Tanzania: Foreign Investors Stay Away From Dar On Opening Week

Foreign investors stayed away from the Dar es Salaam Stock Exchange (DSE) in the year's first week of trading with zero turnover from shares bought and sold by foreign investors.

On January 7, DSE recorded a total turnover of $1,223.33 (Tsh2.84 million) mainly from 24,856 shares traded in 14 deals, all sold and bought by local investors at 100 per cent.

The CRDB Bank counter led with 23,770 shares traded at a weighted average price of $0.04 (Tsh100) per share in seven deals.

Dar es Salaam Community Bank (DCB) counter traded 970 shares traded at a weighted average price of $0.12 (Tsh290) per share in one deal.

The bourse itself traded 60 shares at a weighted average price of $0.43 (Tsh1,000) per share in three deals. Others were Swissport Tanzania (SWIS) counter, which had five shares traded at a weighted average price of $ 0.68 (Tsh1,600) per share in one deal. While Tanzania Breweries Ltd, TBL counter had one share traded at a weighted average price of $4.47 (Tsh10,400) per share in one deal. TPCC counter had 50 shares traded at a weighted average price of $0.86 (Tsh2,000) per share in 1 deal.

Kenya's cross-listed firms also performed poorly with share prices for several Kenyan firms plunging on January 8 close of business. East African Breweries Ltd (EABL) counter share prices slightly dropped to $1.42 (Tsh4,460) from $1.92 (Tsh4,480) opening price, likewise Kenya Airways share prices dropped to $0.01 (Tsh45) from $ 0.02 (Tsh50) per share.

Kenya Commercial Bank's shares dropped to $0.52 (Tsh1,220) from $0.53 (Tsh1,240) opening per share price. Nation Media Group, on the other hand, recorded a slight drop to $0.38 (Tsh890) per share from $ 0.39 (Tsh900) per share on the previous session. Business is expected to pick up after fresh Initial Public Offering (IPO) listings. Currently, investors are eyeing IPOs from mining firm Shanta Gold off, its Singida Gold Mining project and Tanzania-based Millicom International Cellular (MIC) mobile unit, Tigo Tanzania

Shanta Gold is in the final stages of offloading 49 per cent stake from its Singida Gold Mining project on the DSE with expectations to raise around $20 million for the development of the firm.

While Tigo Tanzania is al expected to offload a minimum of 25 per cent of their shares as per regulation on the bourse. The telecom submitted the proposal to float their shares locally after winning a legal ownership battle with Golden Globe International Services and Quality Group of Tanzania which claimed to have acquired 34,479 shares in Tigo Tanzania's holding company MIC Tanzania Ltd in 2014.

See What Everyone is Watching

More From: East African

Don't Miss

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.