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Tanzania: Dar Exchange Market Remains Unshaken

DAR ES SALAAM Stock Exchange’s (DSE) has remained unshaken despite the death announcement of President John Magufuli, if volume and prices are anything to go by.

The market turnover recorded a massive leap after it increased by almost 20 times and closed the last Friday session at 3.44bn/- compared to 0.179bn/- of the previous week.

Zan Securities Chief Executive Officer, Raphael Masumbuko said the DSE’s equity market posted a positive performance last week as volume and prices improved.

“We expect more improvement as we approach dividends season,” Mr Masumbuko said in his firm’s weekly Market Wrap-Ups.

The death announcement of President Magufuli was issued by the then Vice President Samia Suluhu Hassan on Wednesday night.

CRDB Bank and Jatu share prices appreciated mid-week from 225/- to 230/- and from 1,920/- to 1,940/- respectively. However, later, Jatu share price lost 1.04 per cent to close at 1,900/-.

The drop failed to alter Tanzania share index (TSI) gaining which increased by 0.14 per cent and closed at 3,518 .36 points. Also, the All Share Index (DSEI) increased by 0.34 per cent to close at 1,873.8 8 points, pushed too by cross listing firms.

Likewise, total market capitalisation increased by 0.34 per cent to 15.568tri/-and domestic market cap posted an increase of 0.14 per cent and closed at 9.25tri/-.

The sector indices closed at mixed reactions. The Industrial and Allied Index (IA) closed at the same 4,8 15.79 points as previous week.

Also, the Commercial Services Index closed at 2,139.33 points like the week before. On the other hand, the Bank, Finance and Investment Index appreciated by 0.70 per cent to close at 2,453.54 points.

NMB Bank was a top market mover, recording 49.49 per cent of the total turnover followed by CRDB with 41.31per cent.