DAR ES SALAAM Stock Exchange (DSE), equities market turnover nosedived by over 20 times as activities dwindled in a week ending last Friday.
Zan Securities Weekly Market Wrap-Ups report showed that the turnover plummeted to 351.7m/- from 7.5bn/-recorded a week before.
Zan Securities Chief Executive Officer (CEO), Raphael Masumbuko said in the report that they were anticipating market activities to pick up in coming weeks.
“The equity market turnover declined this week as the market saw less activity. However we expect a pick in activity in the coming weeks,” he said.
The bourse turnover declined, though not directly, had its toll on total market capitalization that decreased by 0.23 per cent to 19.11tri/-. However, the movement of domestic market capitalization did not change.
The indices movement showed mix reaction after Tanzania Share index (TSI), stagnated while All Share Index (DSEI), declined.
TSI closed at 3,291.83 points, same as last week while, DSEI decreased by 0.23 per cent to close at 1,938.94 points. On other hand, sectorial indices stagnated.
Industrial & Allied Index (IA) closed at 4,515.63, same as last week. Bank, Finance & Investment Index stayed the same at 2,019.23. And Commercial Services Index closed at 2,238.14 points, same as last week.
During the week under review, CRDB Bank stocks stole the show followed by Twiga Cement—Tanzania Portland Cement Company (TPCC). CRDB was a top market mover with 85.23 per cent of total market turnover, followed by TPCC with 12.86 per cent.
The increase in wanting Twiga stocks follows its first half market dominance after posting stable condition despite increasing competition.
TPCC, the market leader trades as Twiga Cement, managed to maintain a more or less stable performance in H1 after net profit decreased slightly by 1.0bn/-to 26bn/while operating profit stood at 38bn/-.