Dar es Salaam — Investors' appetite for Tanzania Breweries Limited (TBL) and CRDB Bank shares rose last week as they believe the two firms' equities are underpriced and thus they stand to earn more in future, analysts say.
The week-on-week turnover at the Dar es Salaam Stock Exchange (DSE) advanced nearly 14 times last week, with TBL and CRDB accounting for 53 per cent and 43 per cent respectively.
Weekly turnover jumped from Sh412.85 million during the week ending Friday, June 30 to Sh6.07 billion during last week, with TBL and CRDB bringing in Sh3.268 billion and Sh2.58 billion respectively.
"In a nutshell, investors believe shares for CRDB and TBL are underpriced yet the companies' profitability prospects remain bullish," said the Zan Securities chief executive officer, Mr Raphael Masumbuko.
CRDB's price per share rose to Sh200 on Tuesday from Sh180 on Monday last week, thanks to massive participation of foreign investors.
CRDB counter appreciating by 14.29 per cent to Sh200 per share - making it a top gainer - while TBL lost by 2.99 per cent to Sh13,000 per share.
Total market capitalisation decreased by 2.94 per cent to Sh18.72 trillion while the domestic market capitalization decreased by 0.68 per cent to Sh7.71 trillion.
The Tanzania Share Index (TSI) was lower by 0.68 per cent capping at 3,666.96 points while the All Share Index (DSEI) closed at 2,151.96 points, a 2.94 per cent decrease.
The Industrial & Allied Index was down by 2.13 per cent to 4,809.80 points while Banks, Finance and Investment Index went up by 3.34 per cent to 2,598.60 points. Commercial Services Sector remained constant at 2,467.34 points.