CRDB dominates as Dar equity market falls 22 pct

The Dar es Salaam Stock Exchange (DSE) registered a slight downward tick recording a turnover of 2.6bn/- during the trading session last week, marking a week-on-week decrease of 22.26 per cent as compared to 3.4 bn/- registered during the previous week.

Available data from the DSE indicates Total market capitalization went up by 1.15 per cent to 15.86bn/- while Domestic market capitalization went up by 0.6 per cent closing at 10.34bn/-

The Tanzania share index (TSI) on the other hand closed at 3,912.01 points increasing by 0.6 per cent while the All Share Index (DSEI) closed at 1,903.58 points increasing by 1.15 per cent.

The top trading counters for the week were CRDB, TPCC/Twiga Cement and NMB dominating the overall market turnover figure by 52.6 per cent, 33.1 per cent and 13.6 per cent respectively.

Price movement was recorded on four domestic counters during the week with NMB being the sole gainer for the week registering a week on week price appreciation of 5.3 per cent to close at 3,180/- per share.

Alternatively on the loser’s side TICL endured a sell off dropping by 3.23 per cent to close off at 150/- per share while TPCC lost 2.7 per cent of its value closing off the week at 3,600/- per share.

NICO slightly dropped to 320/- per share equivalent to 1.54 per cent loss in value.

Market analysts however paint a rosy picture for Tanzania’s equity market this year.

According to the Zan Securities Chief Executive Officer (CEO) Raphael Masumbuko, “the domestic recovery of Tanzania’s economy and GDP growth will subsequently make companies relatively more profitable,”

He added, “equity prices are likely to increase in Q2 (2023) as companies begin to disclose their audited financials for the year ending 2022. We expecta grind-it-out market environment in which valuations could remain flat or slightly decline but with profit growth to supersede this and Equity outperformance to continue,”