Stockbrokers anticipate high activity level on the Dar es Salaam Stock Exchange (DSE) in the coming weeks, as investors project impressive financial results from banking sector’s first half of the year.The stockbrokers on the tiny bourse peg their hopes on the fact that most banks posted good financial results in the first quarter of the year.
According to Tanzania Securities Analyst Brenda Massay, going by the current trend, the market activity level is expected to increase on the back of the second half results.
“We anticipate moderate to high activity level in the coming week(s), with banking sector dominance as investors foresee good second quarter results,” Ms Massay told the ‘Daily News’ in Dar es Salaam yesterday.
Almost all share prices on the bourse continued to rally in the last six months, pushing up the Tanzania Share Index (TSI) by 33.56 per cent to a new high of 1,910.58 points. The DSE all share Index (DSEI) appreciated by 7.64 per cent in the period under review, clocking new level at 1,599.17 points.
Tanzania Securities report indicates that the market performance improved on weekly performance compared to the previous week. Turnover soared by 42 per cent to 2.47bn/- during the week that ended last Friday.
“Activity level increased significantly with 8,090,734 shares transacted during the week, an increase of 42.40 per cent from 5,681,619 shares traded during the previous week,” states the report.
The banking sector, which accounted for 97 per cent of the week’s total turnover, backed the activity and turnover rise.
CRDB bank share price closed the week at 300/- while NMB and DCB shares closed at 1,720/- and 420/-, respectively.
CRDB bank share price closed the week at 300/- while NMB and DCB shares closed at 1,720/- and 420/-, respectively.
The Banking segment Index (BI) settled at 1,994.97 points, a 3.56 per cent gain, stronger than the previous week, thanks to gains made on the counters of CRDB (7.14 per cent), DCB (2.44 per cent) and NMB (2.35 per cent).
The Industrial and Allied Index I&I ended the week at 2,040.83 points, up by 0.06 per cent, slightly higher than last week.
The Industrial and Allied Index I&I ended the week at 2,040.83 points, up by 0.06 per cent, slightly higher than last week.
Swissport and Simba Cement counters that gained to close the week at 2,200/- and 2,400/-, respectively, contributed to the improvement.
Source: Daily News, reported from Dar es Salaam, Tanzania
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