ZSE turnover closes at $1.8 mln on Thursday as Insurers miss in action except for OM only

ZSE turnover closes at $1.8 mln on Thursday as Insurers miss in action except for OM only

By Insurance24

HARARE, Turnover on the Zimbabwe Stock Exchange (ZSE) Thursday’s session closed at $1.8 mln with the market continuing in the positive territory amid gains in select counters. For insures listed on the bourse, only Old Mutual shares witnesses activity although on the losing end to trade at 562c.

The insurance giant’s Asset Management unit yesterday swooped on a 16% shareholding in listed packaging company Nampak. The group is also eying several infrastructure and power projects estimated at over $500 mln.

Other insurers, Nicozdiamond and parent company FMHL remained on their previous prices with no activity. FMHL is at 16c while Nicozdiamond at 3.10c. FMHL is in the process of finalizing an offer to the minorities having surpassed 80% of shareholding in the short term insurer.

Chief executive officer Doug Hoto recently told Insurance24 that after making the mandatory offer, Nicoz will be merged with Tristarinsurance to create a biggest short term insurer in the market by half year.

He said that will strengthen the group’s underwriting quality as well expand foray into underwriting agriculture.

Elsewhere ZHL and Fidelity did not trade. ZHL recently completed the rebranding exercise of its reinsurance units with the group targeting to raise capital to finance operations across the region.

Meanwhile, the All Share Index added 0.044 points on the back of gains in Delta, DZLH and Econet.

The Industrial Index edged up 0.15 points and the Top Ten Index closed 0.034 points firmer. The Mining Index was unchanged with no trades in the subsector.

Dairibord added $0.0050 to close at $0.1200, Simbisa was up by $0.0040 to end at $0.3590 and Delta rose $0.0002 to trade at $1.6005.