CRDB shares power bourse’s turnover
CRDB Bank managing director Charles Kimei speaks at a past event. The bank’s shares accounted for 75.29 per cent of the trade at the Dar es Salaam Stock Exchange last week. PHOTO | FILE
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The bank’s counter was reported to have experienced high demand especially from foreign investors who have been increasing during the past few weeks when most counters are trading low.
Dar es Salaam. The CRDB Bank has emerged as the most traded equity having contributed 75.29 per cent of the market share at the Dar es Salaam Stock Exchange (DSE) last week.
The bank’s counter was reported to have experienced high demand especially from foreign investors who have been increasing during the past few weeks when most counters are trading low.
The DSE weekly turnover increased by 50.46 per cent to Sh6.75 billion while CRDB controlling it by 75.29 per cent followed by Tanzania Breweries Ltd (TBL) at 21.44 per cent.
“There was huge demand of CRDB shares and mostly by foreigners. It should be noted that people are now investing after discovering that majority of the counters are still low since the festive season started and the fact that some investors were also fulfilling end-of-the-year obligations,” said Mr Raphael Masumbuko, chief executive officer of Zan Securities.
“We look forward for the market to be vibrant. High demand on Banks, Finance & Investment and Industrial & Allied sector attributed by foreign investors may give the market prices and volume a lift,” said the weekly wrap-ups also prepared by Zan Securities for last weeks.
Foreign purchase increased by 41.5 per cent to 5,786.42 last week, according to the report.
The bourse did not experience any price appreciation for the local listed companies although NMB Bank emerged as the top loser with stock price depreciating by 6.12 per cent or Sh150 to close the week at Sh2,300 per share. The total market capitalisation decreased by 4.02 per cent compared with that of last week, closing at Sh20.20 trillion while the domestic market capitalisation also decreased by 1.01 per cent closing at Sh9.37 trillion.
Comparatively, key benchmark indices were both in the red territory. The Tanzania Share Index (TSI) capped at 4,402.58 points, lower by 1.01 per cent compared with 4,447.49 points posted the previous week while the All Share Index (DSEI) closed at 2,300.72 points, down by 4.03 per cent. The Industrial & Allied also decreased by 0.07 per cent to close at 5,926.65points while Banks, Finance and Investment Index decreased by 3.79 per cent to close at 2,871.42 points.
Commercial Services Sector also experienced a decrease by 0.43 per cent to close the week at 3,915.58 points compared to the previous week’s closing at 3,932.33 points.
