The Domestic equity market in Tanzania ended the first half of 2022 on a high note signaling a bullish trend despite negative sentiments that dominated global markets in recent times.
According to the lest figures from the Dar es Salaam Stock Exchange (DSE) investors in quoted domestic equities on the Dar Es Salaam Stock Exchange (DSE) gained a total of 962bn/ at the end of the first half (H1) of 2022.
Swimming against the tide of global macro-economic uncertainty, the domestic equities index (TSI) minted 10.7 per cent growth during the first 6 months of 2022.
The Total volume traded within the period was 75.45bn/- with TBL accounting for 33 per cent of the entire volume albeit through pre-arranged deals hence not affecting market price, enduring good financial results for the financial year ending 31st December 2021.
According to the report, CRDB and NMB shares were active throughout the period registering 31 and 11 per cent of the entire traded volume in the period.
While other exchanges such as the Nairobi Securities Exchanges (NSE) faced sell offs as foreign fund managers reduce exposure in frontier markets, the DSE registered positive price movements for greater parts of the six month period.
Six counters during H1, 2022registeredv double digit returns with NMB leading the pack at +56%, DSE 53.8%, CRDB 42.9%, TCCL 32.7%, SWISS 18%, NICO 10%.
According to Zan Securities Chief Executive Officer (CEO) Raphael Masumbuko, for the first half of the year, domestic stocks on the Dar es Salaam Stock Exchange have been swimming against the tide compared to equities in other exchanges.
“Our observations of 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.