The Dar es Salaam Stock Exchange (DSE) equity market continued its bullish rally during the trading session last week after posting a turnover of 3.92bn/- being a 113 per cent increase from 1.8bn/- posted the preceding week.
According to the DSE, the hefty turnover figure was attributed to a number of pre-arranged block trades from TCC, CRDB, NMB and SWISSPORT
The top trading counters during the week were CRDB, SWISS and NMB dominating the overall market turnover figure by 31.6 per cent, 25.3 per cent and 24.6 per cent respectively.
Price movement was recorded on six domestic traded equities during the week with DSE stock appreciating the most, registering a 9 per cent upside closing the week at 2,180/- per share.
The TCCL/SIMBA stock during the week registered a 6.58 per cent increase closing the week at 1,620/- per share while the NICO stock also continued its rally appreciating by 2.86 per cent closing at 360/- per share.
The TPCC stock however slightly depreciated by 2.05 per cent to close at 3,820/- per share while the SWISS stock ended its bullish run loosing 3.06 per cent of its value closing the week at 1,900/- per share while the TOL stock depreciated by 7.14 per cent closing off the week at 650/- per share.
Total market capitalization went down by 1.56 per cent to 15.7bn/- while the Domestic market capitalization went down by 0.08 per cent closing at 10.2bn/-.during the trading session last week.
The Tanzania share index (TSI) closed at 3,890.9 points decreasing by 0.08 percent as the All Share Index (DSEI) decreased by 1.56 per cent to close at 1,894.89 points.
According to the Zan Securities Chief Executive Officer Raphael Masumbuko, “Amidst rising global and local inflation, investors are being pushed to seek better real returns to compensate for inflation risk, which has resulted to an exodus to the equity market”
Masumbuko noted that overall; the domestic equity market continues to form a resilience from rising commodity prices with half-year reports released by a number of listed companies showing signs of growing profits with more cautious approach to costs.
“To reflect this growth the domestic index (TSI) has gained 9.14 per cent respectively year to date. DSE,
CRDB, SWISS, TOL, and NMB experiencing the largest gains year to date dragging up activity and turnover at the bourse. We however expect moments of plateau growth primarily due to monetary tightening by the Central Bank,” he added.