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TBL emerges top DSE mover, equity turnover up

TBL emerges top DSE mover, equity turnover up

ON a weekly basis, activities were slightly up during the week that ended on 05th March 2021 due to increased activities on the TBL counter. The equity turnover during the week went up by 5.3% to a total of TZS 2.75bln ($1.19mln) while the volume of shares rose by more than 500%.

The total volume of shares was 5.4mln traded in 294 deals. TBL emerged as the top mover after accounting for 51.4% of the total equity turnover while CRDB closely followed suit with an account of 41.1%. TBL traded a total of 267,231 shares to realise a weighted average price of 5,283/-.

CRDB traded a total of 5.13m shares at a weighted average price of 220.45/- per share. The price of CRDB went up by 2.27% which aided the lift of the TSI. Correspondingly, activities on the TBL counter are usually closely associated with increased participation of foreign investors.

During the week foreign investors were dominant of the market after accounting for 86.88% of the total investments and 87.41% of the total divestments, closing the week at a net seller position.

The net outflow was $0.0063m. The balance on both sides was accounted for by local investors. The Tanzania Share Index (TSI) climbed by 4.37 points to close the week at 3,513.18 points following a 0.125% lift up of the domestic market capitalisation.

The domestic market cap closed the week at TZS 9,23694bln ($4bln). Three counters were responsible with the bull on the TSI while one counter went on an opposite direction. CRDB, DSE and JATU were all climbing by 2.27%, 3.85% and 7.45% respectively during the week while Tanga Cement (TCCL) dropped by 10%.

The total market capitalisation slightly dropped by 0.11% to a total of TZS 15,303.7bln ($6.63bln) which correspondingly suppressed the All Share Index (DSEI) by 2.15 points. The DSEI closed the week at 1,841.94 points.

The DSEI dropped despite a 58.21% rise of the National Media Group (NMG) after the share buyback announcement, 1.8% increase of Jubilee Holdings (JHL) and 0.57% increase of East African Breweries (EABL). The culprit of the drop of the DSEI was KCB Bank which dropped by 3.7%, enough to tame the bull in other counters.

Market, Bills and Bond With indication of a tightening liquidity in the banking sector, the weighted average interbank rate rose by 100bps similar to the previous week. The interbank rate at the end of the week was 5.5% from 4.5% at the end of the previous week.

The value of transactions rose along, multiplying more than two times. The weekly total value amounted to TZS 41.5bln ($17.97mln) from the previous week’s total of TZS 18.9bln ($8.18mln). The offer size of the 364 days tenor was lowered by the Bank of Tanzania during a Treasury bills auction conducted on the 03rd of March 2021.

All other tenors were cancelled due to zero bids while the 364 days was oversubscribed by 2.4%. The amount offered on the 364 days tenor was TZS 71bln ($30.7mln), down from TZS 84.53bln ($36.59mln) during the previous auction.

The tender size from the public amounted to TZS 72.68bln ($31.46mln) from 66 bids, way higher than the previous auction which attracted TZS 26.65bln ($11.54mln). The Bank of Tanzania accepted 63 bids worth TZS 69.68bn ($30.16mln).

The yield on the 364 days tenor went up by 17bps to 5.91%. Currency Market The value of transactions on the Interbank Foreign Exchange Market (IFEM) fell by 28% to a total of $3.23mln compared to $4.46mln during the previous week.

The shilling remained resilient with a trivial appreciation of 2 pips. The weighted average exchange rate at the end of the week was TZS 2,309.93/USD.

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Author: ORBIT SECURITIES

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