Insurers end week on low note. Turnover at $2.05 mln as Government mulls state enterprises listings

Insurers end week on low note. Turnover at $2.05 mln as Government mulls state enterprises listings

By Insurance24

HARARE, Old Mutual was the only insurer to trade on Friday where market turnover stood at $2.05 mln off 97 trades. Trades of note were recorded in Afdis, Econet and Old Mutual. Other insurers, ZHL, Fidelity, FMHL and Nicoz closed the week with no activity.

As government forges ahead with its reform agenda of state enterprises and parastatals, Finance Minister Patrick Chinamasa mooted possibilities of listing some state entities on the Zimbabwe Stock Exchange (ZSE).

The e entities are targeted for partial privatization through engagement of partners or listing on the Zimbabwe Stock Exchange and these include Petrotrade, Zimpost, POSB, the Zimbabwe Mining Development Corporation’s various mining units and the Infrustructure Development Bank of Zimbabwe. Others include Telone, Netone, Telecel, ZUPco, Willovale Motors and Chemplex Corporation.

Meanwhile, the All Share Index closed marginally firmer, adding 0.71 points on the back of solid gains in Econet, Delta and Simbisa.

The Industrial Index added 2.41 points while the Top Ten Index added 0.90 points. The Mining Index remained flat at previous levels. Investors continued to invest in blue chip stocks as they seek a safe haven for their funds.

Beverage giant Delta put on $0.0203 to close at $1.6887; Econet added $0.0196 to $0.8199 while Simbisa went up by $0.0100 to end at $0.3800. First Mutual Properties a subsidiary company of FMHL rose by $0.0063 to settle at $0.0498, Turnall Holdings put on $0.0005 to close at $0.0095 whilst Old

Mutual inched up $0.0003 to trade at $5.6586.

Two counters lost ground as Meikles eased $0.0070 to end at $0.2900 whilst Amalgamated Regional Trading slipped $0.0017 to close at $0.0433.