By Adelaide Changole
JOHANNESBURG - African money manager Allan Gray has slashed the valuations for Zimbabwean stocks in its African fund by 45% following economic turmoil that saw the government shut the country’s bourse last month.
Zimbabwe’s official exchange rate and equity prices don’t reflect reality, the Cape Town-based firm said in commentary provided to investors. At the end of June, 17% of the $189 million Allan Gray Africa Equity Fund was held in Zimbabwean stocks, the largest proportion after Nigeria and South Africa... Читать дальше...