Dar stock market tumbles, posts an equity turnover of 434.7m/-

The Dar es Salaam (DSE) equity market tumbled last week after posting a 434.7m/- equity turnover as compared to 1.3bn/- recorded during the preceding trading session.

This is perhaps the worst performance registered in the second half this year but analysts forecast that the bourse will gain momentum in the weeks ahead.

NMB dominated the trading session last week by 59.10 per cent followed by CRDB at 24.27 per cent and the NICO at 7.70 per cent.

Price movement was recorded on four domestic traded equities last week with NICO emerging as the week’s top gainer after its share appreciated by 7.58 percent to end the week at 355 /-per share while SWISS gained 1.69 per cent to close at 1,200/- per share.

NMB share however depreciated by 6.41 percent to close at 2,920/- per share and CRDB share also went down by 3.75 percent to close at 385/- per share.

Total market capitalization went up by 0.09 per cent to 15.7bn/- while Domestic market capitalization also went down by 1.32 percent closing at 10.2bn/-.

The Tanzania Share Index (TSI) closed at   3,873.47 points after decreasing by 1.32 per cent while the All Share Index (DSEI) also increased by 0.09 per cent to close at 1,890.46 points.

But according to market analysts, with the global economy now at a disconsolate stage, there will be more divergence between regions.    

For the first half of the year, domestic stocks on the Dar es Salaam Stock Exchange have been              swimming against the tide as compared to equities in other exchanges.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, the DSE Equities market       point to a bull market characterized by periods of profit in the market.

“The current Tanzania Share Index (TSI) for the  first half of the year is up 10.17% sitting above bull territory,” he said.

Within the period seven counters registered double digit returns including: NMB +56%,  DSE 53.8%,CRDB 42.9%, TCCL 32.7%,SWISS 18%, and NICO 10%.