Dar stock market ends February 2023 in green, posts 8.79bn/- turnover

The Dar es Salaam Stock Exchange (DSE) ended February in green with key indices being slightly higher as compared to January 2023.

According to DSE data, The Tanzania Share Index (TSI) soared by 3% while the All-Share Index (DSEI) gained 0.96% during February 2023 mostly driven by positive corporate earnings reports.

Solid corporate earnings from NMB and CRDB were the major drivers of activities during the month as the two counters collectively accounted for 91% of the total monthly turnover.

During February 2023, total market turnover increased by 26.7 % to 8.79bn/- compared to that of January 2023, but 41.73% lower compared to the corresponding period of 2022 which recorded a total turnover 15.09bn/.

According to the Alpha Capital Monthly Report for February 2023, market activities during the month were dominated by local investors who accounted for 78.6% of investments in the market and 88.1% of disinvestments.

The Alpha Capital Head of Research and Analytics Imani Muhingo said foreign investments during the month slightly improved to 21.33% in February 2023 from 13.92% in January 2023 but still below compared to the same period of 2022 when foreign investments accounted for 72.3% of total market activities.

“Foreign divestments dropped from 68.5% in February 2022 to 11.8% in February 2023,” Muhingo said.

During the month, National investment company (NICO) shares jumped 24.5% as the closed-ended mutual fund reported an impressive increase in earnings per share by 54.1%.

CRDB) shares also rebounded from last month’s losses and went up 15.3% following the release of its impressive 2022 financial results as the bank reported a 31% increase in earnings boosting investors’ optimism about the upcoming dividend announcement.

NMB bank plc (NMB) shares gained 8.02% after the lender announced its earnings results for 2022. Among other things, the Earning per share climbed 47% with analysts’ expectation of dividend per share for 2022 to reach above 280/-.

The share price of TCCIA Investment Company (TICL) rose 7.14% and the market is now waiting for the announcement of its earnings for 2022, with the expectation that TICL’s earnings and dividend for 2022 will improve from the hefty dividend of NMB last year, one of TICL’s major holdings.

Shares of DCB bank plc and Tanzania Portland (Twiga) Cement plc (TPCC) increased by 3% as both companies reported an increase in net profit for the year 2022.

The shares of self-listed Dar es Salaam stock exchange plc (DSE) went up slightly by 2.35% as the Exchange reported 15% increase in earnings.

Swissport Tanzania Plc (SWIS) shares however ended the month in red as its shares sank 4.55%.