Tanzania stocks experience Santa Claus rally

The Dar es Salaam Stock Exchange experienced a Santa Claus rally immediately after Christmas to see indexes closed the week after gaining between 2.0 and 3.0 per cent.

The DSE Santa Claus rally, a phenomenal that sees stock prices appreciation after Christmas, pushed up all share indexes (DSEI) by 2.23 per cent to 2,548.90 points while TSI closed 3.15 per cent at 4,669.39 points.

Tanzania Securities said at the end week report that the bourse experienced improvement in activity and “came just after the end of year holidays”.

According to the report, both indexes gained were supported by the increases on NMB, DCB, TBL and Swissport counters. “some counters started to depict price appreciation after a rapid fall toward the holidays due to the pressure on the supply side,” the report said.

The Banking segment Index settled 3,516.54 points (+0.02per cent) stronger than previous week due to the gains in the NMB (+0.29 per cent) and DCB (+0.70 per cent) counters.

The Industrial and Allied Index strengthened further to 6,047.82 points (+4.71 per cent) buoyed by Swissport and TBL counters that closed at 5,100/- and 14,090/- a share, respectively.

On the outlook in the first week of this year, the brokerage firm said, they anticipated an improvement in turnover and activities in the coming week through a moderate pace.

“√ČAs liquidity improves at a snail’s pace on the money market side,” Tanzania Securities, attribute the reason of moderate pace.

However, market experienced a drop in turnover during the week, 40.21 per cent below last week’s turnover. Weekon- week turnover decreased to 4.006bn/- from 6.7bn/- recorded in the previous week.

On the other hand share volume increased by 47 per cent higher than volume transacted last week. A total of 1,542,418 shares were transacted, up from 1,048,649 shares traded in the previous week.
Source: Tanzania Exchange, reported from Dar es Salaam, Tanzania
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.