The local price for Old Mutual is on a recovery path having bottomed at 105c, as the group recovers on international markets following reports that the group intend to dispose its assets in the Nordic regions for a net proceeds of US$2,1 billion which will be used to “accelerate the reduction in group borrowings and to return surplus capital arising from the Transaction to shareholders”.
The mainstream index was +0,17 percent firmer at 138.54 points in a light trading session that saw total turnover decline to US$859,401 despite volume improving to 14,5 million.
Properties group, Mashonaland Holdings Limited was the favourite counter of the day after 9,8 million units exchanged hands at 2.6c in trades worth US$254,000.
Foreign trading was also square as foreign buying and selling amounted to US$177,000 and 172,000, respectively.
Thin trades were seen in most heavy cap counters as the holiday mood creeps into the market.
Delta Corporation Limited, SeedCo Limited, Pretoria Portland Cement, Innscor Corporation Limited and Dairibord Zimbabwe Holdings Limited traded small volumes; no trades were seen ABC Financial Holdings Limited, Hippo, Valley Estates Limited and CBZ Financial Holdings Limited while Econet Wireless Zimbabwe Holdings Limited was the only heavy cap with notable volume of 78,165 shares exchanging hands at a stable price of 400c.
TA Limited led the risers with a +24,7 percent surge at 15,10c narrowing its Year-To-Date loss to 26,34 percent as small caps Phoenix Limited, GB Holdings Limited and ZimRe Property Industries Limited dominated the risers rising +20 percent, 18 percent and 10 percent to 1.8c, 0.13c and 1.1c, respectively.
Starafrica Corporation Limited was the worst performing counter of the day easing -20.63 percent to a 52-week low of 1c and is now -85,71 percent in the negative YTD after reports that Redstar Holdings (Private) Limited is now under liquidation.
The ZSE's Mining Index took a heavy battering easing -3.64 percent to 78.05 points after Bindura Nickel Corporation Limited slumped 67 percent to its all time lowest at 1c.
The Mining Index is now 61.05 percent on a YTD basis.
Hwange Colliery Company Limited and Rio Zimbabwe Limited were buyers at 30c with no trades happening.Post published in: Business