Dar exchange bullish on back of dividends

The Dar es Salaam Stock Exchange (DSE) indices continued to rise following growing appetite for shares as listed companies are announcing dividends.

Demands for shares are mostly experienced at banks, followed by manufacturers and service sectors, Tanzania Securities weekly report shows.

The brokerage firm said: “Both indices DSE, all share Index (DSEI) and Tanzania Shares Index (TSI) edged north… mainly driven by gains on NMB, TCC and Swissport counters that gained by 20/-, 60/-and 40/- (1,460/-, 6,000/-, 1,980/-) respectively.”

Data shows DSEI appreciated by 0.06 per cent to close the week at 1,536.58 points while the TSI gained by 0.24 per cent settled at 1,645.89 points, despite tumbling of some equity prices.

The main index where pushed by mainly the Banking Segment Index that strengthened to settle at 1,483.44 points from 1,467.33 points in the previous week. And the Industrial & Allied Index improved to 1,898.63 points from last week’s 1,903.77 points.

“Looking ahead,” Tanzania Securities said, “we expect the market to maintain the medium-to-high activity levels backed by higher liquidity in the economy, dividend announcements and first quarter of 2013 banking segment results announcement.”

The firm said on the counter specific, they expect increased activity on NMB and CRDB on the backdrop of their performance and dividends announcements. However, DCB, CRDB and TBL shares lost 30/-, 2/50 and 40/- to 550/-, 177/50 and 3,020/- respectively compared to previous week.

Despite indices bullish trend last week, activity in the market was relatively lower in comparison to last week’s trading. Week-on-week turnover slipped to 395m/- or 60.06 per cent from last week’s 989m/-. 

Activity levels also slowed to 1,571,552 shares, a decline of 68.23 per cent compared to last week’s performance where 4,950,690 shares exchanged hands.
Source: The Daily News, reported from Dar es Salaam
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