Zimbabwe Stock Market Crashes 35% As "Euphoric" Nation Awaits New Leader

Tyler Durden's picture

Despite reported "euphoria" in the nation as former Mugabe deputy Emmerson Mnanagwa was expectd to arrive and be sworn in on Friday, Zimbabwe stocks fell another 10% today, having now erased more than third of the country's market cap in the last few days.

Several hundred people gathered in anticipation of his arrival. Some carried signs with images of him, suggesting a certain level of organization behind the jubilant turnout.

Signs read "Welcome back, our hero" and "True to your word, you're back. Welcome."

As The Washington Post reports, the morning after ecstatic celebrations over the resignation of the long-ruling President Robert Mugabe, the people of Zimbabwe awaited Wednesday the arrival of his former vice president, expected now to become the interim leader.

Emmerson Mnangagwa, believed to be in South Africa, was expected to arrive in the afternoon and then be sworn in Friday as the country's second president since independence from Britain in 1980.

 

Mnangagwa is a longtime Mugabe ally, nicknamed "the crocodile" for his reputation for shrewd but often brutal tactics as the president's enforcer. But when the 93-year-old Mugabe fired him earlier this month — likely to ensure the succession of Mugabe's unpopular wife — the military moved in.

 

Even as the sense of euphoria in Zimbabwe lingers, the question looming over everyone is whether Mnangagwa will be an improvement over Mugabe's nearly four decades of misrule that impoverished the once affluent country.

And judging by the stock market's dismal reaction, investors are more anxious than the average Zimbwean...

Source: African-Markets.com

However, not every Zimbabwean is happy, as Blkoomberg points out, Zimbabwe Lawyers for Human Rights “notes with apprehension and concern’’ reports of arrests during military intervention that saw President Robert Mugabe resign to make way for Emmerson Mnangagwa, Harare-based human rights watchdog says in emailed statement.

ZLHR urges the military to refrain from torture, or abuse of pre-trial prisoners’ rights, adding that the military should “prevent the occurrence of any enforced disappearances or in-communicado detention."

So far in the current political turmoil Mnangagwa has used inclusive language, saying in a statement hours before Mugabe's resignation that all Zimbabweans should work together to advance their nation.

"Never should the nation be held at ransom by one person ever again, whose desire is to die in office at whatever cost to the nation," Mnangagwa said.

We shall see.

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shitshitshit's picture

I should not write this, but this will turn out to be even worse than what Nixon once said about Jamaica...

E.F. Mutton's picture

If he doesn't eat his enemies, that's an improvement, right?

shitshitshit's picture

Has ZH become a shining beacon of BLM hope? That's already 2 articles dealing with hopeless countries so far...

yomutti2's picture

Meet the new crooked negro.... Same as the old crooked negro.

 

 

Overfed's picture

Zimbabwe stock market. LOL.

Pandelis's picture

whats up .... no Bitcoin quotes?

Automatic Choke's picture

our markets would crash also, if our president had an unpronounceable name.

The Ram's picture

I was thinking the same thing!  I mean how would the Zimbabwe stock market be different than the Monopoly game I played with against my brothers when I was a kid.  Surely, the 'currency' is worth the same.  

Wang Dang SP's picture

There's gotta be a 3X Long Zimbawe ETF.  

MozartIII's picture

"Meet the new crooked negro.... Same as the old crooked negro"

This will actually be worse. He was the regime enforcer. Way to remove a putz and replace him with a black Stalin/Pol Pot. Where the streets will run with blood......

yogibear's picture

Make Zimbabwe's Finance head the leader of the Federal Reserve.

How fitting!

shovelhead's picture

Lol.

Beat me to it.

I'll give him a month before he starts snacking.

koan's picture

Nixon said a lot of things, and whether you're comfy with them or not he was more often correct than wrong.
Example: https://www.theatlantic.com/politics/archive/2013/08/some-new-comments-r...

manofthenorth's picture

Tricky Dick was a sack of lying shit.

https://www.youtube.com/watch?v=7_Xw5tWsOQo

Never trust a Dick.

Overfed's picture

Compared to O'bomb-a, Clinton, and both Bushes, Nixon was a scholar and a statesman.

manofthenorth's picture

At least he had enough self respect and balls to resign.

Automatic Choke's picture

Back in high school, '72, a friend of mine got in trouble for painting a rather large graffitti in the middle of the courtyard (where everybody ate their lunch).  Painted on the wall was:   "Why switch Dicks in the middle of a screw?        Vote for Nixon in '72!"

