Everything was dropping on the stock market during the week that ended on the 24th of September 2021, from market capitalization and indices, to the equity turnover and number of deals.
While some counters, including TBL and NICOL released half year financial results, but the results of TBL had no impact to entice activities on the counter.
TBL reported an increase in the revenue after a deceleration for three years. Revenue grew by 5% while selling and distribution expenses grew by 18% as a result lowering the growth of the operating profit which grew by 0.2%. Tax expenses dropped by 50% and boosting the net profit by 23%.
TBL has not announced an interim dividend as the brewery is still taking a cautionary note on the liquidity of the firm relative to the associated market risks.
The Tanzania Share Index (TSI) dropped by 1.65 points to settle at 3,614.33 points at the end of the week.
The drop of the TSI was a result of a sharp drop of the price of JATU which took a turn since the previous week.
JATU dropped by 27.16% and closed the week at a price of 590/- per share.
The domestic market capitalization dropped by 0.046% to close the week at TZS 9,556.21bln ($4.14bln).
The All Share Index (DSEI) was not left behind as the index lost 17 points following a drop of prices of the two cross listed giants. KCB Bank and East African Breweries (EABL) both dropped by 3.92% and 1.63% respectively.
The two giants neutralized the bull on the Jubilee Holdings (JHL) counter which appreciated by 5.48%.
The DSEI closed the week at 1,972.64 points. Equity turnover dropped by 77.3% as activities on the TBL counter muted despite positive results for the half year of 2021.The total equity turnover amounted to TZS 588.96mln ($0.25mln) while the volume of shares traded during the week dropped by 78.1% to 881,490 shares. The shares were traded in 271 deals which is 154 deals less than the previous week.The prearranged market saw 64 deals on the NMB counter worth TZS 386.35mln ($0.17mln) making NMB the top mover for the week. The transactions on the NMB counter went through at a price of 1,700/- .The prearranged market accounted for 65.6% of the total turnover while NMB accounted for the same. Normalizing the prearranged market, CRDB would have been the top mover accounting for 70% of the total turnover. Foreign participation dwindled again during the […]