NMB Bank has been one of the top performers at the Dar es Salaam Stock Exchange (DSE) after its stock appreciated by 51 per cent year-to-last Friday.
Last week alone, when all counters remained flat, NMB share gained by 3.4 per cent from 2,920/- to 3,020/- making it the most darling stock of the year.
Additionally, according to Orbit Securities, in its latest weekly market synopsis report, NMB was the top mover of the week, accounting for 65 per cent of all traded shares on the stock exchange and 87 per cent of the total turnover.
"Its strong performance in Q3 (quarter three) and positive anticipation for the coming year have attracted interest from both local and foreign investors," Orbit said.
On a weekly DSE performance, Orbit noted, it was the norm in the week leading up to the holidays for the bourse to register low trading activities.
Last week, the stock exchange experienced a low turnover after decreasing by 50 per cent to 763m/- from the previous 1.5bn/-.
"It is common for DSE to experience a slow week heading into the festive season.
"Many local investors travel upcountry for the holidays, taking time to reflect and recharge before returning to the city for the start of the New Year," Orbit report said.
The decrease was accompanied by a sharp decline in volume, with only 344,000 shares exchanging hands among investors, which was a 95 per cent drop.
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Vertex International Securities said in its weekly market review that the equities market recorded unsatisfactory performance this week, reflecting Investors' reluctance in transacting during holiday seasons.
"We expect a similar performance next week as we think investors are looking ahead to 2023," Vertex said.
Alpha Capital said in its weekly financial market digests that the Tanzania Share Index (TSI) gained 18.91 points to close the week at 3,878.93 points, while the All Share Index (DSEI) gained 10.12 points to close the week at 1,874.06 points.
"Both major indices went up during the week, mostly resulting from the movement on the NMB counter," Alpha Capital said.
Also, foreign participation was still low last week, similar to the better part of the second half of the year.
Local investments dominated the investments side by 100per cent while local divestments accounted for 56.15per cent of the total weekly divestments. Net foreign outflow for the week amounted to 334.45m/-.
"We still expect a continuation of foreign outflow as long as the current global uncertainties exist.
"The growing fear of a global recession in the first half of 2023 also intensifies the outflow of capital from emerging markets," Alpha Capital report said.
