Market weakness persist in mid week trading, Only Old Mutual trade for insurers
Insurance24: Insurance Monitor
HARARE, The market weakness persisted in mid-week trading led by a 10.0% drop in Old Mutual despite a decent traded volume of 50,669 shares. On this day, all other insurance companies Fidelity, First Mutual Holdings Limited, Nicozdiamond and ZHL did not trade.
The market is still pessimistic largely awaiting outcomes of the ongoing World Economic Forum in Davos, Switzerland where Zimbabwe seeks to re-engage the world and financial institutions as part of the re-engagement process.
Turnover was decent at $2.1m on the back of good trades in Delta, Econet, OM and Seedco. Old Mutual led the losers with a $0.5000 loss to close at $5.0000. Gains were seen in only two counters as Delta rose by $0.0138 to close at $1.6188 and Seedco was marginally up by $0.0002 to end at $2.0100.
The Industrial Index closed 1.38 points weaker while the Top 10 Index was down 0.33 points. The All Share Index retreated 0.40 points and the Mining Index was unchanged at previous levels.
In other losses, National Foods eased $0.1900 to $6.0000 while Amalgamated Regional Trading came off $0.0138 to end at $0.0560.
Barclays dropped $0.0029 to trade at $0.0451, AXIA (AXIA.zw) was down by $0.0019 to $0.1801 while ARISTON (ARIS.zw) was $0.0010 weaker at $0.0150.
