The total turnover generated in 2013 by the Dar es Salaam Stock Exchange (DSE) market increased by almost five times compared to the average of the past three years, thanks to the strategies and efforts pursued to make the market more efficient.
The turnover for 2013 increased to 252.3bn/- compared 50.89bn/- in 2012, 51.76bn/- in 2011 and only 35.97bn/- in 2010.
“The DSE outstanding performance demonstrates the increased activities coupled with education campaigns geared at enhancing awareness that gradually made the market more vibrant,” said Mr Moremi Marwa(pictured), the DSE Chief Executive Officer in an interview with the ‘Daily News.’
However, a large part of last year’s turnover was a result of a single transaction on the TBL counter amounting to 78.5bn/- that took place in the third week of December 2013. The counter managed to move 9,235,965 TBL shares traded at 8,500/- ex dividend per share in one deal.
The International Finance Corporation (IFC) and local investors, were behind the turnover in 48 deals, and with the sale of such a huge volume of shares, it means that foreign ownership at the TBL has gone down to some extent, leaving a room for locals to dominate.
The IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilising capital in the international financial markets and providing advisory services to businesses and governments.
Mr Marwa said the year 2013 also witnessed the introduction of the Wide Area Network in the trading infrastructure where brokers can access trading platform remotely.
Similarly, the trading hours were extended to four from two a day, the reduction of the settlement cycle to three days from five and to one from three days on bonds.
Furthermore, he said DSE has been embarking on aggressively on public awareness campaigns to educate the public on the processes and benefits of using the exchange for capital raising and for investments and savings purpose.
Source: Daily News,reported from Dar es Salaam, Tanzania
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