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Dar es Salaam Market Exchange indices end week on green

BOTH indices were on the green during the week that ended on the 08th January 2021 as the net effect from moving counters was appreciation, despite mixed movement across counters.

Market, Bills and Bonds The value of transactions on the Interbank Cash Market (IBCM) almost quadrupled on a weekly basis as the value grew by 288 per cent to a total of TZS 244.5bln ($105.85mln).

The interbank rate showed stability during the week after dropping by just 3bps compared to the volatility seen in the previous weeks. The weighted average interbank rate at the end of the week was 3.70 per cent.

The subscription of Treasury bills went up to 75.9 per cent during the auction held on 06th January 2021, compared to 26.12 per cent during the previous auction.

The Bank of Tanzania offered the usual amount of TZS 90.23bln ($39.06mln) while the tender size from the public amounted to TZS 68.53bln ($29.67mln) from 45 bids. The Bank of Tanzania accepted 37 bids with a worth of TZS 50.53bln ($21.87mln).

Except for the 364 days which slightly rose, the yield to maturity of all tenors remained similar to the previous auction. The 35 days, 91 days and 182 days recorded yields of 1.99 per cent, 2.50 per cent and 2.60 per cent while the 364 days gained 6bps to 4.63 per cent.

Currency Market The amount traded on the Interbank Foreign Exchange Market (IFEM) increased by 3.8 per cent to a total of $10.35mln while the shilling held firm ground against the U.S dollar.

The weighted average exchange rate at the end of the week stood at TZS 2,309.83/ USD which is an appreciation of 7 pips for the shilling compared to the previous week.

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Author: ORBIT SECURITIES

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