The Tanzania Share Index (TSI) has recorded a bullish trend for another week, thanks to Twiga Cement which maintains a rally.
Twiga – a cement market leader’s share gained 3.97 per cent to close the week at 2,620/- from previous week’s 2,520/-.
As a result of the activities on the Twiga counter, TSI went up by 6.85 points to close the week at 3,476.02 points.
Orbit Securities said in its Weekly Market Synopsis that the counter closed at the highest of 2,640/- last Wednesday before partially retreating back to 2,620/- last Friday.
Twiga, operating as Tanzania Portland Cement Company, traded 0.36 million shares to generate a turnover of 949.4m/- to realise a weighted average price of 2,622/-.
“About 83 per cent of the activities on the counter were through a prearranged block transaction executed [last] Wednesday,” Orbit said.
Hence, Twiga accounted for 76 per cent of the total equity turnover for the week, making the counter the top mover, toppling off CRDB Bank from the spot.
Zan Securities Chief Executive Officer Raphael Masumbuko said the domestic equity market continued with positive performance, albeit a slight decline in volume.
“We expect this momentum to continue next week if financials and industrial counters continue with positive performance,” Mr Masumbuko said through a Weekly Market Wrap-Up.
The total equity turnover generated during the week was 52.2 per cent lower than the previous week despite having more trading sessions.
The total turnover during the week under review amounted to 1.25bn/- compared to 2.61bn/- during the previous week.
The volume of shares traded during the week fell by 94per cent week on week, to 901,662 shares executed in 133 deals, up from 54 deals during the previous week.
On the other hand, domestic market capitalisation grew by 0.2 per cent to close the week at 9.128tri/-.
TSI is up 44.92 points since the beginning of the year, while the domestic market cap is up 1.31 per cent.
Apart from Twiga, another major mover was NMB Bank’s counter through a prearranged block transaction executed last Tuesday.
The block comprised 172,541 shares traded at 1,300/- per share to realise a turnover of 224m/-.
NMB Bank accounted for 17.9 per cent of the total turnover generated during the week. NMB Bank was followed by CRDB Bank and DSE which accounted for 4.9 per cent and 1.08 per cent of the total turnover respectively.