Seven counters diminish DSE market cap in quarter 1, 2019

Dar es Salaam. In the first quarter of 2019, share prices of seven out of 21 counters at the Dar es Salaam Stock Exchange (DSE) dropped significantly, resulting in the decline of the bourse’s total market capitalisation.

According to the DSE Chief Executive Officer Quarterly Note for the first quarter of the year ending March 30, 2019 revealed that NICOL counter was the top loser percentagewise after its share price dropped by 39 per cent to Sh165 from Sh270 tabled in the quarter ended December 31, 2018.

Other companies whose share prices declined during the quarter are Swissport from Sh2,660 to Sh1,700; CRDB from Sh150 to Sh125 and TBL whose price dropped to Sh11,400 from Sh12,900.

The DSE PLC, Tanga Cement, and Maendeleo Bank counters experienced a decline to Sh1,300, Sh600 and Sh490 from Sh1,400, Sh640 and Sh500 respectively.

“Following the selling off pressure emanating from both local and foreign investors in most counters,” noted Mr Moremi Marwa, the DSE chief executive officer.

The note revealed that the total capital for the 21 domestic listed companies, as measured by market capitalisation, declined by 6 per cent during the quarter that ended March 30, 2019 when compared to the quarter ended December 31, 2018.

The total domestic market capitalisation decreased to Sh9.14 trillion which is a Sh547 billion lower compared to Sh9.67 trillion recorded at the end of the previous quarter.

Twiga Cement was the only counter whose share price increased. It jumped from Sh2,060 to Sh2,100.

The remaining 13 domestic listed companies’ share prices remained unchanged during the quarter under review.

On the other hand, total market turnover during this quarter also decreased from Sh42.91 billion to Sh37.31 billion.

Most active counters were TBL, CRDB, Vodacom and DSE PLC.