Tanzania: DSE shows positive trend

Six counters of the local listed stocks at the Dar es Salaam Stock Exchange (DSE) recorded price appreciation driven up partly by the expected dividend declarations by companies.

According to Zan Securities Limited weekly market wrap-ups, six stocks namely CRDB, TBL, TCC, Simba, Twiga and Swiss port showed bullish trend. Also three counters emerged top gainers during the week constituting TBL, Swissport and CRDB by 3.45 percent or 500/-, 1.54 per cent or 100/- and 1.25 or 5/- per cent respectively.

On the other part, SWALA, NMB and TOL were on the list of top losers by 8.33 per cent, 3.05 per cent and 1.75 respectively. The Orbit Securities Company Limited General Manager, Mr Juventus Simon, said expectations for most companies to declare annual dividends is one of the factors pushing up demand for shares at the market.

“Buyers are looking for shares, stock holders are unwilling to sell both eying for the gains on dividends, thus pushing up demand for shares,” he said. Furthermore, the DSE equity closed a week with notable returns and high market activity.

Majority of market performance indicators were in positive territory, with the exception of Banks, Finance and Investment related shares closed in red territory.

Market breadth was positive with turnover of 9.06bn/- or 11.47 percent increase compared to the week before. Trading volume was running about 29 percent above previous week volume. 

Total market capitalisation increased by 2.17 per cent to close at 23.25tri/- and domestic market capitalisation increased by 1.10 per cent to close at 10.22tri/-.

On a weekly comparison, the main indices rallied sharply. The Tanzania share index (TSI) was up by 1.16 percent compared with 4,771.49 points of the previous week.

Again, All Share Index (DSEI) closed high by 2.20 percent. Similarly, Industrial and Allied index pointed north by 2.25 per cent to close at 6,333.29 points mainly due to price appreciation in TBL, TCC,TWIGA and SIMBA counters.

Banks, Finance and Investment index recorded downward trend by 1.63 per cent to close at 3,458.34 points. The trend was attributed by price decrease in NMB and DCB counters.

Commercial services index appreciated by 1.16 per cent to close at 3,639.37 points due to price appreciation in Swissport counter from 6,500/- to 6,600/-.
Source: Daily News, reported from Dar es Salaam, Tanzania
    
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