Contagion From the EM Sell-Off Spreads to Africa's Local Markets
- Zambia among worst hit as currencies, bonds feel pressure
- Nigeria’s naira at weakest since November even as oil rises
UBS Sees EM Earnings Growth at 15%
This article is for subscribers only.
The rout that started in emerging markets last month is now roiling stocks and currencies across Africa.
The pain’s visible in foreign-exchange markets. While South Africa’s rand was hit early on, other less-liquid currencies are also under pressure. Most have reversed or pared the gains against the dollar they posted in the first quarter.