Dar stock market sustains bullish trend, posts record 6.24bn/- equity turnover

Following improved corporate earnings by companies, the Dar es Salaam Stock Exchange (DSE) closed last week’s trading session on a positive note  after posting a bullish equity turnover of 6.24bn/- as compared to 2.14bn/- registered the previous week.

According to data from the DSE, the strong performance was due to a number of pre-arranged block trades with NMB dominating the market share by 85.9 per cent after two prearranged block trades, followed by TPCC at 9.02 per cent after one pre-arranged block trade and CRDB at 3.59 per cent.

Price movement during the week was recorded on six domestic traded equities with TCCL/Simba emerged as the week’s top gainer after its stock appreciating by 7.04 per cent to end the week at 1,520/- per share, followed by TOL up by 1.67 per cent to close at 610/- per share.

The NICO stock also appreciated by 1.43 percent to close at 355/- per share while the CRDB stock also gained 1.28 percent to end the week at 395/- per share.

The DCB stock however depreciated by 2.86 per cent to close at 170/- per share while the TPCC/Twiga stock also dropped by 2.5 per cent to close at 3,900/- per share.

Total market capitalization went up by 0.85 per cent to 16,05bn/- billion while Domestic market capitalization went up by 0.02 per cent closing at 10.27bn/-

The Tanzania share index (TSI) closed at 3,887.01 points after increasing by 0.02 percent while the All Share Index (DSEI) increased by 0.85 percent to close at 1,926.90 points.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, the domestic equity market is registering a bull run, stemming from good quarterly results published by a few companies.

“Investors have priced in better valuations for a number of counters hence stocks have started registering an upside movement. Resilience of the Tanzanian economy on inflationary pressures stemming from surging commodity prices is bringing optimism among stock market investors, and we expect more trading activities in the coming weeks,” Masumbuko said.