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Zambian Eurobonds Jump Most in 17 Months as Lungu Concedes Polls

  • Hichilema wins election by biggest margin in a quarter century
  • New leader’s priorities include debt restructuring, IMF deal
Supporters of Hakainde Hichilema parade in front of his residence celebrating in Lusaka on Aug. 15.

Supporters of Hakainde Hichilema parade in front of his residence celebrating in Lusaka on Aug. 15.

Photographer: Marco Longari/AFP/Getty Images

Updated on

Zambia’s Eurobonds and currency rallied after opposition leader Hakainde Hichilema scored a shock landslide victory in the nation’s presidential election.

Hichilema beat incumbent President Edgar Lungu by almost 1 million votes and nearly 60% support, the biggest margin of victory in a quarter century and an even better performance than his party projected. Lungu conceded defeat early on Monday afternoon.