Acacia share price at DSE up 7.21pc to four months high

Dar es Salaam. Acacia Mining share price at the Dar es Salaam Stock Exchange (DSE) went up by 7.21 per cent on Wednesday close to Sh5,650, the highest in four months, from Sh5,270 recorded during closing on the previous day.

The DSE market report shows that the company market capitalisation also increased by Sh800 billion over the last four months to Sh2.3 trillion as at November 21, 2018 from Sh1.5 trillion recorded on July 2, this year. In July 2 this year the company share price was Sh3,715.

Analysts say an appreciation of the company share price was a reflection of the share price at the London Stock Exchange (LSE), where the company was originally listed.

The company has, however, not been so active at the DSE, with no many outstanding bids or offers recorded since it was crosslisted at the DSE seven years ago. The market report from the LSE has indicated that the company share price closed 3.82 per cent high at GBX190.52 on Wednesday from an opening price of GBX189.85.

This is happening while the company is battling with the government over its business in Tanzania which has led into arrest of top officials accused of economic sabotages.

Meanwhile, the DSE all-share index (DSEI) increased by 6.46 per cent to 2,029.41 points on Wednesday from 2,022.95 on Monday while Tanzania Share Index (TSI) decreased by 1.81 per cent to 3,694.28 points from 3,696.09 points.

An increase in DSEI was a result of gaining of share prices for Acacia by 7.21 per cent to Sh5,650 on Wednesday from Sh5,270 on Monday.

The decline of local companies share price resulted from decrease in share prices for self-listed DSE plc which decreased by 12.2 per cent to Sh1,440 from Sh1,640 on the period under review.

During the day under review, total turnover of Sh86.71 million was reached from trading 44,934 shares in 29 deals.