THE Dar es Salaam Stock Exchange (DSE) has started the year on a right foot after seeing the rise of share prices which goes against the norm of the month of January.
The bourse saw domestic shares namely Jatu, DSE and CRDB appreciating between 1.0 and 10 per cent and defying the tradition of stock depreciation in the first month of the year.
According to DSE daily market reports, Jatu led the pack after gaining by 9.82 per cent to 3,580/- in the first two trading days of the year, followed by CRDB by 2.56 per cent to 200/- and DSE by 1.14 per cent to 890/-.
The Tanzania Securities Wednesday market report for domestic listed firms showed that the market picked up on the second day of trading where seven counters were active of which three registered share gains.
“The market picked up on the second trading day of the year. Jatu price is still appreciating and more shares are being traded,” Tanzania Securities said in the report.
Analysts have it that in January the shares are normally trading at declining prices since investors have a number of obligations to fulfill. “This year the norm was broken as share prices are appreciating instead of depreciating… this is not the usual January,” an analyst told the ‘Daily News’ on Wednesday.
On top of that the DSE activities have increased in the first month of the year where over 600,000 shares exchange hands in the last two trading days.
Active counters were CRDB traded 575,200 shares at a price of 200/-, NICOL traded 10,260 shares at a price range of 180/- and 185/- and Jatu moved 6,230 shares at 3,580/-. Others were DSE traded 2,950 shares at 890/-, Twiga traded 2,016 shares at between 2,500/- and 2,600/-, Swissport 409 shares at 1,160/- and Voda 10 shares at 740/-.
The average daily turnover in the last two trading days was 55.36m/-. Also, foreigners participated by 78.05per cent on the buying side only.
Late last year stock analysts projected that DSE would close last year on an optimistic note, based on surging Jatu price and block trades.
The exchange ended the year by echoing analysts’ prediction and warranted to open this year on the right foot.