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Tanzania: Dse to Close Year With Optimism

THE Dar es Salaam Stock Exchange (DSE) is projected to close this year on an optimistic note, thanks to surging of Jatu price and block trades.

Debt market analysts’ projection based on Jatu, the latest entrant to the bourse, whose share rallied from day one to close last week at 2,060/- from 420/-.

Exchange activities are increasing pushed mainly by local investors’ participation despite end of the year festivals. Zan Securities Chief Executive Officer Raphael Masumbuko said in the Weekly Market Wrap-ups that the equity market was set to close the year on the optimistic note.

“We expect the market to close this year on the optimistic note, owing to a surge in Jatu price and block trades,” Mr Masumbuko said.

On a weekly basis, the Dar es Salaam equity market turnover surged 95.87 per cent to 1.85bn/-, while Tanzania Share Index (TSI) closed at 3,486.67 points, up by 0.12 per cent.

“The equity market recorded promising performance with an increase in market capitalisation and prices,” Mr Masumbuko said.

Jatu, the new counter continued rising, recording a 43.06-per cent increase to close at 2,060/-, which was the highest gain per week since when it was listed on the bourse almost a month ago.

On the other hand, Swissport and Twiga Cement decreased by 5.08 per cent and 1.57 per cent to close at 1,120/- and 2,500/-, respectively.

But, Jatu price increase offset Swissport and Twiga price decrease and pushed Tanzania Share Index (TSI) by 0.12per cent to close the week at 3,486.67 points.

For the week ending last Friday, TBL was a top market mover with 88.21 per cent of total turnover followed by Twiga and CRDB Bank by far.

All Share Index (DSEI) decreased by 0.42 per cent to close at 1,781.69 points caused by cross-listing price decrease.

Sectoral indices all closed down in seven days to Friday while the industrial and Allied Index (IA) closed at 4,821.48 points, 0.11 per cent down.

The Bank, Finance and Investment Index decreased by 0.02 per cent to close at 2,330.32 points while Commercial Services Index closed at 2,139.33 points, 0.12 per cent down.