Old Mutual completes feasibility for power projects….Market ends week on front foot
HARARE, Old Mutual says is close to completing feasibility studies of its $12 million solar and mini-hydro power projects upon which construction works would commence.
Old Mutual Investment Group Managing Director Marjorie Mayida in an interview said the projects include two 50 megawatt solar projects in Matabeleland and mini-hydro at Great Zimbabwe.
“We are now at tail end of the feasibility, and by end of second quarter we would have completed and commence on the projects,” she said.
Mayida said Old Mutual is working with partners from South Africa who are providing the equipment and technical expertise.
Commenting on the 1.6 megawatt Kupinga mini-hydro she said power production was above target because of availability of average water supply.
The Kupinga project was commissioned last year at an investment of $5.8 mln into the project. Kupinga secured a 20 year power purchase agreement with the Zimbabwe Power Company (ZPC) at a cost of 14c/kw. The group has a 40% ownership of the project. The project has a return rate of 17%.
Meanwhile, trading on the Zimbabwe Stock Exchange (ZSE) closed on the front foot as demand remained solid. Old Mutual inched up by $0.0094 to settle at $5.7194. Other insurers did not trade.
The All Share Index rose 0.143% to close at 98.26 buoyed by decent gains in Barclays, Delta, OKZim, OM and Simbisa. The Industrial Index closed 0.146% firm at 329.18 while the Top Ten Index added 0.13 points. The Mining Index was unchanged with no activity being recorded. Turnover was decent, closing at $1.6 mln with good trades in Axia, Delta, Econet, Hippo and Seedco.
PPC’s winning streak continued as it added a further $0.0500 to close at $1.1000, Simbisa improved by $0.0122 to trade at $0.4550 and Old Mutual inched up by $0.0094 to settle at $5.7194. Hippo ended $0.0080 higher at $1.6791 and Delta went up $0.0052 to close at $2.0126.
Two counters lost ground, British American Tobacco shed $0.4290 to $19.0422 and Axia dropped $0.0030 to trade at $0.2445.
WEEK ON WEEK CHANGES
- All Share Index was up 2.82 points (2.95%)
- Industrial Index increased 9.52 points (2.98%)
- Top 10 Index rose 3.55 points (3.67%)
- Mining Index remained unchanged