ZSE closes in red despite good trade values, but most insurers miss in action
Insurance24
HARARE, Trading on the Zimbabwe Stock Exchange (ZSE) was solid with good trade values across the counters, as a result, turnover edged up to close at $4.5mln buoyed by block trades in BATZ, Econet, Hippo, OM and Seedco.
Econet was the largest trader of the with a total 2,302,249 shares exchanging hands. Econet’s share price lost 0.25c to close at 69.75 c. The Group has an insurance unit Ecosure which among other products offers a cover for $0.50 which has a benefit of $500, $1 for $1000, $2 for $2 000 and $5 for $5 000.
Cigarrete manufacturer, BAT saw a total 19,990 shares moving. Hippo also saw 300 000 shares exchanging hands while Seedco saw 132,783 shares trading.
Meanwhile, losses in most counters however saw the market remain in the red with the All Share Index down 0.48 points on the back of a 1.65 points drop in the Industrial Index.
The Top Ten Index closed 0.68 points weaker while the Mining Index was flat with no trades. The Monetary Policy Statement presented yesterday by the Central Bank did little to attract any meaningful investors to the market, though it could be early days to see changes.
The statement largely centered on consolidating the new business thrust that is being driven by the country’s new administration.
Insurance Report
Diversified insurer and financial services group Old Mutual traded flat at 5.30 cents and saw a total 278,361 shares exchanging ownership. Other insurers, ZHL, Fidelity Life Assurance, FMHL and NicozDiamond remained stuck at their last transacting prices.
Additionally, CBZ, FBCH and ZB Holdings all did not trade. The companies have insurance subsidiaries that command reasonable share of the market.
