DSE in Sh78bn record trading

Dar es Salaam. The Dar es Salaam Stock Exchange (DSE) has recorded a windfall turnover of Sh78.6 billion in just one day trading.

Stock market analysts say that it is the first time the DSE is recording such substantial turnover in a day since its inception in 1996.

Speaking to The Citizen on Saturday yesterday, DSE chief executive officer Moremi Marwa said on Thursday, that the stock market recorded the biggest daily turnover ever in its 17 years of operations.

“It happened that the International Finance Corporation sold all its shares to local investors in a swoop,” said Mr

DSE CEO Morem Marwa

Marwa.

He said, he did not know why the IFC sold all its shares in Tanzania Breweries that were however, set aside and snatched by local investors.

“The IFC has sold almost 99 per cent of total turnover recorded on that day. The local investors have also demonstrated that awareness is growing on the importance of investing in the stock market,” said the DSE CEO.

According to the DSE report on the same day, TCC shares were the most expensive at Sh8,600 per share, but TBL shares emerged the most attractive in the market as TCC shares were not traded, while the latter sold 9,243,865 shares, whose largest composition was from the IFC.

“Activity in the market was high as volume and turnover rose substantially today [Thursday]. Turnover jumped to Sh78.6 billion compared to Sh569.63million recorded yesterday,” reads part of DSE Thursday report.

Apart from TBL, the active counters during trading, according to the report, were Swissport with a share value of Sh2,680 at the opening to the same value at the closing, followed by the NMB with an opening value of Sh2,560 and Sh2,600 at closing.

Other active counters included the MBP with an opening value of Sh600 and the same value at closing, followed by the DCB counter with an opening value of Sh490 ending up with the same and the CRDB, which recorded an opening value of Sh280 and closed with the same share value.

Foreign investors generated a turnover of 3.44 million from the purchase of 3,000 CRDB shares and 1,000 NMB shares, according to the report.

The chief executive officer of Zan Securities Ltd, Mr Raphael Masumbuko, told this paper that the robust day performance was the result of a decision of the foreign investor to sell all its shares within TBL.