Tanzania: Dar Share Index Edges Up

DAR ES SALAAM Stock Exchange’s (DSE) Tanzania Share Index (TSI) has edged up 16.89 points despite a significant drop in activities.

The TSI, measuring the in depth of local shares, closed last week at 3,494.15 points to push up domestic market capitalisation by 0.49 per cent to 9.176tri/-.

Orbit Securities said yesterday on its weekly market synopsis report that the domestic market cap was propped up by appreciation of prices on CRDB Bank, DSE plc and Twiga Cement.

"CRDB doubled as the top gainer and top mover for the week under review," Orbit report said.

CRDB share gained 7.14 per cent to close the week at a price of 150/- compared to 140/-during the previous week.

This followed a movement of 0.83million shares to realize a turnover of 124.49m/-, thus accounting for 69.7 per cent of the total realised turnover during the week.

CRDB has been climbing since the dividend announcement of 17/- per share. "At the current price, the dividend yield for the bank stands at 11.33 per cent," Orbit said.

Also appreciation on Twiga Cement and DSE follows outstanding results released during the past two weeks.

Twiga profit increased by 5.7 per cent while DSE first quarter of this year and quarterly profits grew by almost 40 per cent mostly due to a substantial growth of transactions during January and February, and subdued overhead expenses.

The price of Twiga grew by 4.76 per cent to 2,200/-while DSE appreciated by 1.12 per cent to 900/-.

However, "the total equity turnover during the week went down by 80 per cent as a result of lower activities on the CRDB counter," the report said.The total turnover during the week had dropped to 178.7m/- coming from volume of 0.85million CRDB shares, which account for 97.3 per cent of the total volume of shares moved.On other hand, the All Share Index (DSEI) was on the green as well, seen with its recent recovery trend. The DSEI gained 8.62 points to close the week at 1,766.73 points."The total market capitalisation gained 0.49 per cent similar to the domestic market cap," Orbits said, adding the total cap closed the week at 14.668tri/-.On top of appreciated domestic counters, only KCB Bank appreciated by 2.63 per cent on the cross listed counters’ list. The weight of one of largest bank in East African region, KCB, was enough to counteract the effect of depreciated counters during the week.Kenya Airways, largest airline in the region, dropped by 20 […]

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