More than two million Old Mutual Zimbabwe shares have traded on the Financial Securities Exchange (FINSEC) Alternative Trading Platform (ATP) board since December 2016, official figures have shown. Old Mutual Zimbabwe (OMLZ) is the only counter that is listed on the ATP although there are reports that a second listing is expected soon. According to figures provided by FINSEC a total 1 934 720 OMLZ shares with a total value of $1 863 122 had changed hands as at the end of October 2016, 11 months since FINSEC started operating. The biggest value was, however, traded in the first month of listing after 674 528 shares worth $553 588 were traded.
The second biggest trades were conducted in October 2017 after 276 950 shares worth $385 515 changed hands. The average share price has since moved from the listing price of $0,82 to $1,70 by end of October 2017. November has, however, been more active with shares worth more than $400 000 having changed hands as at November 17, 2017.
The average share price has also skyrocketed to $2,05 on Friday last week, slightly lower than the highest price of $2,10 achieved on November 15, 2017. Last year, the Securities Exchange Commission of Zimbabwe licensed FINSEC to operate the first alternative trading platform, a move meant to diversify capital markets.
The licensing followed the gazetting of the Alternative Trading Platform rules through Statutory Instrument 100 of 2016, which mandates SecZim to licence companies to operate alternative trading platforms. Currently, Old Mutual, the country’s largest insurer is the only entity whose stock is traded on the alternative platform.
Thu Nov 2017