Zimre now holds 67% of Fidelity after ZSE block trades

24 Nov, 2020 - 16:11 0 Views
Zimre now holds 67% of Fidelity after ZSE block trades


HARARE – Zimre Holdings has officially taken control of the majority shareholding in Fidelity Life after it acquired the stake which was held by NSSA and Imara.

The acquisition of Fidelity by Zimre is part of a consolidation process that the group is undergoing, which also included the delisting of Zimre Properties Investment.

A total of 50.5 million shares traded with turnover of $75.75 million, taking Zimre’s stake in Fidelity to about 67%.  The group plans to subsequently delist the life assurance company, whose recent performance has been hit by an unsustainably high cost structure.  The NSSA stake would be consummated through a share swap while Imara exited its portfolios from the counter.

Turnover for the day was at $128.59 million as the stock market fell again on Tuesday weighed down by losses in select heavyweight counters. The trade count was at 268 with Econet and Delta being the most active counters at 34 and 33 trades. Fidelity led the turnover contributions while other significant value came from Masimba Holdings. A total 8.34 million Masimba Holding shares amounting to 3.45% were bought through Akribos from a foreign nominees’ account held by Imara.

Foreigners sold $33.7 million worth of shares and bought $235 472. Total market cap inclusive of Old Mutual was at $193.81 million, of which 71.01% is attributed to the top ten counters.

At close, the All Share Index was 1.71% lower to 1 600.73 reducing its year to date gain to 595.70%. Star Africa was the worst performer, losing 14.32% to 25c ahead of the sale of the stake held by Zamco.

Mining stock RioZim fell 9.11% to 772.60c.

Among the heavyweights, CBZ was the worst performer, losing 6.85% to 3 725c. Innscor dropped 2.91% to 2 354.36c and Delta shed 1.46% to 1 979.78c. The Top Ten Index fell 2.55% to 1 040.75. Other losses came from OK Zim, which was down 1.96% to 558.54c and Padenga pared 0.14% to 1 602.04c.

Masimba led the risers gaining 12.04% to 299.74c as it took its market cap to $724.33 million. Other gains in Edgars and Truworths saw the Small Cap Index rise 3.02% to 6 516.52.

The Medium Cap Index shed 0.42% to 3 209.29 weighed down by Ariston’s 3.70% loss to 130c.


Risers Price % Change Fallers Price % Change
Masimba  299.74c   +12.04%▲ Star Africa 25.00c – 14.32%▼
Hippo  1760.16c   +5.05 %▲ RioZim 772.60c – 9.11 %▼
Edgars  100.00c   + 4.94 %▲ CBZ 3725.00c – 6.85 %▼
Truworths  15.00c   + 3.23 %▲ Ariston 130.00c – 3.70 %▼
Meikles  1650.00c   + 3.13 %▲ Simbisa 675.34c – 3.54 %▼

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