Share Name Share Symbol Market Type Share ISIN Share Description
Africa Opp. LSE:AOF London Ordinary Share KYG012921048 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $0.62 $0.60 $0.64 $0.62 $0.62 $0.62 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -8.4 0.0 - 26.43

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Africa Daily Update: Africa Opp. is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker AOF. The last closing price for Africa was US$0.62.
Africa Opp. has a 4 week average price of US$0.64 and a 12 week average price of US$0.64.
The 1 year high share price is US$0.79 while the 1 year low share price is currently US$0.60.
There are currently 42,630,327 shares in issue and the average daily traded volume is 18,036 shares. The market capitalisation of Africa Opp. is £26,430,802.74.
jonwig: From AFMF's FY results: Africa Opportunity Fund (6.0% of net asset value) This London traded closed end fund had a difficult six months by African standards, with the NAV performance held back by exposure to resources companies. The NAV return was 7.1% on a total return basis but the share price return was -3.0% as the discount to NAV widened from 12.9% to 21.2%. The portfolio remains concentrated in deep value situations across Africa, many at the smaller end of the capitalisation spectrum. At the time of writing the ten largest investments (over 70% of NAV) were trading on a trailing average Price to Earnings ratio of 7.5x, a dividend yield of 7.5% and a Return on Equity and Return on Assets of 31.5% and 17.1% respectively. The fund will hold a continuation vote in the first half of 2014 and will likely witness discount narrowing in advance of that event.
loganair: I'm glad the share price is drifting down, hopefully there is going to be another financial hiccup in the next 6 months as I'm looking for a 50cent to 60cent entry point. Malawi now going full ahead exploring for oil and gas, may follow the like of Ghana. Listening to the news this morning they were saying that over the next 10 years China will lose 80 million manufacturing jobs with the liklihood that a good number will be transferred over to Africa, with Africa as a continent maintaining plus 5% growth over the next 10 years, even though it's from a low base. "The raw numbers reveal China's massive economic impact in Africa. Trade between Africa and China has more than trebled since 2006, passing US$166 billion last year. [3] The majority of this figure comes from Africa's $93 billion of exports to China - most of which is raw materials, especially petroleum and copper. African imports from China consist largely of consumer and electronic goods. According to Beijing, the past decade has seen $15 billion worth of Chinese commercial investment in Africa. In 2009 China overtook the United States to become Africa's No 1 trading partner. However, China's footprint in Africa extends far beyond the bustling trade in natural resources and manufactured goods. Last month, at the fifth Forum on Africa-China Cooperation, China promised to lend African governments $20 billion. This figure has consistently doubled at the last three forums - in 2006 $5 billion was pledged, and in 2009 $10 billion in loans were agreed upon. Inter-government ties between Africa and China were further solidified by China's building of the African Union headquarters in Addis Ababa free of charge. The Chinese government clearly expects dividends on its massive investment in the African continent. Many of the loans to Africa are focused on infrastructure. New roads, railways and ports (this is where India is letting themselves down and why they are struggling with growth), while obviously useful to the Africans themselves, will help facilitate the export of natural resources to China. China's image problem in Africa resides primarily in the minds of Western observers. Although there are significant concerns about unsustainable trading practices, these concerns do not constitute a continent-wide anti-China sentiment. Charges of Chinese "neo-imperialism" in Africa are primarily based on a pattern of trade: importing materials and exporting finished goods typical is a formula typical of colonial powers. However, the major defining factor of imperialism - military dominance and use of force - is simply not present in China's Africa policy. This is not true of China's prime Western critics, especially the United States of America. During the past decade of China's rapidly increasing trade and investment in Africa, the United States was primarily focused on "security" issues in the continent. The myopic focus of the US on security and counterterrorism gave China an important opportunity to make economic inroads in Africa. Nowhere in the world is the foreign-policy focus of these two nations better contrasted than in the African continent. While the US was busy been bombing and arming, China was buying, selling, building and lending."
loganair: tenapen - Finn seem to have a high initial charge (only for retail investors and not Institutional investors with the annual charge being twice the percentage for the retail investor compared to the Institutional investor), not easy to find which countries they are invested in and at what percentage which are easy and simple to find when it comes to AOF. In other words AOF seem to be far more open and up-front in their investments and information readily available than Finn. This has already set alarm bells ringing. jonwig - the fall in the AFMF's share price however doesn't mirror the AOF share price and doesn't really answer why the AFMF share price is still around the price it was in 2009 while in the same period AOF share price has risen some 60%.
jonwig: loganair - yes the holdings in the header are a bit adrift: will right them when I have the chance. The fall in AFMF's share price in Q1 2011 seems to mirror a sharp drop in the FTSE100 (from 6000 to 5600) in March that year. In some 'global panic' phases, emerging markets dropped more sharply than developed ones as a 'flight to safety'. I don't keep a diary of these things, though. tenapen - I'd be wary of funds such as the JM Finn, if only because they are open-ended (unit trusts or OEICS). If they hold illiquid assets and there's a market panic they will be forced into sales to meet redemptions. This happened with a New Star Africa fund in 2008 or 09. However, her's another one:
loganair: jonwig - I've already noted this as apart from the directors, AFMF are the only notifiable holders with a 25.23% holding in AOF. On my brokers site there seems no problems in trading AOF however AFMF are in sterling which I must prefer. I've also noted that AFMF have the typical number and institutions as notifiable share holders. I also note that AFMF are still around their 2009 lows while AOF are around 60% above their 2009 lows. Not knowing AFMF - why the sudden drop in their share price first 3rd 2011? I also note that Qatar take a stake in AFMF while AFMF's largest Middle East holding at 10% is in Qatar and almost all their African holdings are via AOF rather than off their own bat. Overall, I'm really looking for a fund who is nearly or wholly invested in Africa rather than under 1/3rd in Africa while the rest being in Asia, the Middle East and Eastern Europe as it is the Corporate hot money that is going in to Africa at the moment as the big money has already been made in Emerging Markets.
Africa share price data is direct from the London Stock Exchange
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