28th Sep 2018 17:22
LONDON (Alliance News) - Africa Opportunity Fund Ltd on Friday said its net asset value decreased in the first half of 2018 hurt by losses in Zimbabwean investments.
Net asset value per share decreased to USD0.879 in the six months to June 30 versus USD0.925 reported at the end of 2017. Net asset value continued to fall in the second half of the year, reaching USD0.860 as at the end of August.
The stock closed 2.7% lower on Friday at USD0.71 per share.
Over the period, the fund's Kosmos Energy investment delivered gains of USD1.1 per share, it said, as the Brent oil price rose 19% to USD79 per barrel pushing Kosmos Energy's share price up by 21%.
Meanwhile, the company's Zimbabwean property investments suffered from rising vacancies and growing arrears in the deteriorating Zimbabwean environment. The fund's property investments Zimbabwe lost 30% in the first half, inflicting a 3.4 cents per share loss.
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