Old Mutual Listed Equities Value Drops

Financial services behemoth, Old Mutual (OM) says the value of its listed equity investments has so far this year fallen by 11,5 percent due to self-correction on the domestic bourse which experienced a relentless bullrun last year before the fall of former president Robert Mugabe in November.

OM chairman, Johannes Gawaxab, said profits had been negatively affected by over $40 million as a result of the Zimbabwe Stock Exchange (ZSE)’s corrective retreat, which came after a surge in non-banking investment returns.

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