The Dar es Salaam Stock Exchange (DSE) equity market delivered a strong performance during the start of this month’s trading session last week registering a turnover of 2.37bn/-, marking a week-on-week rise of 786.16 per cent from 268m/-registered the previous week.
Activities were bullish during the back of good quarter 3 earnings reports released by some of the listed companies.
According to DSE data, the top trading counters this week were CRDB and TPCC/Twiga dominating the overall market turnover figure by 67.5 per cent and 12.9 per cent respectively.
Price movement was recorded on seven domestic traded equities during the week with TICL selling off the most after its stock depreciated by 14.89 per cent to close at 200/- per share, while SWISS lost 9.64 per cent of its value closing the week at 1,500/- per share.
The TCCL/Tanga Cement continued to struggle loosing 9.23 per cent of its value to close the week at 1,180/- per share while DCB lost 3.23 per cent of its value to close the week at 150/- per share.
TPCC/Twiga lost 2.7 per cent of its value closing the week at 3,600/- per share as NICO and NMB declined slightly by 1.52 per cent and 0.71 per cent closing off the week at 325/- and 2,800/- per share respectively.
Total market capitalization went down by 1.1 per cent to 15.4bn/- while Domestic market capitalization went down by 0.44 per cent closing at 10.12bn/-
The Tanzania share index (TSI) closed at 3,830.57 points decreasing by 0.44 per cent while the All Share Index (DSEI) closed at 1,859.54 points decreasing by 1.1 per cent.
According to the Zan Securities Chief Executive Officer Raphael Masumbuko, activities on the DSE registered high turnover in the wake of the new month but mixed investor sentiments resounded in the market as the domestic index (TSI) lost 0.44 per cent as a result of a slight sell-off in some domestic counters.
“However in broader terms we expect domestic stocks to register an uptick in prices in the coming weeks, signaled by good earnings result for quarter 3 as already disclosed by some listed companies as this will propel more demand for respective counters,” Masumbuko said.
He added, “The market is going to register an increase in liquidity in the weeks to come particularly in the banking sector, driven by good Q3 earning results published. Quarter 3 earnings results of the two biggest banks in Tanzania NMB and CRDB point to a very optimistic view of the banking sector. we are going to see this reflecting in their respective stock prices,”
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