Zimre Holdings block trade fails to inspire mainstream index

Zimre Holdings block trade fails to inspire mainstream index

By Insurance24

HARARE, Diversified insurance group Zimre Holdings block trade of 4,677 mln shares failed to inspire trading on Monday which saw the mainstream index closing 0.47% lower at 299.78 points.

Trading on the Zimbabwe Stock Exchange (ZSE) opened the week on a relatively quite note with activity limited only to nine counters.  At the close, turnover was at $683 686 compared to $4.3 mln as of last Friday.

ZHL share price moved 0.39c to close at 2.99c. The group 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.

Meanwhile, bulk of the turnover was from Delta and some contributions from Innscor and Zimre Holdings.

The mainstream index shed 1.42 points on the back of weaknesses in brewery giant Delta and Old Mutual.

Delta lost 4c to close at 162c. The beverage giant reported a strong third quarter (2017) largely bolstered by increased consumer spending mainly after the political developments of November.
The quarter saw increased consumer spending and market liquidity after significant political developments which gave rise to renewed optimism for an economic recovery.

Elsewhere, the mining index was unchanged at 128.21 points. The ZSE Top 10 and the All Share indices were down 0.71 and 0.42 points, respectively.


Insurance Report

Old Mutual share price weakened 10c to close at 530.00c while ZHL contributed bulk of total volume traded today. Fidelity, FMHL and NicozDiamond did not trade.