Tanzania: Domestic, Cross Listed Counters Rise Push Up Dse Indices

Tanzania: Domestic, Cross Listed Counters Rise Push Up Dse Indices

BOTH major indices were on the green during the week that ended on 28th August 2020 following appreciation of some domestic and cross listed counters.

The Tanzania Share Index (TSI) added 7.36 points to close the week at 1,792.90 points while the All Share Index (DSEI) gained 20.43 points to close the week at 1,792.90 points.

The points added to the TSI resulted from the 9.09 per cent appreciation on the Twiga Cement (TPCC) counter, from a price of 1,980/- during the previous week to 2,160/- during the end of the week under review.

Twiga traded a total of 18,937 shares at a price of 2,160/- during the week, accounting for 30.8 per cent of the total equity turnover realized during the week. Most of the transactions on the Twiga counter were among local investors, complimented by some investment from foreign investors.

The price of Twiga has been pushing its upper boundary since the company reported a 33 per cent profit growth for the first six months of 2020. The company’s prospects are highly positive as the cement manufacturer operates in the fastest growing sector in the economy, the construction sector.

The appreciation of the price of Twiga was large enough to offset the 3.03 per cent price decline on the CRDB counter. CRDB traded a total of 0.56mln shares during the week, at a weighted weekly average of 159.64/- per share

. CRDB accounted for 67.7 per cent of the total equity turnover making it the top mover counter for the week. The bank’s counter saw increased supply after its price appreciated during the previous week. The increased supply suppressed the price back to 160/- per share.

Cross listed counters that moved the DSEI upwards were National Media Group (NMG) which grew by 10.2 per cent and KCB Bank which grew by 7.04 per cent. Jubilee Holdings (JHL) declined marginally by 0.85 per cent despite positive half year results. Kenya Airways remained constant due to the trading suspension. The airline’s revenues along with the profits almost halved during the first six months of 2020, cementing the need for the government of Kenya to nationalize the airline.

The domestic market capitalization grew by 0.21 per cent while the total market capitalization grew by 1.15 per cent. The domestic market cap and total market cap closed the week at TZS 9,188.93bln ($3.98bln) and TZS 14,885.10bln ($6.45bln) respectively.

The total equity turnover realized during the week under review dipped by […]

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