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Activity at the Dar es
Salaam bourse improved with shares traded last week increasing to 627,377, or 67
per cent up compared to the previous week that saw only 375,995 stocks changing
hands.
According to the
Tanzania Securities Limited (TSL) weekly market commentary, turnover stood at
287m/-, a 42 per cent increase compared to the previous week’s performance of
202m/-.
“Despite some
improvement, the market continued with a downward trend for the third week in a
row with both the Dar es Salaam Stock Exchange All Share Index (DSEI) and the
Tanzania Share Index (TSI) surged downward,” stated the TSL report.
The DSEI slightly
dropped to settle at 1,318.17, a 0.7 per cent down while the TSI dipped to
1,203.43 or 3.1 per cent fall.
Most counters remained
flat except CRDB that witnessed a 1.8 per cent downward trend to close the week
at 135/- price per share.
The loss could be a
sign of a shared unsettled consensus among investors about the effectiveness of
CRDB’s loans impairments provisions and dividend policy. During the week
however, foreign investors participated by buying 6,670 CRDB Shares.
Banks accounted for 49
per cent of the market value and almost 90 per cent of the week’s total volume
traded. NMB accounted for almost 84 per cent of the banks’ activities in the
period under review as it continued to hold on the gains it made over the previous
period.
Investors were still
expecting NMB to announce its much anticipated dividends during the week but
the bank stayed mum.
The period under
review, stated the report, saw TBL losing 9.1 per cent gain it made in the
second week of April to close the week at 2,400/- per equity. In analysts’
views, the situation indicates that the dividend hype has finally cooled off.
“Also, towards the end
of the week, it became clear to investors that the much anticipated dividends
announcement was not likely to happen,” remarked Mr Magabe Maasa, the TSL
analyst.
However, he said liquidity
for the counter improved significantly compared to the week before with 42,148
shares traded compared to 210 shares that changed hands in the previous period.
Twiga Cement had 44,291
shares traded at 2,400/- per share, while Swissport had 950 shares trading at
1,000/- per share. The counters still enjoy significant local support as
investors’ book gains in dividends.
Source: The Daily News,http://www.dailynews.co.tz, reported by Sebastian Mrindoko
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