Dar es Salaam Stock Exchange extends trading hours

Dar es Salaam. The Dar es Salaam Stock Exchange closed last week in a low note, as only Sh15 million turnover was recorded on Friday, compared with Sh100 million the day before.

This is being experienced when the DSE has announced an extension in trading hours from 10.00am to 4.00pm each business day with effect from Monday February 11, 2019.

A public notice issued by DSE chief executive officer Moremi Marwa said the current trading was from 10.00 am to 3.00 pm.

He said this change was necessitated by the need to accommodate bond dealers’ request for effective funding of their cash accounts for settlement.

The extension was also aimed at addressing challenges related to foreign investors’ time differences.

The market report for Friday showed that all shares floated by local investors were sold during the day, of which 84.59 per cent of the buying value was injected by local investors while foreigners purchased the remaining percentage.

The market capitalisation closed at Sh20.56 trillion on Friday from Sh20.50 trillion recorded a day before, while the local firms’ market capitalisation almost remained flat at Sh9.49 trillion.

Only two companies, Acacia and Kenya Airways, recorded a price appreciation whereas only Nico recorded a price depreciation.

Acacia share price gained by 1.75 per cent to Sh5,800 on Friday from Sh5,700 on Thursday. Kenya Airways share price appreciated by 2.50 per cent to Sh205 from Sh200 respectively. The Nico share price was 12.24 per cent at Sh215 on Friday from Sh245 recorded on Thursday.

Vodacom Tanzania moved the highest value with Sh7 million from a transaction of 10,000 shares at a price of Sh700 per share, lower than the IPO price of Sh850.

Tanzania Breweries Limited was second with a Sh4.4 million turnover from a transaction of 380 shares at a price of Sh11,700 per share in two deals.