18 April 2018

Tanzania: Acacia Share Price Up 29%

Dar es Salaam — Acacia share price closed high by 29.25 per cent during an opening day of this week, compared with the closing day of last week.

A Dar es Salaam Stock Exchange (DSE) market report has shown that the company's share price closed at Sh5,700 on Monday, higher than Sh4,410 recorded during last week's close.

The rise in the share price of the company, which is the fourth largest in terms of market capitalisation, also helped to raise the DSE All Shares Index.

DSEI closed 22.33 per cent high at 2,460.42 points on Monday compared with 2438.09 points during the last week's close. Other share prices gained during the opening day of the week were KCB and Uchumi Supermarkets.

The report shows that the company's counter had 3,800 shares on offer during the opening day of the week, but there were no any bid at DSE. At the international stock market where Acacia was originally listed, reports also showed the company share price was green on Tuesday. At the London Stock Exchange, the company share price opened at GBX137.50 at 8:00 am from GBX135.35 recorded during the previous day close.

The share priced reached at the highest price of GBX138.35 after half an hour on Tuesday. However this was lower than the 52-week highest price of GXB490.10.

Acacia reported its first quarter results showing that gold production for Q1 2018 was in line with expectations at 120,981 ounces, a 55 per cent decrease on Q1 2017 (219,620 ounces).

The company operates three mines in northwest Tanzania--Bulyanhulu, Buzwagi, and North Mara.

Gold ounces sold for Q1 2018 of 116,955 ounces were slightly below gold produced for the quarter as a result of the timing of shipments.

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