21 June 2018

Tanzania: Dar Stock Exchange Still Volatile

Dar es Salaam — The Dar es Salaam Stock Exchange (DSE) activities on equities market has remained volatile with low number of share transaction recorded during the first two days of the week.

Market reports have shown that during the first two days of this week a total turnover amounting Sh250 million were recorded, with Tanzania Breweries Limited (TBL) accounted for 75 per cent of all shares transaction.

All shares transacted during the first two days were floated by local investors of which the majority bought by foreign investors, mainly on TBL counter.

Market analysts say activities will remain low during the remaining days of this week as many investors are positioned to mitigate the impacts of the 2018/19 budget, which is under discussion by members of parliament.

"The market is likely to remain volatile as investors trying to adjust their portfolios as per the budget impacts," said Zan Securities in its weekly wrap ups published on Monday this week. The report shows that both Tanzania Shares Index (TSI) and DSE all shares index (DSEI) closed red on Tuesday due to fall of shares among cross listed and locally listed companies.

The Tuesday's market report showed that the drop of share prices were experienced by DSE which fell by 8.42 per cent to Sh1,740 on Tuesday from Sh1,900 recorded on Friday last week and Acacia which fell to Sh3,390 from Sh3,400.

Other share price drops were experienced by Kenyan crosslisted companies including NMG, EABL and Jubilee Holdings Limited.

Top movers during the first two days of the week were CRDB, Vodacom, DSE, TBL, Swissport, TCC, Nicol and Mucoba.

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