DAR ES SALAAM: DAR ES SALAAM Stock Exchange (DSE) market turnover has declined by 23 per cent notably due to reduced activities in the pre-arranged boards.

The bourse turnover went down to 1.4bn/- for the seven days ending last Friday from 1.82bn/- of the previous week.

Zan Securities said in its weekly market wrap-up report that the market activities dropped, notably due to reduced activities in the pre-arranged boards as investors held positions in anticipation of upcoming earnings results.

"As the earnings season kicks in, traders and investors are keenly watching for the [last year's] fourth-quarter results of CRDB and NMB, scheduled for release in the week beginning [today]," it said in the report.

Orbit Securities said in its weekly synopsis that at the moment there was no significant fundamental news influencing the market.

"However," the report said, "the [this] week may bring changes, especially as banking stocks are anticipated to release their 2023 financial results," Orbit report said.

As a result, the market capitalisation exhibited a mixed performance, witnessing a 2.28 per cent drop in total market capitalisation and a marginal 0.002 per cent increase in domestic market capitalisation.

Zan said the counters that drove significant trading activity throughout the week included CRDB, NMB and TCCL/Simba cement contributing 49.6 per cent, 33.18 per cent, and 7.16 per cent to the total market turnover, respectively.

"Domestic stocks showed a bullish trend, with two counters experiencing positive price movements, DCB Bank gained the most," Zan said.

DCB ended the trading week up by 3.85 per cent to 135/- per share. DSE increased by 1.11 per cent closing the week at 1,820/- per share.

On the flip side, TICL was the sole domestic counter to experience a decline dropped by 2.50 per cent to 195/- per share.

In terms of market capitalisation, there was a significant decrease of 2.28 per cent in the total market capitalisation to settle at 14.215tri/-. Conversely, the domestic market capitalisation recorded a slight increase of 0.002 per cent to 11.361tri/-.

"Domestic stocks experienced an upswing, contributing to the growth in domestic market capitalisation," Zan's report said.

However, a sell-off in cross-listed stocks like EABL, JHL, NMG and KCB led to a substantial 2.28 per cent decline in total market capitalisation.

Copyright 2024 Tanzania Daily News. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English