Dar stock market slumps 62.1%, stocks register positive price changes

Tanzania’s stock market experienced a positive week during the five-days trading session last week with a number of stocks registering positive price changes signaling a strong start to the earning season.

The positive price movements indicate increased investors’ confidence in the market, and suggests that the market is performing well overall.

This comes amidst release of financial results for the year ending 2022 where a number of listed posted bullish performance leading to volatility in the market.

Data from the Dar es Salaam Stock Exchange (DSE) however shows that Total market capitalization went up by 0.64% to 15.74bn/-while Domestic market capitalization went up by 0.63% closing at 10.31bn/-

The Tanzania share index (TSI) closed at 3,903.94 points increasing by 0.63% while the All Share Index (DSEI) closed at 1,889.13 points increasing by 0.64%.

Data further shows that trading volumes however slightly reduced during the trading a turnover of 693.4m/- marking a week-on-week decrease of 62.1% from 1.83bn/- registered in the previous week.

The top trading counters for the week were CRDB, TPCC and NMB dominating the overall market turnover figure by 46.83%, 40.81% and 7.17% respectively.

Price appreciation was recorded on four domestic counters with SIMBA/TCCL registering the most gain adding an extra 10% week on week to close at 1,100/- per share while the TWIGA/TPCC stock followed suit registering 4.97% price gain closing off the week at 3,800/- per share.

The CRDB stock gained 2.63% closing the week at 390,0 per share. No domestic stocks lost value within the week.

Market analysts are however optimistic about the overall performance of the stock market since it is a good time for investors to consider making investments in the market.

According to the Zan Securities Chief Executive Officer (CEO) Raphael Masumbuko, “In the current scenario where listed companies are reporting strong financial results, it may indicate a positive outlook for the stock market. Generally, when companies perform well, it can lead to increased investor confidence, higher demand for their stocks, and ultimately drive up stock prices”