Market activities at the Dar es Salaam Stock Exchange (DSE) observed a substantial surge in turnover during the trading session last week after posting a turnover of 2.46bn/- signifying a remarkable increase of 167.9% compared to 921.1m/- posted preceding week.
This notable rise can be ascribed to pre-arranged transactions carried out within the week. The overall sentiment of the market was characterized by blend of positive and negative factors, resulting in an expansion of the total market capitalization and a slight reduction in the domestic market capitalization.
According available data from the DSE, the total market capitalization demonstrated a slight upturn of 0.97%, totalling 15.34bn/- whereas the domestic market capitalization experienced a decline of 0.60%, reaching 10.83bn/- at the end of the week’s trading session.
Data shows that All Share Index (DSEI) closed at 1,839.75 points increasing by 0.97% while the Tanzania Share Index (TSI) persisted in its downward trend for the second consecutive week, experiencing a further decline of 0.6% during the week.
This represents the most substantial week-on-week drop observed in a month.
In contrast, the domestic market capitalization mirrored the downward movement, losing a significant amount of 65.46bn/-, primarily due to a decrease in the value of a few select stocks.
Prominent stocks in terms of trading volume for the week were CRDB, NICO, and TPCC dominating the market by 94.02%, 2.14%, and 2.02% of the total market turnover, respectively.
Pre-arranged trades involving 4,064,873 CRDB shares were executed at an average price of 460/- per share, making a significant contribution to the overall turnover for the week.
NICO stood out as the sole top performer, experiencing a surge of 2.44% and closing at 420/- per share.
Conversely, a total of six domestic counters experienced price losses during the week with DCB leading the losers’ side as its stock retreated by 8.33% closing the week at 165/- per share.
CRDB continued its decline as its shares traded ex-dividend, plummeting by 3.26% to reach 445/- per share while self-listed DSE encountered a loss of 3.16%, ending the week at 1840/- per share. TPCC/Twiga witnessed a decrease of 2.91% to close the week at 4000/- per share, while SWISS slightly lost 2.6% of its value, concluding the week at 1,500/- per share.
MBP also shed 1.37% of its value to close off the week at 360/- per share.
The Zan Securities Chief Executive Officer Raphael Masumbuko said, “Looking ahead, we anticipate a slight rebound in the upcoming weeks as the market stabilizes following dividend payments, which will facilitate inflows into certain stocks”.