Domestic stocks record price gains as DSE posts bullish 2.47bn/- turnover

Market activities at the Dar es Salaam Stock Exchange (DSE) ended last week’s trading session in green with the bourse registering a 2.47bn/- turnover being a 264% increase as compared to 680.5m/- posted the preceding week.

According to DSE data, total market capitalization however went down by 0.19% to 15.58bn/- and Domestic market capitalization went up by 1.55% closing at 11.04bn/-.

The All Share Index (DSEI) closed at 1,869.32 points decreasing by 0.19% while the Tanzania Share Index (TSI) closed at 4,176.27 points increasing by1.55%.

A number of domestic stocks experienced price gains leading to the overall increase in domestic market capitalization by 1.55%.

The top three trading counters, CRDB, NMB, and TCCL/Simba, dominated the market with 56.68%, 34.16%, and 3.59% of the overall market turnover, respectively.

Six domestic counters registered price gains within the week, CRDB leading the gainers with a 7.84% increase to close at 550/- per share.

NICO registered a price increase of 5.06% closing the week at 415/- per share while NMB registered an increase of 3.49% closing the week at 3,560/- per share.

Self-listed DSE registered an increase of 3.41% closing the week at 1,820/- per share while DCB registered a slight uptick adding an extra 3.03% closing off the week at 170/- per share and TCCL/Simba gained 2% closing at 1,020 per share as its acquisition saga still drags on.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, the domestic equity market will continue in its positive trajectory as the domestic market capitalization has surpassed 11trn/- for the first time since 2018.

“GDP growth will subsequently make companies relatively more profitable and equity prices are likely to increase during Q3, 2023 as companies begin to disclose their audited financials for the year ending 2022.  We highly anticipated volatility in the stock market as we enter the earnings season might see reduced activity in the bond markets as some investors shift to stocks,” Masumbuko said.