 

scattergun's picture

I wish I could upvote more than once. One of the most accurate statements in this thread.

This is it's picture

What??  there is still a stock market? 

E. Phil Chew's picture

35% of worthless = ?

TeaClipper's picture

Out of the frying pan into the crocodile, they need a white guy and fast.

SH_Resurrected's picture

That's insensitive and politically incorrect racism... accurate, but insensitive and politically incorrect racism.

DontMessWithGumby's picture

They'd just eat him and whine because he wasn't fat enough.

silverserfer's picture

no they dont. the world needs this to exist so blacks dont have whitey to blame, figure it out asshole!

SH_Resurrected's picture

GAWDDAMNIT, HURRY UP AND BTF-Zimbabwe-D!

adr's picture

I doubt anyone other than international Jews and Mugabe himself actually hold any shares of corporations in Zimbabwe.

shitshitshit's picture

Yes I heard that the local populace flocked to BTC recently

yomutti2's picture

What is an "international Jew"? Is that anything like a "international conspiracy moron"?

 

Ooops, no, I guess not. It's hard to be "international" when you don't have a passport, and can't even afford to move out of your mom's basesment.

Megaton Jim's picture

What a dipshit! Were your mother and father related, by any chance?!?

MozartIII's picture

Dude, the Jews won't even go there...

Is-Be's picture

Jews in Zimbabwe?

I used to work for one Bloch, who earned a crust cutting down all the fine mahogany timbers in lower Gwelo, on an industrial scale.

Its going to take at least 120 years of careful nurturing to grow back. This will happen after the population overshoots and collapses, if the Chinese are at all interested.

Bill of Rights's picture

LMAO who gives a flying "F" what happens to that bankrupted nation lol

Is-Be's picture

Your honesty, sir, is a refreshing break from the madly virtue signalling banksters.

Virtue signallers should be shot on sight, as they always have ulterior motives.

Ask the Iraqis. Ask anyone "helped" by these (I struggle for an appropriate adjective) fucking arseholes.

Sky flyer's picture

This is the first I’ve heard that they have a stock market. Who knew?

Philo Beddoe's picture

As you can see it is just as fucked up as the rest of them. That is a nice looking dip by the way. Perhaps a triple leveraged Zimbabwe long is in order. WTF? 

Aloysius Snuffleupagus's picture

Someone did an article on this in the last few days. Basically the Zim dollar has been reintroduced by stealth with Zim “bond notes”, exchangeable at par for USD. (2001 Argentina peso, anyone?) Except not really convertible, hence they’ve been trading at a discount to real USD. So this reflects a hope that, with Mugabe gone, the Zim bond notes might actually be money good— and so stocks go down as the local currency is revalued up.

DontMessWithGumby's picture

Be yu kid me? Now I needs TOO Trilyun dolers for bred insted ov won? Dis wil caws a sexul mergensy.

NEOSERF's picture

LOL...silly people.  Voting for an enforcer of Mugabe named the Crocodile?!!  Good luck with that.  Says something that even Mugabe wouldn't put him up as successor.

a Smudge by any other name's picture

Silly you. Who said anything about voting? The guy is vice president. You think maybe he's the legal successor

williambanzai7's picture

The Zimbabwe stock market could be the black swan...LOL

koan's picture

It used to be the jewel of Africa, until the whites left.

Megaton Jim's picture

In a decade or two it will be known as "New China!"

flaunt's picture

Another monkey

buzzsaw99's picture

Mnangagwa is a longtime Mugabe ally, nicknamed "the crocodile" for his reputation for shrewd but often brutal tactics as the president's enforcer...

you're shitting me.  that's their hero?

shovelhead's picture

He's going to be a kinder gentler crocodile.

cheech_wizard's picture

Oh, it gets better...

http://www.bbc.com/news/world-africa-41995876

As National Security Minister, Mr Mnangagwa was in charge of the Central Intelligence Organisation (CIO), which worked hand in glove with the army to suppress Zapu.

Thousands of innocent civilians - mainly ethnic Ndebeles, seen as Zapu supporters - were killed before the two parties merged to form Zanu-PF.

Among countless other atrocities, villagers were forced at gunpoint to dance on the freshly dug graves of their relatives and chant pro-Mugabe slogans.

Standard Disclaimer: I'm sure the U.S. will back him 100%.