DAR ES SALAAM: DAR ES SALAAM Stock Exchange (DSE) market turnover has declined by 23 per cent notably due to reduced activities in the pre-arranged boards.
The bourse turnover went down to 1.4bn/- for the seven days ending last Friday from 1.82bn/- of the previous week.
Zan Securities said in its weekly market wrap-up report that the market activities dropped, notably due to reduced activities in the pre-arranged boards as investors held positions in anticipation of upcoming earnings results.
"As the earnings season kicks in, traders and investors are keenly watching for the [last year's] fourth-quarter results of CRDB and NMB, scheduled for release in the week beginning [today]," it said in the report.
Orbit Securities said in its weekly synopsis that at the moment there was no significant fundamental news influencing the market.
"However," the report said, "the [this] week may bring changes, especially as banking stocks are anticipated to release their 2023 financial results," Orbit report said.
As a result, the market capitalisation exhibited a mixed performance, witnessing a 2.28 per cent drop in total market capitalisation and a marginal 0.002 per cent increase in domestic market capitalisation.
Zan said the counters that drove significant trading activity throughout the week included CRDB, NMB and TCCL/Simba cement contributing 49.6 per cent, 33.18 per cent, and 7.16 per cent to the total market turnover, respectively.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"Domestic stocks showed a bullish trend, with two counters experiencing positive price movements, DCB Bank gained the most," Zan said.
DCB ended the trading week up by 3.85 per cent to 135/- per share. DSE increased by 1.11 per cent closing the week at 1,820/- per share.
On the flip side, TICL was the sole domestic counter to experience a decline dropped by 2.50 per cent to 195/- per share.
In terms of market capitalisation, there was a significant decrease of 2.28 per cent in the total market capitalisation to settle at 14.215tri/-. Conversely, the domestic market capitalisation recorded a slight increase of 0.002 per cent to 11.361tri/-.
"Domestic stocks experienced an upswing, contributing to the growth in domestic market capitalisation," Zan's report said.
However, a sell-off in cross-listed stocks like EABL, JHL, NMG and KCB led to a substantial 2.28 per cent decline in total market capitalisation.
