DSE posts high monthly turnover after four years

DAR ES SALAAM Stock Exchange (DSE) experienced a higher monthly equity turnover after four years since January 2020, thanks to domestic investors’ participation that maintains an upward trajectory.

DSE’s February turnover this year went up 98 per cent to 26.22bn/- compared to January with approximately 99.5 per cent of total equity purchases during the month coined by domestic investors.

Five counters in the stock market were gainers during the month, and culprits to the domestic capitalisation uplift, while three counters proceeded in the opposite direction and the impact was diluted by the weight of the gainers.

The top gainer during the month was CRDB with a price gain of 13 per cent, closing the month at 520/-, from 460/- at the end of January.

The lender was the top mover in February, accounting for 56 per cent of the total equity turnover for the month. Equity turnover on the lender’s counter alone was already 12 per cent higher than the total market equity turnover for January this year.

CRDB’s price is lifted by the impressive annual performance results released at the beginning of February that saw the bank’s net profit grow by 21 per cent.

As a result, Investors are anticipating that a high dividend yield from CRDB has flocked the counter, partially offset by the substantial supply from foreign shareholders at the beginning of February, but eventually, the prevailing high demand lifted the price.

The next top gainer was National Investment Company Ltd (NICOL) with an 11.5 per cent monthly price gain and a 16 per cent gain since the beginning of the year.

The price of NICOL is influenced by the impressive annual performance of NMB which saw an annual profit growth of 26 per cent.

NMB bank has not gained as much due to early pricing of its performance since July and August last year when the counter saw a price gain of above 30 per cent following half-year results.

In February this year, the lender saw its price gain by 3.6 per cent, way slow compared to its almost derivative, NICOL.

Another noted gainer is DCB Commercial Bank which saw its price move up 11 per cent, attributed to overall banking sector performance and market volatility as the counter has remained volatile since last year, with prices moving between 130/- and 150/-.

However, the bank last year recorded a loss of 3.65bn/-, from a net profit of 890.25m/- posted in the preceding year. Additionally, Tanzania Breweries Ltd (TBL) saw several prearranged block transactions that amounted to 4.6bn/- at the end of the month, making the counter the second top mover and accounting for 18 per cent of the total turnover.

Twiga Cement was another gainer for the month, with a 6.9 per cent price gain during the month, despite unimpressive annual results announced in the last week of the month.

The cement manufacturer saw its total revenue decline by 0.9 per cent as a lack of marginal capacity caught up with production.

The cement Company followed suit after a prearranged block transaction in the last week of the month, which led to the counter accounting for 11 per cent of the turnover during the month.

All Share Index (DSEI) in the market gained 47.09 points following a 2.73 per cent climb in the total market capitalisation.

The total market capitalisation at the end of the month amounted to 14.78tri/-. Similarly, the domestic market capitalisation gained 2.5 per cent to close the month at 11.66tri/-.

However, the cost of sales went up 1.6 per cent most likely due to rising energy expenses and power cuts experienced during the year 2023.

As a result, the gross margin dropped 169bps to 31.9 per cent. Operating margin dropped by only 40bps to 27.1 per cent, due to a substantial increase in other operating income while other operating expenses fell by 45 percent.

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