African markets

Tanzania: Increase in NMB share pushes DSE indices up

NMB Bank has continued to rise and shine on the stock market since the ice broke two weeks, thanks to its outstanding performance in the first nine months of the year.

The stock price of the bank, one of the largest in the country, rose 8.51% to close last week at 2,040 / – and helped push major indices on the Dar stock exchange up. es Salaam (DSE).

Orbit Securities said in its Weekly Market Synopsis that despite a 32% drop in total stock turnover, major indices were green, pulled by NMB and KCB Bank.

“The price of NMB has still been very active since the ice broke two weeks ago, ending a three-year stagnation… while maintaining significant counter activity,” Orbit said.

KCB also rose 2.2 percent, being one of only two publicly traded banks that were active. Another active cross-quote counter is East African Breweries (EABL), which fell 4.22 percent.

The Tanzania Stock Index (TSI) closed the week at 3,517.84 points as the national market cap rose 0.6% to a total of 9.301tri / -.

“The TSI gained 19.97 points mainly due to the appreciation of the NMB,” the Orbit report showed.

Total market cap rose 0.01% to end the week at 15.615tri / -, pushing the All Share Index (DSEI) up a slight 0.19 points to close the week at 1,873, 44 points.

Total stock turnover fell 32 percent to a total of 1.8 billion / – while the volume of shares traded fell 81.5% to 1.69 million shares.

“The bulk of stock revenue came from the NMB counter which accounted for 83% of total revenue for the week,” the Orbit report said.

Other counters who saw the pull were Jatu, CRDB Bank and DCB Bank. Jatou is already down 85% since the start of the year. CRDB fell 4.0% to 240 / – while DCB fell 5.0% to 190 / -. recently TOL gas down 3.77 percent to 510 / – per share.

Jatu fell 17% to end the week at 450 / -, “in a meltdown that started with negative comments from members claiming non-payment over three years past due,” Orbit said.

Zan Securities said in its weekly market recaps that the market leans favorably for stocks that perform well in the third quarter.

“We expect to continue to see more activity for companies that have released their third quarter results, with the majority possibly recording profits as the country continues to rebound from the perils of the Covid-19 crisis. ‘last year,’ Zan said.

Vertex International Securities forecast in its weekly market review a further price increase based on last week’s momentum.

“We believe the momentum from this week will continue into next week. In addition, we expect increased sales as we anticipate more foreign buyers, ”the Vertex report said.

Foreign investments accounted for 83 percent of total investments during the week and 63 percent of total divestments. The net influx of foreigners during the week was US $ 0.16 million, with local investors making up the balance on both sides.