Markets tend to rise and fall in step on big news events. Fear spreads that the US Fed will call an end to QE, and US stocks plummet. Larry Summers pulls out of the race to be Fed president, and stocks rally. If this is true of big markets in the US, Europe and Asia, is it possible to invest in something more independent?
How about Africa? How insulated from the vagaries of global market sentiment are African stocks? Pretty insulated, as it happens. Continue reading »
It began 20 years ago, carting meat around Lusaka in the back of an ageing Land Rover. Since then, Zambeef has grown into one of the largest companies in Zambia’s booming economy. Now it hopes to replicate its success in west Africa.
The FTSE AIM traded company, whose primary listing is on the Lusaka Stock Exchange, is a curious entity in the modern food industry: a near fully vertically-integrated operation which produces, processes, distributes and retails, all in-house. Continue reading »
By Dambisa Moyo
In my book Dead Aid I suggested that African governments could and should access the international capital markets to finance their development objectives such as infrastructure, healthcare and education. I argued that the relatively transparent global bond markets would help impose discipline on governments that were otherwise viewed by investors as reckless and, in many cases, corrupt. Critics argued that my suggestion was naive, and that African policy makers were ill-equipped to venture into the international debt markets.
Four years later, and African governments are proving the naysayers wrong. Continue reading »