Insurers share activity remain low…Ipec commissioner reportedly suspended

Insurers share activity remain low…Ipec commissioner reportedly suspended

By Insurance24

HARARE, Insures listed on the Zimbabwe Stock Exchange (ZSE) continue to witness none or minimal activity on their shares except for Old Mutual which registers activity almost every trading day.

On Thursday, of all the insurance stocks, OM was the only one in activity. Others, ZHL, Fidelity, who released their set of results recently, did not trade. The companies during their financial year registered decent performance despite Fidelity registering a loss.

FMHL and Nicozdiamond who are now one part big family did not trade. FMHL has since notified its intent to make an offer to Nicoz minorities following the Group’s acquisition of more than 80% stake in the short term insurer.

Elsewhere, reports alleged that the Insurance and Pension Commissioner (Ipec) Commissioner Tendai Karonga has been suspended for alleged insubordination by the regulator’s board. Information is that Karonga clashed with his board on how the insurance industry should be governed and regulated.

According to sources, the Commissioner has since been on leave for at least over a month now.

Meanwhile, market turnover rose to $1.3 mln from $948 000 yesterday mainly on the back of trades in the heavyweight stocks.

In large part, block deals in Afdis, Delta and Econet accounted for this figure. The All share Index closed the session firm after adding 0.40 points.  The Industrial index gained 0.39% to close at 345.25 with gains in Delta, Meikles and Seedco.

Seedco led the movers with a $0.0984 gain to close at $2.0484 , Old Mutual added $0.0698 to close at $6.7021 and Meikles was up $0.0085 to close at $0.3700.

Unifreight also went up by $0.0029 to  $0.0175 and Barclays increased by $0.0016 to close at $0.0520.

In the negative was Econet which lost $0.0026 to close at $0.8949, Riozim was down $0.0049 to close at $1.2400. Consequently, the Mining Index lost 0.28% to close at 132.96. Dairibord traded $0.0010 lower at $0.1620.