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Zimbabwe Turmoil Prompts Allan Gray to Cut Stock Valuations 45%

  • Country’s politics, economy seem to reach ‘ever-lower lows’
  • Harare market represents 17% of money manager’s Africa fund

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South 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.