Tanzania’s stock market ended last week’s trading session on a positive note with total market capitalization rising by 0.74% to 16.10bn/- while the Domestic market capitalization moved in the same direction rising by 0.79% closing at 10.61bn/-
According to data from the Dar es Salaam Stock Exchange (DSE), the All Share Index (DSEI) closed at 1,932.21 points increasing by 0.74% while the Tanzania share index (TSI) closed at 4,016.77 points increasing by 0.79%.
Data shows that the bourse registered a turnover of 2.76bn/- being a 384% increase of from the previous week with a number of stocks experienced price appreciation leading to the overall increase in market capitalization.
The top three trading counters during the five-day trading session were NMB, CRDB, and TPCC that dominated the market with 51.9%, 36.76%, and 7.41% of the overall market turnover, respectively.
TCCL/SIMBA led the gainers list posting a 10% increase in value to close at 1,100/- per share while CRDB also saw a price increase of 6.17% closing the week at 430/- per share.
The NICO stock gained 4.92% to close at 320/- per share, while TPCC appreciated by 3.16% to close at 3920/- per share.
On the losing side, DSE suffered a 1.14% decrease in value, closing the week at 1,740 per share while NMB lost 0.58% of its value to close the week at 3,440/- per share despite good Q4 2022 earnings report.
According to market analysts, the optimistic sentiment in the market is a reflection of the overall positive economic outlook and growth potential of the country.
According to the Zan Securities Chief Executive Officer Raphael Masumbuko, “Investors are drawn to the favorable investment climate and the prospects for returns in the stock market,”
Masumbuko added, “the continued support from the government and regulatory bodies to enhance the stock market infrastructure has also played a key role in attracting investors”.
TSI brake past 4000 points for the first time Since September 2018
The Tanzania Share Index (TSI) reached a new milestone for the trading week ending February 10 by breaking past the 4000 points mark for the first time since its highs in September 2018, closing at 4016.77 points.
This milestone moment is a clear indication of the growth and stability of the Tanzanian economy, which has been boosted by positive earnings from some of the country’s largest banks.
A growing economy typically leads to higher profits for companies, which in turn can drive up stock prices and cause a stock market index to gain points.
The stock market continues to be a promising investment destination for investors seeking long-term growth.
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