AfricaPress-Tanzania: Dar es Salaam Stock Exchange (DSE) equity market posted one of the lowest participation trading week since the year started amid the nation mourning the death of President John Magufuli. The turnover plunged 96.76 per cent to 111.34m/- for the week ended last Friday from 3.44bn/- of the previous.
The bourse had three trading days instead of five. The number of trading days declined as Monday and Friday were public holidays leaving rooms for mourning and burial of Dr Magufuli at his home village in Chato District, Geita region. Zan Securities Chief Executive Officer Raphael Masumbuko said the equity market posted slow participation last week due to the mourning of the fifth president who died at the beginning of his second term on 17th March.
“The equity market posted slow participation [last] week as the nation [was] mourning the dead of our late president…Magufuli,” Mr Masumbuko said in the firm’s Weekly Market Wrap-ups over the weekend.
The CEO was optimistic that the bourse will return to normal trading levels this week after the burial ceremony last Friday. “We expect more improvement and participation on the bourse this… week,” Mr Masumbuko said.
During the week, which had three trading days, CRDB Bank emerged as the top market mover recording 28.90 per cent of total turnover followed by DSE and TWIGA with 23.37per cent and 16.51per cent, respectively.
On other hand, two domestic listed stocks saw their prices dropped by between 2.0 and 10 per cent. Jatu, agri-industrial based start-up, share lost most after plunging by 9.47 per cent to close the week at 1,720/-. NICO also recorded a loss of 2.56 per cent to close the week at 190/-.
Jatu and NICO share prices plunging affect domestic market capitalisation negatively went down by 0.01 per cent to 9,248.83bn/-. However, the total market capitalisation increased by 0.11 per cent to 15,584.71bn/- pushed up by cross-listed stocks from Kenya’s Nairobi Securities Exchange (NSE).
The same Jatu and NICO effect rub shoulder Tanzania Share Index (TSI) closed at 3,518.08 points, down by 0.01 per cent. While, All Share Index (DSEI) increased by 0.11 per cent to close at 1,875.85 points. The sector indices closed at mixed trend as two went down while one remain same as previous week. The Industrial and Allied Index (IA) closed at 4,815.45 points down by 0.01 per cent and Bank, Finance and Investment Index closed at 2,453.10, down by 0.02 per cent.
The commercial Services Index closed at 2,139.33 points like the week before. However, DSE had remained unshaken despite the death announcement of President Magufuli for the week ended Friday March 19, if volume and prices were anything to go by.
The market turnover then recorded a massive leap after it increased by almost 20 times and closed that Friday session at 3.44bn/- compared to 0.179bn/- of the previous week.
