Zimbabwe stocks, Africa’s worst performers in 2014, fell for a sixth day to the lowest since January 2013 as a slump in consumer spending cut company profits and uncertainty over government policy lingered.
Delta Corp Ltd., the Zimbabwean brewer that’s the nation’s biggest company by market value, said lager volumes decreased 26 percent in the fourth quarter on high excise duties and a collapse in disposable incomes.
Zimbabwean factories are struggling to stay open in the face of cheaper imports from South Africa and China, the high cost of capital and lack of lending, according to a survey by state-run export promoter ZimTrade.
Robert Diamond’s Atlas Mara Co-Nvest Ltd. plans to arrange a 150 million-euro ($207 million) bond for President Robert Mugabe’s cash-strapped Zimbabwe government, said Finance Minister Patrick Chinamasa.
Zimbabwe’s state-controlled newspapers have exposed alleged fraud and inflated salaries at government companies, stoking speculation of ruling party infighting over who will succeed 89-year-old President Robert Mugabe.
Five years after standing on the brink of electoral defeat, Zimbabwean President Robert Mugabe was inaugurated to extend his 33-year rule with renewed power at home and acceptance from neighboring countries.