Uganda’s shilling flipped from laggard to best performer in the world on Wednesday after the central bank raised its benchmark interest rate by the most in 15 years at an emergency meeting to defend the currency, after it fell to a record low.

Allan Gray Ltd., which oversees $29 billion in assets, sees Nigeria’s stock rally as more broad-based than South Korea’s, offering investors a diversification play from the artificial-intelligence frenzy that has swept markets from Wall Street to Asia.

Uganda’s shilling slid to a new 33-year low on Tuesday, as foreign investors sold local bonds and authorities held back from supporting the currency.

Zimbabwean President Emmerson Mnangagwa appointed a tycoon sanctioned by the US and UK for alleged corruption to his cabinet.

Emerging-market stocks and currencies closed lower on Wednesday, halting their weekly advance, after a flare-up of attacks in the Strait of Hormuz pushed oil prices and the dollar higher.

Emerging-market assets extended gains on Tuesday as a combination of lower US bond yields, a weaker dollar and steady oil prices provided some relief to global markets.

The Zambian kwacha fell as much as 6% on Tuesday, its biggest daily drop in more than three years, as corporate demand for dollars weighed on this year’s top-performing African currency.

Uganda’s shilling weakened to its lowest level on record against the dollar as demand for the greenback from offshore investors and importers put renewed pressure on the local currency.

Latin American currencies posted some of the biggest gains on Monday, with the Brazilian real spearheading the advance after right-wing candidate Flávio Bolsonaro surged to a surprise lead in the first round of the presidential election.

Mozambique and Senegal’s eurobonds are topping returns across emerging markets, spurred by progress in talks with the International Monetary Fund over new programs.

Senegal, the cash-strapped nation that recently agreed a $2.2 billion bailout from the International Monetary Fund and is seeking to rework its debts, is among African sovereigns included in a new frontier-markets bond index being introduced by JPMorgan Chase & Co.

Gabon’s bonds surged after the government announced that an audit found the OPEC member’s debt stock stood at $16.7 billion, almost a fifth below an initial estimate.

Senegal’s bondholders face further losses in the country’s proposed debt-rework, with some investors estimating a recovery value of as much as 60% below par.

Investors who had been holding out hope that Senegal could avoid a default are changing tack, selling its short-dated bonds as they expect losses ahead.

Senegal’s eurobonds fell on Tuesday after the government said it will move forward with a “debt treatment” under the Group of 20’s Common Framework and agreed a new $2.2 billion program with the International Monetary Fund.

Zambia’s post-election tensions have failed to dent investor appetite for the nation’s stocks, bonds and currency, as a copper rally helps position it as key player in the artificial intelligence infrastructure build-out.

Zimbabwe, once a poster child of triple-digit inflation, currency crashes and printing money, is breaking with its past as an economic turnaround takes hold, according to Citigroup Inc.

Zambia’s borrowing costs fell in the first bond auction since this month’s elections as investors bet that political continuity will bolster the prospects of Africa’s second-biggest copper producer.

Ethiopia sold $500 million to local banks on Thursday, stepping up efforts to ease dollar shortages and stem the slide in its currency.

Citigroup Inc. plans to go long on Zambia’s bonds as it sees the copper-producer to be in line for credit upgrades after recent elections.