Source: DAILY NEWS,TZ
DAR ES SALAAM: THE Dar es Salaam Stock Exchange (DSE) continues to rally despite approaching the end of the year when activities are normally subdued.
The bourse saw a significant increase in turnover, rising from 3.74bn/- to 11.07bn/- in seven days to last Friday pushed partly by the pre-arranged block trade deal of 2.5 million TICL shares.
Vertex International Securities said in its weekly market review that the volume of shares traded saw a dramatic increase of 139.28 percent, rising from 8.55 to 20.45 million shares.
“Despite this being the third week of the last month of 2023, the market still looks promising,” Vertex said in the report on Sunday.
The exchange was primarily dominated by CRDB Bank, NMB Bank, and TICL in both turnover and volume, it is expected to maintain its positive momentum into the next week.
“We anticipate, TICL and NICO, in particular, to continue their resilient Performance,” the report said.
CRDB led the market with the highest turnover and volume, achieving 4.97bn/- or controlling a lion’s share of 44.89 percent and 10.9 million shares or 53.3 percent respectively.
NMB followed closely with a turnover of 3.6bn/-, accounting for 32.58 percent of the total. TICL also made a notable impact with a significant turnover of 1.58bn/- or 14.29 percent.
In terms of price movements, Maendeleo Bank Plc (MBP) saw a notable rise of 8.93 percent, moving from 280/- to 305/-.
NICO experienced a 3.30 percent increase, closing at 470/-, up from an opening of 455/-.
On the other hand, the Vertex report showed that TICL faced the most significant price drop, falling 7.32 percent to close at 190/- from a week ending last Friday from an opening of 205/-.
Additionally, DSE saw a decrease of 2.15 percent, closing at 1,820/- from an opening of 1,860/-.
The total market capitalization rose slightly by 1.0 percent from 14.5tri/- to 14.6tri/-. The domestic market capitalization decreased by 0.21 percent.
Additionally, Orbit Securities said in its weekly synopsis that the manufacturing sector witnessed impressive growth in Tanga Cement, which saw its stock price soar by 90 percent in the last twelve months.
“This surge was driven by investor speculation about its acquisition deal, finalized in the fourth quarter.
“Despite this commendable performance, the company didn’t declare dividends this year due to ongoing losses in its financials,” Orbit said.
Another standout performer this year in the manufacturing sector was Twiga Cement which surged by 15 percent, and investors received a dividend of 390/- per share.
“This was one of the most stable stocks in the exchange,” Orbit said.
However, other manufacturing stocks remained relatively stagnant, such as TBL and TCC, while some witnessed declines, like TOL Gases, which dropped by 4.0 percent despite paying a dividend of 50/- per share.
“Shifting focus to the service sector, encompassing companies like Vodacom, Swissport, and Precision Air, we observed minimal movement in their share prices as they remained mostly unchanged,” Orbit report said.
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