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

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.


adr Wed, 11/22/2017 - 11:36 Permalink

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

Is-Be MozartIII Wed, 11/22/2017 - 18:44 Permalink

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.

In reply to by MozartIII

Aloysius Snuff… Philo Beddoe Wed, 11/22/2017 - 12:13 Permalink

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.

In reply to by Philo Beddoe

NEOSERF Wed, 11/22/2017 - 11:45 Permalink

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.

buzzsaw99 Wed, 11/22/2017 - 11:52 Permalink

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?

cheech_wizard buzzsaw99 Wed, 11/22/2017 - 12:33 Permalink

Oh, it gets better...http://www.bbc.com/news/world-africa-41995876As 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%.

In reply to by buzzsaw99