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Local investors dominates investment side of DSE

Local investors were dominant of the investment side on the Dar es Salaam Stock Exchange during the week that ended on the 09th April 2021, while foreign investors dominated the divestment side as a foreign party disposed a block of TCC shares on a prearranged transaction.

Local investors accounted for 99.98 per cent of the total investments while foreign investors accounted for 97.09 per cent of the total divestments. The net foreign outflow amounted to $0.87mln. The Tanzania Share Index (TSI) slightly dropped by a mere 0.37 point on account of a slight retreat of the price of DSE. DSE dropped by 3.64 per cent to close the week at a price of 1,060/-.

As a result the domestic market capitalisation went down by 0.1 per cent to close the week at TZS 9,248.79bln ($4bn). Correspondingly, the TSI closed down at 3,517.67 points. On the other hand, the All Share Index (DSEI) edged up, gaining 17.56 points following a 0.95 per cent growth of the total market capitalisation.

The appreciation was led by a 5.42 per cent rise in the price of East African Breweries (EABL), along with National Media Group (NMG) and Jubilee Holdings (JHL) which grew by 1.41 per cent and 0.85 per cent respectively. There was no negative movement on the cross listed board during the week.

The DSEI and total market cap closed the week at 1,868.83 points and TZS 15,526.42bln ($6.7bln). The total equity turnover during the week amounted to TZS 2.06bln ($0.89mln) which is 82.3 per cent less compared to the previous week. The volume of shares traded was 530,743 shares traded in 132 deals.

The volume of shares also fell by 86.7 per cent as activities on the CRDB counter slowed down. TCC was the top mover during the week after accounting for 97.9 per cent of the total equity turnover and 62.8 per cent of the total volume moved. TCC realised a turnover of TZS 2bln ($0.87mln) after moving a block of 333,400 shares in a prearranged block transaction, on Tuesday, 06th April, 2021.

The price of the transaction was 6,000/-, a somewhat 65 per cent discount from the official closing market price of 17,000/-. The block of TCC was totally absorbed by local institutional investors which persists the observation that local institutional investors have been stepping up recently to absorb foreign sales, mostly in prearranged block transactions at significant discounted prices.

Market, Bills and Bond One trading session was reported on the Interbank Cash Market during the week under review. The session had a total transaction value of TZS 7bln ($3.03mln) which is 26.3 per cent lower than the previous week which saw a total of TZS 9.5bln ($4.11mln) move through the market.

The interbank rate went down with activities, losing 36bps during the session. The weighted average interbank rate (WAR) for the session was 3.64 per cent.

HER Excellency, President Samia Suluhu Hassan has ...

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Author: WEEKLY MARKETS SYNOPSIS

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