Dar es Salaam — Tanzania Cigarette Company (TCC) stole the show at the Dar es Salaam Stock Exchange (DSE) last week as investors' appetite in the cigarette maker remain bullish despite last year's loss.
On Tuesday last week, the TCC trading counter transacted 333,400 shares worth about Sh2 billion to contribute about 97 percent of the week's total turnover. DSE recorded a total weekly turnover of Sh2.06 billion which is 82 percent down compared to Sh11.66 billion of the previous week, according to a brokerage firm, Zan Securities Limited. Last year, the cigarette company reported an annual loss of Sh15 billion in what it reported was due to the global Covid-19 pandemic. The volume of transacted shares also decreased to 530,743 from 3.99 million that were traded during the previous week.
In the week that ended Friday April 9, 2021, the bourse had three trading days as the country celebrated Karume Day on April 7 while April 5 was Easter Monday, a Christian festival and cultural holiday commemorating the resurrection of Jesus Christ from the dead.
Analysts, however, remain bullish despite last week's slowdown.
"The equity market continues its positive momentum, and we anticipate this trend will continue in the coming weeks," said Zan Securities Limited's chief executive officer Mr Raphael Masumbuko.
Similar views were issued by another brokerage firm, Vertex International Securities Ltd.
, saying: "It is expected that the market will overcome this week's decline in volume and turnover, and to record a positive performance next week as dividend announcement nears".