FMHL falters in a day turnover spikes to $12 mln
By Insurance24
HARARE, In a day market turnover spiked to $12.1 mln from $3.1 mln recorded in previous session, Insurer First Mutual Holdings Limited (FMHL) found the day tough, losing 8.896% to close at 17c.
FMHL through completion of the transaction to acquire short term insurer Nicozdiamond is set to become one of the leading giants in the insurance sector by assets and capitalisation.
Recently, the Group chief executive officer Doug Hoto confided to Insurance24 that the group was targeting at least 81% controlling stake of Nicoz by year end.
To date, the National Social Security Authority (“NSSA”) has transferred to FMHL 300,263,184 (three hundred million two hundred and sixty three thousand one hundred and eighty four) NDIL shares constituting 50.89% of the entire issued shares of NDIL.
Elsewhere, Nicozdiamond did not trade and the share price remains stuck at 3.10c. Old Mutual was in a rare territory after the giant insurer found no transaction. ZHL and Fidelity also did not trade.
The Market
A block deal in National Foods was the highlight of the day in a session that had thin trades. Other notable trades were recorded in PPC and Simbisa. The All Share Index reversed the gains of the previous session, retreating 0.77 points on the back of a 2.62 points loss in the Industrial Index. The Top Ten Index was down 0.87 points whilst the Mining Index closed unchanged.
National Foods went down by a significant $0.5998 to trade at $5.4002; British American Tobacco went down by $0.1500 to close at $24.2000. Econet eased $0.0100 to $0.6900 while Barclays dropped by $0.0010 to end at $0.0440.
However there were no trades in the positive territory while Afdis, Delta, Meikles, PPC and Simbisa traded unchanged at $1.4500, $1.6200, 0.3050, $0.8500 and $0.4000 in that sequence.
