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Dar equities market rallies further by 907% to 10.10bn/- on pre-arranged transactions

by Editor
25/09/2023
in Markets
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Dar equities market rallies further by 907% to 10.10bn/- on pre-arranged transactions
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Total market turnover at the Dar es Salaam Stock Exchange (DSE) experienced a significant increase, reaching 10.10bn/- during the trading session last week, marking a remarkable 907% rise from 1bn/- posted the previous week.

This increase can be attributed to an increase in pre-arranged transactions, with notable counters such as VODA, TCC, TBL, and CRDB recording block trades during the week.

Despite the substantial surge in turnover however, both the total and market capitalization contracted due to a decline in the prices of certain stocks.

Stock brokers performing their day-to-day activities. Total market turnover at the Dar es Salaam Stock Exchange (DSE) experienced a significant increase, reaching 10.10bn/- during the trading session last week, marking a remarkable 907% rise from 1bn/- posted the previous week. PHOTO | COURTESY.

According to available data from the DSE, there was a slight decrease of 0.52% In terms of market capitalization to  14.82bn/- while domestic market capitalization also experienced a minor decline of 0.39%, marking the conclusion of the second consecutive week in a bear run, with a closing value of 11.25bn/-

Throughout the week, counters that recorded substantial trading activity included TBL, CRDB, and VODA, accounting for 64.31%, 25.29%, and 4.66% of the total market turnover, respectively.

During the week, no counter witnessed price gains. On the losing side, TCCL saw a decrease of 4.65%, of its value closing at 1640/- per share, while CRDB concluded the week at 445/- per share, marking a 3.26% decline in value.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, foreign investors continue to remain bearish on key blue-chip stocks, resulting in a net outflow of 2.91bn/- within the week.

“This shift in sentiment was primarily driven by concerns related to foreign exchange issues. Looking ahead, stocks such as NICOL, TOL, and NMB are expected to maintain their favourable valuations in the coming weeks, indicating the potential for further upward movement in their prices,” Masumbuko said.

Editor

Editor

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