and police are still investigating inappropriate comments that he allegedly made, the Indian Ocean island nation’s leader said. “I met with Minister Soodhun this afternoon,” Prime Minister Pravind Jugnauth told reporters in the capital, Port Louis, on Friday. “We reviewed the situation. We agreed that in the general interest he steps down as DPM and Minister of Housing and…

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