DSE share prices down
CRDB Bank managing director Charles Kimei speaks during the bank’s 19th annual general meeting in Arusha early this year. Right is Mr Martin Mmari, then the board chairman. CRDB contributed a cool 41 per cent to last week’s Sh6.41 billion turnover in what analysts believe is a vote of confidence in the bank’s balance sheet and profitability prospects. PHOTO|FILE
What you need to know:
- However, this is still 152 per cent higher than the Sh500/share price that the stock fetched during the Initial Public Offering (IPO) – which resulted in its demutualization – during the period between May and July this year.
Dar es Salaam. Prices for some well-performing securities at the Dar es Salaam Stock Exchange (DSE) dropped last week, sending investors’ earnings down as buyers and sellers shift their attention to year-end obligations. The DSE Public Listed Company (DSE Plc) led the pack of losers when it share shed 5.97 per cent of its value to close the week at Sh1,260.
However, this is still 152 per cent higher than the Sh500/share price that the stock fetched during the Initial Public Offering (IPO) – which resulted in its demutualization – during the period between May and July this year.
TCC came third in the group of losers. Its share price dropped by 1.71 per cent to close the week at Sh11,500 while investors with Mwalimu Commercial Bank (MCB) – which traded a total of 66,030 shares last week - could not be sparred either as the firm’s stock price lost by 5.45 per cent from Sh550 to Sh520. “Though a drop in prices started much earlier than expected this year, last week’s fall has something to do with the bears’ sentiments as investors start to think about their year-end obligations,” said the Zan Securities Limited chief executive officer, Mr Raphael Masumbuko.
Data compiled by Tanzania Securities Limited (TSL) shows that the Tanzania Share Index (TSI) – which tracks the market value of all the 18 domestically listed equities – fell by 0.26 per cent to close the week at 3,900.77 points.
In a nutshell, the DSE week-on-week turnover dropped by 23 per cent to Sh6.41 billion compared to Sh8.30 billion that was registered during the week ending November 4, 2016.
TBL and CRDB were the most active counters. The former accounted for Sh3.2 billion, equivalent to 50 per cent while the latter – which is the largest bank in the country in terms of balance sheet – accounted for Sh2.63 billion, equivalent to 41 per cent of the weekly turnover.
