Abstract
Cobalt is becoming the most important metal in the world due to its use in electric vehicles, phones and computers. This creates large competition between the United States and China for cobalt. China has dominated this commodity due to infrastructure policies in African countries; America’s political strategy to regain momentum has focused on hosting the U.S./African Leaders’ Summit. This study uses an event study methodology to analyze the U.S./African Leaders’ Summit and its effects on CMOC Group Limited and Zhejiang Huayou Cobalt on the Shanghai Stock Exchange, Nanjing Hanrui Cobalt and Guangdong Dowstone Tech on the Shenzhen Stock Exchange, and Jinchuan Group and China Railway Group Limited on the Hong Kong Stock Exchange. The summit was found to have a minimal effect on these stocks at the 95% confidence level, but not enough to imply cause.
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