CRDB stocks drive Dar bourse trading

Tanzania Dar es Salaam. Turnover at the Dar es Salaam Stock Exchange (DSE) rose significantly last week, propelled by improved activities at the CRDB Bank Plc counter as investors seek to cash in on commercial banks’ recently released financial statements.

A total of Sh2.38 billion was realised in total turnover last week from sale of over 4.99 million shares.

The registered turnover is several times higher than the Sh268.49 million that was recorded in the preceding week.

CRDB Bank accounted for 67.5 percent of the turnover.

Last week, the lender announced that its cumulative net profit grew by 53 percent to Sh256.586 billion during the nine months of the current calendar year compared to a similar period last year.

Tanzania Portland Cement Company Ltd (TPCC) alias Twiga accounted for 12.9 percent while TCCIA Investment Company Limited (TICL) came third.

“We expected financials to record a strong Q3 performance owing to Q2 performance, however industrials added more boost as results were positive too,” said the capital markets manager for Vertex International Securities Ltd Mr Ahmed Nganya said.

Meanwhile, last week no counter posted price gain this week as all active counters closed in red.

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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms

Tanzania Foreign Investment News

Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms

President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.

Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).

Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.

While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.

“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”

Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.

Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.

“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”

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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.

He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:

At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.

There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.

Source: allafrica.com

August 9, 2024