Sellers return to the equities market
What you need to know:
- Domestic market capitalisation also fell to Sh9.9 trillion on Friday this week from Sh10 trillion during the closing day of the week.
- Summary. Sellers made a comeback mid last week at the Dar es Salaam Stock Exchange (DSE), after pulling out their shares on Tuesday, fearing over the volatility of the price.
Dar es Salaam. Investors who are selling their shares at the Dar es Salaam Stock Exchange (DSE) returned to the market after withdrawing them on Tuesday last week.
The DSE market report shows that investors withdrew their shares in the market in what analysts described as the volatility of market prices.
The reports show that the market started the week with millions of outstanding offers, with many recorded on Vodacom Tanzania, CRDB Bank Plc, NMB Bank, TCCIA Investment Limited and Tanzania Cigarette Company (TCC).
On Tuesday, all shares for sale were withdrawn from the market, except DSE Plc, which had 14,820 outstanding offers.
The report shows that during the remaining days of the week, investors made a comeback by floating their shares for sale, mainly those holding Vodacom Tanzania, CRDB Plc, NMB Plc, TCC and DSE.
The report shows that Tanzania Breweries Limited (TBL) moved the highest value of shares worth nearly Sh7 billion on pre-arrangements with the market board.
The reports have shown that TBL shares transacted during the week were floated by both local and foreign investors, but they were all taken by foreign investors.
However, brokers did not reveal who moved in and who moved out, claiming that it is not the norm at a time when the market is preaching transparency.
Other top movers during the week were DSE, TPCC and CRDB. The market capitalisation closed at Sh19.8 trillion on Friday last week, a drop of Sh600 billion from the Sh20.4 trillion recorded during an opening day of the week.
