The ZSE Monitor: Little appetite for insurance companies in Tuesday’s session
HARARE, There was little appetite for Insurance companies in Tuesday’s trading as witnessed by a small trade in Old Mutual Limited shares albeit on flat rate of $3.93.
All the other insurance companies muted on their previous closing prices did not trade in a session which also saw the Industrial Index retreating 0.33% to close at 197.90 points.
Insurance24, looks at some few developments within these counters.
FML
>The company is still trading under a cautionary hence investor could be following the developments from a sceptical position until a time the transaction gives a full picture of the direction.
The group intends to acquire a significant stake in short term insurer Nicoz Diamond and the negotiations are ongoing.
Fidelity
>The company despite missing budgeted income during the first five months of the year, remained profitable and sees recovery during the second half on anticipated increased insurance uptake in 2017. However, the anticipated decline of income from housing projects this year could be a source of discomfort by investors. The company recently introduced a new funeral cover product called Fidelity Medicover, as it seek to widen income.
Nicoz Diamond
>This has so far been most inactive counter among the insurance companies so far in the past weeks largely due to shareholder changes and uncertainties. Most of the issues will be addressed upon conclusion of envisaged shareholding transactions. Investors will for the meantime watch from a distance.
Zimre Holdings
>The Group is forging ahead with the transformation. Investors are slowly following the trend.
Meanwhile, Losses were seen in the seed producer SEEDCO (SEED.zw) which dropped $0.0825 to close at $1.2525 and MEIKLES (MEIK.zw) eased $0.0205 to close at $0.1800. CBZ (CBZ.zw), DELTA (DLTA.zw) and INNSCOR (INN.zw) traded unchanged at $0.1000, $1.2725 and $0.7225 respectively.
The losses were partially offset by gains in PROPLASTICS (PROL.zw) which was up by $0.0040 to trade at $0.0550, PADENGA (PHL.zw) added $0.0020 to settle at $0.2740 and OK ZIMBABWE (OKZ.zw) was $0.0015 solid at $0.1000. Other gains were in ECONET (ECO.zw) which inched up by $0.0010 to $0.3700 and TRUWORTHS (TRUW.zw) went up by a marginal $0.0002 to close at $0.0102.
The Mining index was unchanged at 69.19 points. BINDURA (BIND.zw), FALGOLD (FALG.zw), HWANGE (HCCL.zw) and RIOZIM (RIOZ.zw) remained unchanged at previous trading levels at $0.0290, $0.0100, $0.0250 and $0.5525 respectively.
Insurance24/ZSE
