The Dar es Salaam Stock Exchange (DSE) recorded a notable uptick recording total market turnover of 3.011bn/- marking a substantial 59.15% surge from 1.89bn/- recorded the preceding week.
This surge in turnover can be attributed to a rise in pre-arranged transactions, particularly with counters such as NMB and TCC, which recorded block trades during the week.
Available data from the DSE however shows that there was a slight increase of 0.84% in the total market capitalization, reaching 14.86bn/- while domestic market capitalization experienced a slight dip of 0.07%, reversing its gains, with a closing value of 11.36bn/-
Throughout the week, the counters that saw significant trading activity included NMB, TCC, and CRDB, accounting for 60.4%, 17.9%, and 14.2% of the total market turnover, respectively.
In the same week, two domestic counters experienced price gains. TICL had an impressive performance, with its stock price rising by 8.33%, marking four consecutive weeks of increases, driven by impressive results.This substantial increase brought its share price to 195/-
TCCL also registered a gain of 3.41%, bringing its stock price to 1,820/- as CRDB saw a price decline, dropping by 1.12% to close the week at 440/-
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 2.4bn/- within the week.
“This shift in sentiment was primarily driven by concerns related to foreign exchange issues. Looking ahead, upcoming corporate actions on stocks such as NICOL, TICL, will propel their prices upwards and are expected to maintain their favourable valuations in the coming weeks, indicating the potential for further upward movement in their prices,” he said.
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