Foreign investors stayed away from the Dar es Salaam Stock Exchange
(DSE) in the year’s first week of trading. PHOTO | FILE | NATION MEDIA
GROUP
Foreign investors stayed away from the Dar es Salaam Stock
Exchange (DSE) in the year’s first week of trading with zero turnover
from shares bought and sold by foreign investors.
On
January 7, DSE recorded a total turnover of $1,223.33 (Tsh2.84 million)
mainly from 24,856 shares traded in 14 deals, all sold and bought by
local investors at 100 per cent.
The CRDB Bank counter led with 23,770 shares traded at a weighted average price of $0.04 (Tsh100) per share in seven deals.
Dar
es Salaam Community Bank (DCB) counter traded 970 shares traded at a
weighted average price of $0.12 (Tsh290) per share in one deal.
The
bourse itself traded 60 shares at a weighted average price of $0.43
(Tsh1,000) per share in three deals. Others were Swissport Tanzania
(SWIS) counter, which had five shares traded at a weighted average price
of $ 0.68 (Tsh1,600) per share in one deal. While Tanzania Breweries
Ltd, TBL counter had one share traded at a weighted average price of
$4.47 (Tsh10,400) per share in one deal. TPCC counter had 50 shares
traded at a weighted average price of $0.86 (Tsh2,000) per share in 1
deal.
Kenya’s cross-listed firms also
performed poorly with share prices for several Kenyan firms plunging on
January 8 close of business. East African Breweries Ltd (EABL) counter
share prices slightly dropped to $1.42 (Tsh4,460) from $1.92 (Tsh4,480)
opening price, likewise Kenya Airways share prices dropped to $0.01
(Tsh45) from $ 0.02 (Tsh50) per share.
Kenya Commercial Bank’s shares dropped to
$0.52 (Tsh1,220) from $0.53 (Tsh1,240) opening per share price. Nation
Media Group, on the other hand, recorded a slight drop to $0.38 (Tsh890)
per share from $ 0.39 (Tsh900) per share on the previous session.
Business is expected to pick up after fresh Initial Public Offering
(IPO) listings. Currently, investors are eyeing IPOs from mining firm
Shanta Gold off, its Singida Gold Mining project and Tanzania-based
Millicom International Cellular (MIC) mobile unit, Tigo Tanzania
Shanta
Gold is in the final stages of offloading 49 per cent stake from its
Singida Gold Mining project on the DSE with expectations to raise around
$20 million for the development of the firm.
While
Tigo Tanzania is al expected to offload a minimum of 25 per cent of
their shares as per regulation on the bourse. The telecom submitted the
proposal to float their shares locally after winning a legal ownership
battle with Golden Globe International Services and Quality Group of
Tanzania which claimed to have acquired 34,479 shares in Tigo Tanzania’s
holding company MIC Tanzania Ltd in 2014.
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