Market Rout Sends African Assets From the Rand to Bonds Reeling


The emerging-market sell-off is taking a heavy toll on Africa.

The continent’s bonds and stocks are being hammered more than those in most other regions amid a rout that’s wiped over $1 trillion off developing nations’ equity markets this quarter and sapped confidence from Brazil to China.

Africa’s status as the world’s fast-growing continent after Asia has done little to spare it, as traders’ appetite for higher yields wanes and they rush to cut exposure to the riskiest markets. The downturn, triggered by investor concerns over a strengthening dollar and rising U.S. Treasury rates, has accelerated as tensions worsen between Washington and Beijing over trade.

Since the end of March, African Eurobonds,…

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