The Dar es Salaam Stock Exchange all Share Index (DSEI) closed the week in a strong note, at 1611.85 points, after recovering from the previous losses.The recovery came following the cross-listed equities that plunged in their original bourses, affecting the all share index that went down to1585.85 points last Tuesday, the lowest level since the beginning of this year.
However, all shares whose prices dropped mid last week regained by between 0.7 and 1.3 per cent at the close of Friday session, with the exception of African Barrick Gold (ABG) that went up by 13.79 per cent.
The DSEI, which measures activities of all shares at DSE, was pushed up mainly by ABG share that appreciated to 4,060/- after it had plunged to 3,700/- while Jubilee Holding Limited (JHL) appreciated by 1.26 per cent to 4,760/-.
Other cross-listed shares that appreciated were Kenya Airways by 1.15 per cent to 174/-, KCB 1.2 per cent to 830/- and EABL by 0.72 per cent to 5,560/-. However, Nation Media Group (NMG) share sank by 1.43 per cent to a new low of 5,600/- in the last two weeks.
NMG, KQ, EABL, NMG and JHL have their initial listing on Nairobi Stock Exchange, while ABG has cross-listed from London Stock Exchange. Zan Securities Chief Executive Officer Raphael Masumbuko said DSEI has less impact on the local investors because it does not affect domestic stocks.
“Even if DSEI appreciated handsomely, we are watching closely the TSI (Tanzania Share Index) since it captures local shares,” Mr Masumbuko said. Though TSI went up slightly 1.22 points to 1994.80 points has still yet to recover from a loss of 1998.6 points registered last Monday.
The Zan CEO said the impact would be on the market capitalization where cross-listed stocks carry heavy weight on the market caps, which “we do not take seriously…we watch keenly domestic listed shares happenings.”
Source: Daily News, reported by Abduel Elinaza, from Dar es Salaam, Tanzania
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