EFE Securities •

6 years ago •

Market Commentary

Market Comment -06.12.2017

A block trade in Nicoz Diamond highlighted mid-week trades, post the announcement that FML had received regulatory approval for the acquisition of the entire issued share capital in the short term insurer. Resultantly 300,262,273 shares exchanged hands at a discounted price of 0.0219 which was 54.37% down from the current price of $0.0480. Buoyed by the block trade, activity aggregates surged in mid-week trades with volumes of the day ballooning 21077% to 301m shares while, values swelled 271.93% to $7.04m. Local demand remained dominant as a mere $0.19m worth of foreign inflows were recorded while, $0.049m worth of disposals were registered , resulting in a positive balance of payment. The Mining Index edged higher to 132.46pts after ticking up 4.41%, sustained by gains obtaining in Bindura which surged 20% to close at $0.0426 on firming demand.