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| DSE brokers |
The Dar es Salaam Stock Exchange (DSE) bullish trend is expected to
continue this week backed by good signs of liquidity increase in the money
market.
Last week, the DSE’s week-on-week turnover jumped up by 566 per cent to
1.65bn/-.
According to Tanzania
Securities’ Market Analyst, Mr Magabe Maasa, activity level for last week rose
to 2,071,876 shares – a 10-fold improvement to 2,071,876 shares from 216,734
that exchanged hands the previous week.
“Unlike in the recent past, liquidity has spread across various
sectors, notably the manufacturing, banking and commercial segments,” Mr Maasa
said on the firm’s weekly commentary over the weekend.
He added that more institutional buyers are
expected to join the market in the near term.
The analyst said that there are also signs of a sustained foreign
investors’ demand on the banking counters particularly on NMB and CRDB.
Foreign investors made a comeback after a
long absence last week to contribute 32 per cent of the total market turnover
of 1.65bn/- that exchanged hands under the period under review.
However, the weekly commentary indicated mix reactions on stock prices,
with some edging lower on profits after an earlier rally that gave a promising
note. The Tanzania Share Index (TSI)
ended the week at 1,224.67 points, gaining by 0.3 per cent.
This was pushed by gains in Tanzania Breweries Limited (TBL) and NMB of
0.8 and 1.1 per cent respectively and was pulled by losses in the CRDB of 1.9
per cent on the other hand. Other
counters remained flat throughout the week with the DSE All Share Index (DSEI)
settling at 0.1 per cent higher at 1,323.20 points.
Tanzania Securities attributed the weekly turnover to banks which
accounted for 76 per cent of the week’s total volume traded, and 26 per cent of
the market value.
NMB stocks were most
traded, hitting the 57 per cent mark of banks’ activities for the week. The
positive trend slightly pushed up the market
to close the week at 910/-, though most
of the trade during the stood at
900/- level.
“The improvement may be explained by the bank’s dividend announcement
last week of 50/- per share and this year’s first quarter, performance which
indicated a strong growth, both income and profit,” Mr Maasa said.
NMB profitability increased by 33 per cent
from 12.7bn/- of the fourth quarter of last year to 16.3bn/- of this year’s
first quarter.
Despite trading relatively well, CRDB shares continued with the
downward surge in price, during the week, after losing its value by 2 per cent
and closed the week at 127/50. DCB on the other hand, traded at 640/- per
share, enjoying significant local support buoyed by its dividend policy.
Source: The Daily News,dailynews.co.tz, reported by Abduel Elinaza
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