Tanzania Daily News (Dar es Salaam)

Tanzania: DSE Registers Record Sh78.5 Billion in Single Deal

THE Dar es Salaam Stock Exchange (DSE) has made the first ever total turnover amounting to 78.5bn/- from the sale of 9,235,965 TBL shares traded at 8,500/- exdividend per share in one deal.

DSE said in its market report that foreign investors were behind the turnover in 48 deals, which is equivalent to the sum of the amount generated in the years 2011/12.

Sources close to DSE said the deal was concluded between the International Finance Corporation (IFC) and a local investor, the name withheld.

"With the sale of such a huge volume of shares, it means that foreign ownership at the TBS has been done to some extent, leaving the opportunity to local investors," the source said.

The IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilising capital in the international financial markets and providing advisory services to businesses and governments.

Also, IFC which is the World Bank arm that helps companies and financial institutions in emerging markets create jobs, generate tax revenues, improve corporate governance and environmental performance and contribute to their local communities.

The goal is to improve lives, especially for the people in need of the benefits of growth. Commenting on such a huge business deal at the bourse, Mr Moremi Marwa, the DSE Chief Executive Officer said the performance is a positive sign of increased awareness of the DSE activities and its contribution to economic growth and poverty alleviation.

"The DSE's outstanding performance demonstrates increased activities coupled with education campaigns to create awareness were gradually making the market more vibrant," said Mr Marwa.

Similarly DSE's total turnover realised from the year 2013 is almost equal to the combined total turnover recorded from the previous six years from 2007 to 2012.

The total market capitalisation has of last trading on Friday jumped to 16.2tri/- compared to 13.2tri/- recorded in December, last year. Similarly, domestic market capitalisation increased to 5.98tri/- compared to 3tri/- in December, last year.

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