TBL shares snapped up as trading picks up

Dar es Salaam. Turnover at the Dar es Salaam Stock Exchange (DSE) surged by 43.515 percent last week, thanks to the return of foreign investors who snapped up shares at the TBL Plc trading counter.

A total of Sh5.67 billion turnover was realised last week, as against Sh12.78 billion in the preceding week.

Foreign investors, who did not trade in the preceding week, contributed Sh4.8 billion last week, with the beer maker accounting for 98.51 percent of the total turnover.

Most transactions at the brewer’s counter were conducted through an All-or-None (AON) board at the bourse.

An All-or-None trade is an order to buy or sell stocks that must be executed in their entirety - or not executed at all. This kind of system prevents investors from having orders partially filled.

At last week’s opening session on Monday, TBL counter had a block of 1,098,624 outstanding shares offered at a price of Sh7,000 per share.

On Wednesday, the company recorded a total of Sh3.8 billion in turnover after trading a block of 763,830 shares in a pre-arranged market board.

On Thursday and Friday TBL registered turnovers of Sh806.2 million and Sh867.6 million respectively, after trading a total of 348, 968 shares.

Analysts remain optimistic that the bourse’s performance would keep improving going forward.

“The equity market performance surged this week. We expect more improvement in the weeks ahead,” said the Zan Securities Limited chief executive officer, Mr Raphael Masumbuko.

Total market capitalisation increased by 0.16 percent to Sh15 trillion while domestic market capitalization declined slightly to Sh9.1 trillion.

The All Share Index (DSEI) a key index benchmark indicator that measures the performance of all listed equities - increased by 0.17 percent to close at 1,807.47 points.

On the other hand, the Tanzania share index (TSI) - which traces the performance of only locally-listed firms - closed at 3,486.90 points, 0.14 percent down from the preceding week.