The Dar es Salaam Stock Exchange (DSE) has reported a notable 9.31% increase in turnover during the first week of 2024, showcasing a robust start that underlines investors' confidence in the market outlook for the year.
Equity turnover surged from 1.163 billion TZS to 1.272 billion TZS in the initial week of the year, indicating heightened trading activities and positive market sentiment, according to the weekly review report by Vertex International Securities.
The report from Vertex highlighted an optimistic trend, signifying investors' confidence in the market's potential for the year. The expectation is for this positive momentum to persist in the coming weeks, with an anticipated surge in demand for specific counters, particularly in the financial sector, which has demonstrated resilience. Additionally, the report forecasts satisfactory performance from industrial sectors.
In terms of volume, the number of shares traded increased by 8.71%, rising from 1,918,190 to 2,085,260 stocks. This surge indicates a higher level of market participation compared to the previous week, as outlined in the Vertex report for the week concluding last Friday.
The total market capitalization experienced a 1.14% increase, rising from 14.6 trillion TZS to 14.78 trillion TZS. Meanwhile, the domestic market capitalization saw a marginal uptick of 0.09%, reaching 11.41 trillion TZS from 11.4 trillion TZS.
Examining individual stock performance, CRDB emerged with the highest turnover at 886.9 million TZS, constituting 69.72% of the total turnover for the week. NMB followed closely with a turnover of 309.9 million TZS, representing 24.36% of the total.
DCB Bank witnessed the most significant price increase, rising by 10 TZS or 7.69%, closing at 140 TZS from an opening of 130 TZS. Furthermore, CRDB recorded the highest volume of shares traded, with 1.9 million shares, accounting for an impressive 92.41% of the total volume.
The positive performance indicators in the first week of 2024 underscore the optimism and confidence prevailing among investors in the Dar es Salaam Stock Exchange.