12th Sep 2016 09:59
LONDON (Alliance News) - Africa Opportunity Fund Ltd on Monday said its net asset value per share rose in the first half of 2016, saying it put together a "respectable performance" in the period.
The fund, which invests in the African market, said its bonds and securities of commodity producers rallied in the first half, with this offset by losses on its short-side investments.
Its net asset value per share rose to USD0.898 at the end of June, up 2.7% from USD0.875 at the end of December.
Africa Opportunity said it had delivered a "respectable" half against a "darkening landscape of macro risks", with GDP growth estimates for sub-Saharan Africa softening, Nigeria in outright recession, and sluggish to no growth forecast in South Africa.
Shares in Africa Opportunity were untraded on Monday, having last traded at USD0.603.
By Sam Unsted; [email protected]; @SamUAtAlliance
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