• Year to date gains closed at 162.43%
  • ZSE closed on four-week record of 6.918,42 points
  • FML topped the top five risers
  • About FML

Harare - One of the leading insurance companies in Zimbabwe, First Mutual Holdings (FML.zw) led ZSE top five risers on increasing 16.32% to close at $25.5895 in Friday trades as market heavies weighed up the session.

The Group last week reported ZWL19 billion in total assets, which is roughly equivalent to US$217 million using the current interbank rate of between ZWL85 and ZWL86 and ZWL5.4 billion in gross premium written which ultimately resulted in its net premium increasing by 75% to ZWL3.7 billion for the half-year ended 30 June 2021 as shown by the Group’s financials released last week.

With the gains sustained by the market heavies, the local bourse managed to close in a four-week record of 6.918,42 points after gaining 0.33 percent from a prior session’s mild gains of 0.02 points. Gains had been subdued by sell-offs driven by profit-taking as companies tried to recover from the effects of COVID-19 after a long period of subdued business operations.

As a result, volumes of shares last month flooded the market, with the higher supply outweighing the number of buyers, forcing stocks prices to dive downwards causing a record three-week blood bloodbath which was witnessed in the month of August.

Meanwhile, the gains stretched year-to-date gains to 162.43%, overall monthly returns to 4% and week-to-date gains closed in positive territory at 0.57%. Penny stocks, on the other hand, continued with the negative sentiment after dipping -0.66% to close at 230,336.15 points.

At close day, following FML was the diversified conglomerate Zimpapers (ZIMP.zw), which notched 2.25% to $2.9069 while the leading tyre distributor, NTS scored up 2.08% to settle at $8.1667

Cigarette maker, British American Tobacco (BAT.zw), with popular products such as Madison and Everest buttressed its prior session gains on gaining 2.07%. Retail enterprise Axia Limited capped the top five risers on edging 1.92% up to $22.5000.

On the negative side was Amalgamated Regional Trading (ARTD.zw) which emerged as the worst performer on extending its losing sentiment to five straight sessions as it succumbed 8.92% to $7.0000.

Mashonaland Holdings (MASH.zw) fell for a third consecutive session on plunging by a further 5.64% to end at $2.7969. Sugar producer, Star Africa Corporation saw its negative streak running for a fourth straight session on decreasing 3.96% to $1.5717.

Leading construction firm, Masimba Holdings (MSHL.zw) overturned its prior session gains on easing 2.55% to settle at $39.0000. Tiles manufacturer, Turnall Holdings capped the top five laggards on ending at $3.9008 after dipping 2.48%.

The Old Mutual Top Ten ETF closed at 233.19c after trading 1 804 units with a value of ZW$4 206.70 in 7 trades exchanged hands.

Elsewhere on the VFEX, Padenga (PHL.zw) traded 7 227 shares worth US$2 095.83 to close 16.00% up to US 29cents per share.

First Mutual Limited is a holding company with diverse interests in the financial services and property sectors. Its core subsidiary is involved in the provision of life assurance and related products, with a strong and growing presence in short-term insurance, property investment and actuarial consultancy.

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