CRDB Bank is likely to remain the most active counter this week on the back of traders and analysts’ expectations on the best last year performance.
Some analysts said they had noticed demand for the bank share since the beginning of the year as traders banked on the lender’s last year good performance.
CRDB Bank, one of the largest banks in the country’s share price increased by 9.76 per cent to close at 225/- for the week ending last Friday.
Tanzania Securities said in its Weekly Market Blast that the trend was due to analysts and traders’ expectations on the bank especially after seeing the three-quarter performance.
“This has created high demand for shares and will push the price higher in the coming week,” Tanzania Securities said.
Zan Securities said in its Weekly Market Wrap-ups that they anticipated CRDB Bank bull-run to continue this week based on demand.
“CRDB counter surged [last] week and we expect the momentum to continue [this] week,” Zan Securities said.
Stock analysts also projected that top counters, expected to transact in this week, included TBL, Twiga Cement, Nicol, Swissport and DSE.
During the week ending last Friday, the total market capitalisation dropped by 1.03 per cent to close the market at 14.97tri/- from15.09tri/- in the previous week.
“This is mainly due to the share price depreciation of both cross listed and locally listed firms at the bourse,” Tanzania Securities said.
Nevertheless, DSE share price increased by 2.22 per cent to close at 920/-, NMG share price increased by 1.56 per cent to 325/-.
On the other hand, EABL declined by 3.07 per cent to close at 3,160/-, KCB declined by 3.75 per cent to 770/-, Jatu, once a darling stock for traders, its share price plummeted by 18.37 per cent to close at 2,400/- and JHL share price declined by 0.82 per cent to 6,050/-.
The domestic market capitalisation gained by 0.69 per cent, thanks to share price appreciation of CRDB Bank and DSE.
CRDB Bank and DSE’s price surge pushed up Tanzania Share Index (TSI) to gain 0.69 per cent to close at 3,513.49 points, while DSE Index (DSEI) lost by 1.03 per cent to close at 1,803.04 points.
Industrial and Allied Index lost by 0.05 per cent to close at 4,820.43 points, Bank, Finance and Investment Index (B&F) gained 3.56 per cent to close at 2,430.70 points, while Commercial Service (CS) remained stationary for the week to close at 2,139.33 points.
The total volume of shares traded increased by 84.49 per cent to 2,574,267