Masiyiwa’s return inspires Econet, as only Old Mutual trade for insurers

Masiyiwa’s return inspires Econet, as only Old Mutual trade for insurers

By Insurance24

HARARE, The Zimbabwe Stock Exchange (ZSE) closed the on a rather quiet session where activity was limited to only 13 counters. Big trades in BATZ, Old Mutual and a block trade in Econet carried the day.

Econet saw a total 2,708,915 shares exchanging ownership at 70c, after gain 0.25c from previous trading price. The gain comes in the wake of news that government has invited its founder but self-exiled businessman Strive Masiyiwa to come back home.

He is expected home next month for the first time 18 years, in what could be the biggest breakthrough for the new administration led by President Emerson Mngangagwa after he declared that his government is willing to work with all local businessmen who had frosty relations with former President Robert Mugabe’s regime.

    

Meanwhile, Turnover closed the day solid at $4.3mln as sellers continued to offer stocks across the bourse.

The market remained on the back foot as widespread losses left the All Share Index marginally down by 0.01point. The Industrial Index retreated 0.03 points while the Top 10 Index added a marginal 0.02 points. The Mining Index was flat at previous levels with no activity.

Insurance Report

Diversified insurer and financial services group Old Mutual traded flat at 5.40 cents and saw a total 174,511 shares exchanging ownership. Other insurers, ZHL, Fidelity Life Assurance, FMHL and NicozDiamond remained stuck at their last transacting prices.