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

 

The bank, one of the largest in the land, share price increased by 8.51 per cent to close last week at 2,040/- and assisting pushing up Dar es Salaam Stock Exchange (DSE) major indices.

 

Orbit Securities said in its Weekly Market Synopsis that despite a 32 per cent decline in the total equity turnover, the major indices were on the green, pulled up by NMB and KCB Bank.

 

“The price of NMB is still very active since the ice broke two weeks ago that ended a three years stagnancy…while maintaining significant activities on the counter,” Orbit said.

 

 

Also KCB rose by 2.2 per cent, being one of the only two cross listed counters that were active. Another active cross listed counter was East African Breweries (EABL) which dropped by 4.22 per cent.

 

The Tanzania Share Index (TSI) closed the week at 3,517.84 points while the domestic market cap rose by 0.6 per cent  to a total of 9.301tri/-.

 

“The TSI gained 19.97 points mostly as a result of the appreciation of NMB,” Orbit report showed.

 

The total market capitalisation rose by 0.01 per cent to close the week at 15.615tri/-, which pushed up the All Share Index (DSEI) by a slight 0.19 point to closed the week at 1,873.44 points.

 

The total equity turnover went down by 32 per cent to a total of 1.8bn/- while the volume of shares traded dropped by 81.5 per cent to 1.69million shares.

 

“Most of the equity turnover originated from the NMB counter which accounted for 83 per cent of the total turnover for the week,” the Orbit report said.

 

Other counters that saw traction were Jatu, CRDB Bank and DCB Bank. Jatu is already 85 per cent down since the beginning of the year. CRDB dropped by 4.0 per cent to 240/- while DCB went down 5.0 per cent to 190/-. Lastly TOL Gases down by 3.77 per cent to 510/- per share.

 

Jatu fell by 17 per cent to close the week at 450/-, “in a meltdown that began with the negative comments from members who claim overdue non-payment for over three years,” Orbit said.

 

Zan Securities said in its weekly Market Wrap-Ups that the market leans favourably to equities that have good quarter three earnings results.

 

“We expect to continue to see more activity for companies that have released their quarter three earnings, with majority recording profits perhaps as the country continues to bounce back from the perils of the Covid-19 crisis suffered last year,” Zan said.

 

Vertex International Securities forecasted in its weekly market review for a further increase in prices based on the last week momentum.

 

“We think this week’s momentum will continue next week. Moreover, we expect an increase in turnover as we anticipate more foreign buyers,” Vertex report said.

 

Foreign investment accounted for 83 per cent of the total investments during the week and 63 per cent of the total divestments. The net foreign inflow during the week was 0.16million US dollars as local investors account for the balance of both sides.

 

Daily News TZ