Close to 2 million Old Mutual shares change hands

13 Oct, 2017 - 00:10 0 Views
Close to 2 million Old Mutual shares change hands

eBusiness Weekly

Business Writer
Close to two million Old Mutual Zimbabwe Limited shares have changed hands since the company was listed on the FINSEC alternative trading platform in December 2016.According to information obtained by Business Weekly, the volume of Old Mutual Zimbabwe Limited B Class Shares that has traded on the FINSEC ATP has been rising steadily since listing.
Cumulatively, 1,8 million shares have traded since listing with the bulk of the shares changing hands in the first month of listing, December 2016, when more than 674 528 shares valued at $553 588 changed hands.
The last three months has, however, seen more shares trading after 217 860 changed hands in August, 243 695 in September and 251 117 in the current month of October.
The price of the stock is currently at $1,40 up 70,73 percent from the price of $o,82 at listing in December 2016.
Old Mutual Zimbabwe Limited this week declared an interim dividend of 2,474 US cents per share to be paid on or about October 31, 2017. The group’s last set of results for the six months ended June 30, 2017 showed a significant growth in revenue by 175 percent to $384,9 million up from $139,8 million prior year comparative.
Adjusted operating profit (AOP), which highlights the performance of the core business operations, was $36,8 million, which is a growth of 11 percent on 2016, buoyed by life assurance and asset management profits.
“Life profits were driven significantly by increased risk profits as a result an improved claims ratio,” said group CEO Jonas Mushosho.
Meanwhile, Escrow group commercial director Garikayi Munema said: “With rising awareness of the FINSEC ATP, we have been handling a lot of enquiries for possible new listings.”
“We have received various listing applications and we are at advanced stages of approving some issuers for listing in this quarter,” said Munema without disclosing the parties involved.
The Infrastructure Development Bank of Zimbabwe is planning to start listing its bonds on the trading platform, during the first quarter of next year.

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