Dar es Salaam bourse closes high as TBL soars

THE equity market last week traded at as high note receiving much of its support from the industries and allied sector, with shares of TBL heading north up to all time higher of 8240/- per share after posting half year revenues that surpassed expectations.

“Most of the sector indices were in positive territory, with the exception of commercial services -related shares that went down by 0.05 per cent,” said Mr Raphael Masumbuko, the Chief Executive Officer of the Zan Securities Limited in the weekly market wrap-ups.

Market breadth on the Dar es Salaam Stock Exchange (DSE) was positive and trading volume was running about 575 per cent above previous week volume. Foreign participation in the week decreased by 1 per cent to 646 while local participation decreased by more than 77 per cent.

Total market capitalization increased by 5.4 per cent to 17.18tri/- and domestic market capitalization rose by 11 per cent to 6.07tri/- compared to a week earlier. The Tanzania Share Index (TSI) closed at 2890.16 points while DSE Index closed at 1940.37.

Consequently, on a weekly comparison, key benchmark indices sustained the uptrend as sentiments stayed positive.

The TSI closed high by 11.02 per cent compared with the 2603.22 points posted a week earlier. The DSEI closed high by 0.34 per cent compared with the 1841.12 points posted a week earlier.

Similarly, Industrial and Allied index sustained upward trend by increase of 15.95 per cent up this was mainly due to TBL price that moved from 6400/- previous week to 8240/- to the week just ended. Banks, Finance and Investment index recoded increase trend by 3.19 per cent.

Commercial Services index recoded declining direction mainly due to Precision Air price drop by 1.1 per cent during the week under review.

“We remain long-term positive on the outlook for the market performance especially from Industrial and Allied and Banks, Finance and Investment.

Source: Daily News.