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Dar equity market closes January in green on positive corporate earnings reports

by Editor
07/02/2023
in Markets
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Dar equity market closes January in green on positive corporate earnings reports
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Market activities at the Dar es Salaam Stock Exchange (DSE) closed in green during January this year with both the Tanzania Share Index (TSI) and the All Share Index (DSEI) soaring by 1%, mostly lifted by positive corporate earnings reports.

Available data from the DSE shows that although the market capitalization improved, the total market turnover declined by 4% to 6.9bn/- compared to that of December 2022, also 50.3% lower compared to the corresponding period of 2022.

According to Alpha Capital Monthly report, foreign investors continue to exit the market due to global trends such as inflation rate and interest rate hikes in the U.S.

Market activities at the Dar es Salaam Stock Exchange (DSE) closed in green during January this year with both the Tanzania Share Index (TSI) and the All Share Index (DSEI) soaring by 1%, mostly lifted by positive corporate earnings reports. PHOTO / COURTESY.

“Foreign purchase accounted for only 13.9 % while foreign sale accounted for 68.5% of the sales at the bourse last month,” according to the Alpha Capital Head of Research and Analytics Imani Muhingo.

Solid corporate earnings from NMB and CRDB were the major driver of activities during the month as the two counters collectively accounted for 78% of the total monthly turnover.

NMB saw a 7% increase in share price to 3,240/- and became the best-performing stock on TSI after it posted better-than-expected results of a 47% increase in the EPS with Twiga Cement being thee next best performer as its stock gained 3% during the month.

The CRDB share however sank by 1% as the lender announced new bank fees and charges effective from January 4, 2023 but market analysts are confident enough that the share will get back in the winning after the lender posted solid profit gains with 30% jump in EPS and a forecasted dividend yield of 12%.

The share prices of TCCL and TICL also dropped more than 9%, while those of NICO and TICL dropped more than 5% during January 2023.

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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