The Dar es Salaam Stock Exchange (DSE) turnover dropped to Sh3 billion in the week ending November 3, down from the previous week’s Sh20 billion. However, Zan Securities Ltd chief executive officer Raphael Masumbuko is optimistic the market would improve in the near future.
The bourse’s data shows 3.5 million shares were transacted last week from 1.6 million the previous week.
The Tanzania Cigarette Company (TCC) counter accounted for 41 per cent of the market share last week, followed by those of Tanzania Breweries Ltd, CRDB Bank and Vodacom at 27, 16 and 11 per cent respectively.
TCC share prices appreciated by 7.69 per cent to close the week at Sh16,800.0, according to Zan Securities Limited. The Dar es Salaam Stock Exchange Plc share prices appreciated by 1.67 per cent to close at Sh1,220.
KA and JHL share prices sank by 8 per cent while those of CRBD and TBL fell by 5.9 and 5 per cent respectively, dragging down the total market capitalisation by 1.1 per cent to Sh20.2 trillion.
The decrease in share prices for CRDB and TBL also depressed the domestic market capitalisation by 1.1 per cent, closing at Sh10.1 trillion.
“We look forward for the market recovery…high demand in industrial and allied sector attributed to foreign investors may lift prices and volumes,” said Mr Masumbuko told The Citizen.