Foreign investors chase Old Mutual

FOREIGN investors were net buyers of $13,1 million worth of shares on the Zimbabwe Stock Exchange (ZSE) in August, with particular interest in Old Mutual Zimbabwe, (OMZ) latest figures have shown.
According to statistics from the local bourse, foreign purchases amounted to $43, 6 million worth of shares with Old Mutual accounting for $13,5 million.
Sales amounted to $30,5 million during the period under review.
The other counters to record positive net buying were Dawn Properties $4,6 million, Innscor $1,9 million, PPC $607 700, NMB $196 671, ZB Financial Holdings
$190 160 and Mashonaland Holdings $98 440.
During the month under review, Cassava leads the net sellers with shares worth $5,6 million being sold. The other counters were Econet $1,9 million, Simbisa $313 745 and Cafca $221 995.
Old Mutual Limited (OML), whose shares are listed on the Johannesburg Stock Exchange with a secondary listing on the Nairobi Securities Exchange and the Malawi Stock Exchange, last month said it will apply hyperinflationary accounting for its Zimbabwe business unit in light of the runaway inflation negatively affecting the economy.
The runaway inflation is being driven by the rapid devaluation of the local currency.
OMZ, which returned to the ZSE in June last year after the parent company restricted its 19-year stint on the London Stock Exchange, is still attracting interest from foreigners. The listed life assurer recently said its performance across its business remained resilient and the group remains positive despite the economic challenges being currently experienced.
It has plans to venture into the tourism industry after acquiring 6,6 hectares of land in Victoria Falls.