Fidelity Life trade flat with the company due for FY17 reporting. Turnover spikes to $5.11 mln
By Insurance24
HARARE, Fidelity Life Assurance traded flat at 8c, in a session where turnover spiked to $5.11 mln on big trades from the Zimbabwe Stock Exchange (ZSE) heavyweight counters.
Fidelity among other insurers has not seen share movement for weeks as appetite for insurance companies remain low. The company is due to release its FY17 results and would be interesting to see if the company would have maintained its half year profitability.
For the interim period ended 30 June 2017, Fidelity saw after tax profit in a massive 100% jump to $1.98 mln compared to $985,253 in prior year same period. This was despite net premiums for the period declining 28% to $6.06 mln compared to $8.44 mln same period in 2016.
Another insurer, Old Mutual gained 100c to trade at 541c and saw a total 94,638 shares exchanging hands. Other insurers ZHL, FMHL and Nicozdiamond did not trade.
The All Share Index remained in the red, losing 0.017 points on the back of a 4.3 points drop in the Mining Index despite a gain of 0.18 points in the Industrial Index. The Top Ten Index closed 0.13 points firmer.
Decent trades were posted in Delta, Innscor, OM and Seedco. Gains were seen in PPC which rose by $0.0200 to $0.9200, Innscor put on $0.0085 to settle at $0.9299.
Econet added $0.0021 to close at $0.6800 whilst Edgars and FBC Holdings both gained $0.0005 to close at $0.0455 and $0.2005 respectively.
Four counters lost ground. Meikles dropped $0.0200 to close at $0.2800; Bindura came off $0.0055 to $0.0275 while TSL went down by $0.0006 to close at $0.3990. Padenga was $0.0002 lower at $0.4198.
