A man stands by the bill board of the Dar es Salaam Stock Exchange (DSE) in Dar es Salaam at a past event. PHOTO | FILE Dar es Salaam. The Dar es Salaam Stock Exchange (DSE) has remained stable during the past one month despite the ongoing war between Russia and Ukraine, which has resulted in a rise in commodity prices and tensions in some equity markets globally.
Available data shows that during the past one month, investors at the DSE have gained Sh89.35 billion in paper wealth as a result of improved stock value for domestic listed firms.
Market data by the DSE shows that seven counters, including domestically-listed equities, gained during the past month.
Russia attacked Ukraine on February 24 after what Russian said was a seven-year standoff over the latter’s failure to implement the Minsk ceasefire agreements which sought to end the war in the Donbas region of Ukraine. The US and its Western allies have branded the war as “Russia’s invasion of Ukraine”, and have imposed harsh sanctions that seek to lock Moscow out of the global economy.
Data shows on Friday, February 25, 2020, just a day after the war started, domestic market capitalisation stood at Sh10.04 trillion. However, this had risen to Sh10.13 trillion at close of trading on Friday March 18, 2022.
This was largely due to gains at the Tanga Cement Company Limited (TCCL) counter whose stocks had gained by 24.19 percent to Sh1,540 by Friday last week from Sh1,240 on February 25.
Nicol was the second market gainer with 15.9 percent after its share price rose to Sh400 from Sh345 during the same period.
DCB Commercial Bank has gained to Sh195 a share from Sh170, equivalent to 14.7 percent, followed by Tanzania Portland Cement Company Limited (TPCC), alias Twiga Cement, with a 9.5 percent gain to Sh4,120 from Sh3,760.
Other gaining counters include DSE which rose 2.8 percent to Sh1,440 from Sh1,400 and CRDB Bank Plc, which rose by 1.42 percent to Sh355 a share from Sh350.
DSE chief executive officer Moremi Marwa said the increased activities at the local counter reflect how liberal the Tanzanian economy has become, with improvement in the business environment and trade activities.
“There is satisfactory money in circulation, and an opening up of economic activities,” he said.
With regard to the ongoing conflict, Mr Marwa said while the local equities perform well, cross-listed […]
