AfricaPress-Tanzania: THE Dar es Salaam Stock Exchange (DSE) trading has been dominated by local investors for second week in a row as global markets feel the bite of covid-19.
The virus pushed foreigners in lockdown to miss the show for consecutive two weeks thus pushing south total equity turnover by 3 1.7 per cent.
Orbit Securities said in its weekly synopsis that total reported turnover dropped by 31.7 per cent to 4 5.4 6 m/- from a total volume of 0.29million shares.
“Foreign investors are still tightened by the ongoing uncertainties of the coronavirus as global financial markets are still in a frenzy zone,” Orbit said.
During the week before Easter break, CR DB moved 98.5 per cent of the total volume of shares.
The Tanzania Share Index (TSI) lost 4 .97 points during the week following a 0.14per cent drop of the domestic market capitalization.
The domestic market cap closed the week at 9.13 tri/-compared to the previous week’s 9.14 tri/- .
The retreat of the domestic cap is due to the fall on the CRDB counter by 3.57 per cent to 13 5/- a share.
The leading bank realized a turnover of 3 9.14 m/-, accounting for 86 per cent of the total equity turnover realized during the week.
“The bank remains the most liquid counter on the market during this uncertain period,” Orbit said. Twiga Cement accounted for 11.3 per cent of the total realized turnover.
Twiga reported a growing business in their annual report released during the week.
Topline revenue grew by 6.2 per cent while net profit grew by 5 per cent. Net margin slightly fell by 20bps to 17.1 per cent.
Nevertheless, All Share Index (DSEI) “climbed back on the bear” after a slight deterioration of 0.51 per cent, Orbit said.
The index lost 8.95 points to close the week at 1,748.6 4 points while the total market cap closed the week at 14.51tri/-.
DSEI was pulled down by Kenya Airways that lost the most during the week as the price dropped by 16.7 percent followed by EABL which dropped by 1.86 per cent.
Jubilee Holdings and National Media G roup all grew by 2.52 per cent and 3.85 per cent respectively but were not enough to offset the bear
