Stock trading via mobile app balloons eight times

DAR ES SALAAM: DAR ES SALAAM Stock Exchange (DSE) said yesterday that buying and selling of shares using mobile phone application ballooned over eight-fold in a year, thanks to its handy benefits.

The bourse data showed that transactions through ‘Hisa Kiganjani App’ increased notably to 2.72bn/- in three months to March against 326m/- in a similar period last year.

The app success story compelled DSE to think outside the box and figure out how to extend the service to the Diaspora, to ease the buying and selling of shares from abroad.

DSE’s Acting Chief Executive Officer Ms Mary Mniwasa, said that the plan is to improve the payment system in the app by connecting with international and local communication and banking systems to enable Tanzanians living abroad to buy and sell shares through mobile phones.

“…For a start up, we have requested operational permits from the authorities,” Ms Mniwasa told journalists yesterday when presenting the bourse’s first quarter trading results.

During the event, Ms Mniwasa presented the company’s performance for the first quarter ending in March this year.

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She said DSE has continued to register a positive performance with local investors dominating more than 70 per cent of the market share.

“Local investors have continued to capitalise the market compared to foreign investors due to challenges mainly global geopolitics,” she added.

Domestic market capitalisation according to the report increased to 11.82tri/- in Q1 compared to 10.82tri/- posted in the same quarter last year, attributed to the increase in the share price of domestic companies, especially the banking sector.

However, total market capitalisation slightly decreased to 14.94tri/- in the quarter compared to 15.72tri/- pushed down by cross-listed companies’ prices.

Additionally, the value of bonds listed by the government grew up to 20.67tri/- in the first quarter from 17.59tri/- of bonds listed in the same period last year.

The value of bond sales in the secondary market increased by 15 per cent to 952.1bn/- compared to 827.9bn/- posted in a similar period last year while the value of stock sales for the period under review reached 57.58bn/- from 20.36bn/-, equivalent to 183 per cent increase.

The statement highlighted that the increase in the sales value is attributed to the performance of four counters led by CRDB.

The CRDB contributed the most with 54.80 per cent followed by Tanzania Breweries Limited (TBL) counter with 16.83 per cent.

Furthermore, NMB counter came third with 10.31 per cent and Twiga Cement contributed 9.98 per cent.

In terms of several shares sold in the market in Q1, the report showed the CRDB counter contributed more to the number of shares sold by 85.37 per cent followed by the TCCIA Investment counter which contributed by 5.14 per cent.

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