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Tanzania: TSI Records Bullish Trend

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The Tanzania Share Index (TSI) has recorded a bullish trend for another week, thanks to Twiga Cement which maintains a rally.

Twiga – a cement market leader’s share gained 3.97 per cent to close the week at 2,620/- from previous week’s 2,520/-.

As a result of the activities on the Twiga counter, TSI went up by 6.85 points to close the week at 3,476.02 points.

Orbit Securities said in its Weekly Market Synopsis that the counter closed at the highest of 2,640/- last Wednesday before partially retreating back to 2,620/- last Friday.

Twiga, operating as Tanzania Portland Cement Company, traded 0.36 million shares to generate a turnover of 949.4m/- to realise a weighted average price of 2,622/-.

“About 83 per cent of the activities on the counter were through a prearranged block transaction executed [last] Wednesday,” Orbit said.

Hence, Twiga accounted for 76 per cent of the total equity turnover for the week, making the counter the top mover, toppling off CRDB Bank from the spot.

Zan Securities Chief Executive Officer Raphael Masumbuko said the domestic equity market continued with positive performance, albeit a slight decline in volume.

“We expect this momentum to continue next week if financials and industrial counters continue with positive performance,” Mr Masumbuko said through a Weekly Market Wrap-Up.

The total equity turnover generated during the week was 52.2 per cent lower than the previous week despite having more trading sessions.