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Market analyst upbeat on performance of Tanzania’s equities market in Q3, 2023

by Editor
01/08/2023
in Markets
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Market analyst upbeat on performance of Tanzania’s equities market in Q3, 2023
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Tanzania’s equities market will continue to boom during the third quarter this year thanks to strong second quarter results exhibited by some of the local listed companies.

Last week, two of Tanzania’s largest banks CRDB and NMB released their earnings reports for the second quarter with both banks posting strong results.

NMB surpassed in profitability, recording an impressive 26 percent increase in Profit After Tax, reaching 262bn/- compared to the same period in 2022.

On the other hand, CRDB showed a moderate growth in Profit After Tax, rising by 3 percent to 180bn/- from the same period last year.

As a result of their positive performances, both banks dominated trading for the week ending July 28.

Brokers at the Dar es Salaam Stock Exchange (DSE). Tanzania’s equities market will continue to boom during the third quarter this year thanks to strong second quarter results exhibited by some of the local listed companies. PHOTO | COURTESY.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, activities at the bourse will pick up in the coming weeks fueled by strong Q2 results.

“Looking ahead, we anticipate continued high activity in the market as more companies reveal their financials,” he said.

On the side of the debt market, Masumbuko said he foresees increased activity in the secondary market.

“This rise is expected to be driven by higher yields, making government bonds more appealing due to recent yield increases (higher yields imply lower prices),” he said.

He added, “Moreover, the substantial time gap until the next long-dated auction will further contribute to heightened activity in the secondary market. For the upcoming 5-year auction scheduled this week, we predict a slight increase in subscription rates due to a reduced number of long- term issuances, prompting investors to participate more in short to medium-term issuances.

During Q2, 2023, CRDB’s total assets went up by 22 percent to close at 12.5bn/- while its Interest Income went up by 26 percent to close at 557bn/- from the same period in 2022

Likewise, NMB Bank’s interest income up by 23.5 percent to 560bn/- in Q2, 2023 while the lenders’ total assets up by 27 percent to 11.4trn/-

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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