CRAIR discusses Zimbabwe’s new economic trajectory, as ZSE opened week depressed
Insurance24
HARARE, The Centre for Risk Analytics and Insurance Research (CRAIR) will this Wednesday conduct a meeting whose guest speaker is Finance and Economic development Minister Patrick Chinamasa.
The breakfast meeting whose topic is “Zimbabwe’s New Economic Trajectory: Renaissance and Growth also have guests that include Bankers Association of Zimbabwe president Charity Jinya, Harare mayor Bernad Manyenyeni and Professor Tony Howkins.
In his inaugural State of the Nation Address (Sona), President Emmerson Mnangagwa has said his government would introduce a range of measures to boost the country’s dwindling exports, fight corruption and cushion the local manufacturing sector to set Zimbabwe’s fragile economy on a firm recovery trajectory.
Historically, bad policies, inconsistencies on political and economic policies saw Zimbabwe drowning into a drenched economy for the past decade.
Meanwhile, activity on the Zimbabwe Stock Exchange (ZSE) opened the week depressed with limited activity. Turnover closed at $940,944 with notable trades in Econet and Old Mutual. The All Share Index retreated a marginal 0.03 points on the back of losses in most counters. The Industrial Index lost 0.10 points while the Top 10 Index added 0.06 points. The Mining Index closed flat with no activity in the subsector.
PPC (PPC.zw) shed $0.0500 to close at $0.8000, CBZ (CBZ.zw) eased $0.0190 to $0.0810 and PADENGA (PHL.zw) was down by $0.0029 to end at $0.4975. EDGARS (EDGR.zw) lost $0.0020 to trade at $0.0450 while FIRST MUTUAL HOLDINGS (FML.zw) and INNSCOR (INN.zw) were each $0.0002 weaker at $0.1948 and $0.8500 respectively.
Trading in the positive territory; MEIKLES (MEIK.zw) rose by $0.0178 to close at $0.3170, TSL LIMITED (TSL.zw) put on $0.0100 to $0.4500 while OLD MUTUAL (OML.zw) closed at $4.8540 after gaining $0.0099. DELTA (DLTA.zw) shifted up by $0.0042 to end at $1.5612 while AXIA (AXIA.zw) and DAIRIBOARD (DZL.zw) each inched up by $0.0005 to trade at $0.1805 and $0.1105 respectively.
The Insurance Monitor:
First Mutual Holdings traded at $0.1948, shedding 0.10%. The group is currently looking to consolidate its position in Zimbabwe’s insurance sector through finalizing the acquisition of NicozDiamond shares. The transaction since received various regulatory approvals which saw the group having already acquired 50.89% of the issued share capital of Nicozdiamond.
The group raised $17.52 mln capital through a renounceable rights offer, approximately 17.9% was set aside for the estimated cash component of the transaction to acquire Nicoz Diamond issued share capital with the balance being utilised for the recapitalization of the merged short term insurance entities.
Elsewhere, Old Mutual closed at $4.8540 after gaining $0.0099. Fidelity Life Assurance and Nicozdiamond did not trade. On other hand Zimre Holdings traded at 3.09 cents.
ZSE Listed Companies with Insurance Units
CBZ Holdings >CBZ Life
>CBZ Insurance
ZB Financial Holdings >ZB Life Assurance
>ZB Reinsurance
FBC Financial Holdings > FBC Reinsurance
>Eagle Insurance
Getbucks Financial Services > Getsure
Econet Wireless > Ecosure
