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Dar stock exchange’s turnover up 40 times

The Tanzania Breweries Limited’s production line. The firm’s counter contributed 99.4 per cent of the bourse’s week-on-week turnover. PHOTO | FILE

What you need to know:

TBL which sold most of its shares through the pre-arranged deals three times, accounted for 99.4 per cent of the week-on-week turnover, according to market reports from the local brokerage firms. The turnover increased to Sh106.88 billion from Sh2.42 billion recorded during the previous week

Dar es Salaam. Weekly turnover of the Dar es Salaam Stock Exchange (DSE) increased by almost 44 times last week as Tanzania Breweries Limited enjoyed pre-arranged trading of its shares and dominate the bourse.

TBL which sold most of its shares through the pre-arranged deals three times, accounted for 99.4 per cent of the week-on-week turnover, according to market reports from the local brokerage firms. The turnover increased to Sh106.88 billion from Sh2.42 billion recorded during the previous week. Shares traded rose to 8,019,383 compared to previous week’s 2,703,813 shares, an increase emanating mainly from TBL and CRDB counters.

“We are expecting moderate activities based on speculative motive in Banks, Finance and Investment and Industrial & Allied counters,” said Zan Securities in its weekly wrap-ups.

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Pre-arranged system is the buying and selling of equities or commodities that occurs between brokers or dealers at an agreed price.

The practice of pre-arranged trading is illegal in some markets because it can create an unfair market for other brokers, traders and investors.

“The bourse posted an outstanding performance this week; the counter that has witnessed a lot of activities is TBL’s, as investors expect good returns from it. We expect the equities market to continue experiencing enthusiasm as most counters’ prices continue to appreciate,” Tanzania Securities Ltd said in its weekly commentary.

Total market capitalization increased by 0.17 per cent compared to last week, closing at Sh22.5 trillion. Domestic market capitalization experienced a decrease by 0.79 per cent closing this week at Sh9.77 trillion.

Comparatively, key benchmark indices were in the green and red territory. The Tanzania Share Index (TSI) capped at 4,608.83 points, lower by 0.87 per cent compared with 4,649.20 points posted previously while the All Share Index (DSEI) closed at 2,569.38 points, higher by 0.66 per cent compared with 2,552.49 points.

The Banking segment Index settled at 2,980.38 points being 0.47 per cent weaker than previous week’s due to share price drop at the CRDB counter (1.30 per cent) to Sh380 per share. The Industrial & Allied Index decreased to 6,231.52 points being 0.94 per cent lower due to losses made on the TCC (0.12 per cent) and Twiga (9.47 per cent) counters.

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