The stock market ended last week on a positive note registering a 55 percent increase in turnover to 4.29bn/- with total market capitalization rising by 0.21 percent
According to data from the Dar es Salaam Stock Exchange (DSE), total market capitalization went up by 0.21% to 16.1bn/- while Domestic market capitalization went up by 0.44% closing at 10.6bn/-
The All Share Index (DSEI) closed at 1,936.19 points increasing by 0.21% while the Tanzania Share Index (TSI) closed at 4,034.24 points increasing by 0.43%.
The top three trading counters, NMB, CRDB, and TCCL, which dominated the market with 82.73%, 10.21%, and 3.74% of the overall market turnover, respectively.
NICOL led the gainers with a 25% increase to close at 400/- per share while TICL also saw a price increase of 3.57% closing the week at 145/- per share.
NMB gained 1.74% to close at 3500/- per share, while CRDB appreciated by 1.16% to close at TZS 435 per share.
SWISS suffered a 4.55% decrease in value, closing the week at TZS 1,260 per share.
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.
The Zan Securities Chief Executive Officer (CEO) Raphael Masumbuko said “Investors are drawn to the favorable investment climate and the prospects for returns in the stock market”.
According to him, the continued support from the government and regulatory bodies to enhance the stock market infrastructure has played a key role in attracting investors.
The Tanzania Share Index (TSI) reached new heights, closing the week at 4,034.24, which are levels last recorded in 2018.
“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,” Masumbuko said.
He said the stock market continues to be a promising investment destination for investors seeking long-term growth.
“Despite some short-term volatility, the overall trend remains positive, and investors can expect continued growth in the coming weeks. The market’s stability, investor confidence, and positive economic outlook provide a solid foundation for future growth, making it an attractiveinvestment opportunity for those seeking to their portfolios,” he added.