Old Mutual in marginal gain as ZHL trade flat

Old Mutual in marginal gain as ZHL trade flat

By Insurance24

HARARE, Trading on the Zimbabwe Stock Exchange (ZSE) opened on  a subdued note with the All Share Index down 0.02 points on the back of a 2.23 points drop in the Mining Index.

Turnover was down at $890,000 from $3.45 mln at the close of trading last Friday. In today’s session, good trades were limited to Delta, OKZim, Old Mutual and SeedCo with the market showing a lot of weaknesses as sellers dominated.

The Top Ten Index was flat at previous level whilst the Industrial Index added a marginal 0.04 points.

Insurers Report

>Diversified financial services provider and insurer, Old Mutual saw a total 76,435 shares exchanging hands at a price of 530.24c, a marginal increase from an opening price of 529,97c. Old Mutual Zimbabwe is part of the Old Mutual PLC which is in the process of unbundling operations.

ZIMRE holdings traded flat at 2.60c with a total 5.007 shares moving. ZHL last year adopted a new strategy. ZHL’s new strategic endeavour saw the group coming up with a five-year strategy that is mainly targeted at trimming non-profitable and non-strategic regional and local operations as well as consolidate operations in markets that are attractive. Proceeds from the disposed investments are to be invested into other subsidiaries, mainly in Malawi and Mozambique.

Fidelity, FMHL and NicozDiamond did not trade. Also other listed companies with insurance operations saw no activity. All CBZ, ZB and FBCH were not in action today.