Local counters shine at DSE in Q1

DAR ES SALAAM: THE Dar es Salaam Stock Exchange (DSE) posted the highest turnover in March this year compared to a similar period in the last two years contributed largely by the positive performance of the local counters.

During the period under review, equity turnover was 18.14bn/-compared to 4.62bn/- and 5.10bn/- in 2023 and 2022 respectively.

The Head of Research and Analytics, Alpha Capital Iman Muhingo said CRDB was the top accounting for 47 per cent of the monthly equity turnover, followed by Tanzania Breweries Limited accounting for 28 per cent, Twiga Cement which contributed 13 per cent and NMB accounting for 6 per cent.

Collectively the four counters moved 94 per cent of the total turnover for the month. On a quarterly basis, he said the first quarter this year posted an equity turnover of 57.6bn/- which is 183 per cent higher than the amount posted in the corresponding last year.

CRDB remains the top mover for the quarter accounting for 55 per cent of the total turnover followed by TBL at 17 per cent while NMB and TPCC equally accounted for 10 per cent of the turnover.

Both major indices saw positive movement during the month and quarter as prices were supported by impressive earnings reports for the year 2023.

The domestic market capitalisation gained 1.38 per cent in March and 3.67 per cent since the beginning of the year amounting to 11,819.65bn/- at the end of the first quarter this year.

The total market capitalisation growth was slowed down by KCB and National Media Group which both dropped by 10 and 2 per cent respectively.

Consequently, the total market cap went up 1.09 per cent during the month and 2.26 per cent during the quarter, closing the first quarter this year at 14,611.43bn/-.

The National Investment Company Limited was the top gainer for the month and the quarter followed by CRDB, NMB and DSE in both aspects. The price of NICOL went up 12 per cent in March and 30 per cent since the beginning of the year following a 23 per cent net profit growth reported for the year 2023.

The fund manager reported an investment income growth of 33 per cent to 11.8bn/- crossing the 10bn/- for the first time in the history of the company.

NICOL’s operating expenses fell by 26 per cent mostly due to a decline in administration and board expenses, leading to an operating margin of 91 per cent from 75 per cent the year before.

A substantial rise in finance expenses from the loan secured at the end of 2022 suppressed the net margin from 71 per cent to 66 per cent.

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