Dar es Salaam. Local investors emerged as key players as the stock market recorded a 183 percent increase in total turnover during the first quarter of 2024.
According to the Dar es Salaam Stock Exchange (DSE) chief executive, Mr Mary Mniwasa, in Q1 of 2023, the bourse recorded Sh20.36 billion in total turnover.
It, however, rose to Sh57.58 billion during the first quarter of 2024. “Due to the ongoing geopolitical tensions, we have seen a low level of foreigners’ participation; however, local investors’ activities have improved,” she said.
Speaking to the press, Ms Mniwasa also revealed that local lender CRDB Bank Plc emerged as the top trading counter in the equities market during the first quarter of 2024, contributing over 54 percent of the total turnover.
“The bank was followed by TBL Plc, which contributed 16.83 percent, NMB Bank Plc, which contributed 10.31 per-cent, and Twiga (Tanzania Portland Cement Company Ltd.), which contributed 9.98 percent,” she said.
In terms of the majority of shares sold on the market, CRDB Bank also contributed the most, with 85.37 percent of shares sold, followed by TCCIA Investment Bank, which contributed 5.14 percent. Turnover at the secondary bond market had also been positive, recording Sh952.10 billion by the end of Q1, which is 15 percent higher than the value of bond sales for the same period in 2023, where bond turnover was Sh827.92 billion.
“This was highly influenced by the listing of Kijani Bonds from CRDB Bank and the Jamii Bond by NMB,” she said.
Kijani Bond by CRDB was launched in August 2023 to boost environmental, social, and sustainability projects in the country and was successfully listed at the DSE on November 7, 2023.
The Jamii Bond was listed at the DSE in December 2023 to raise funds to finance eligible climate, social, and environment-focused projects that positively impact resilience against climate change, achieve sustainable infrastructure, and promote efficient and sustainable use of natural resources.
Ms Mniwasa said the reopening of the long-term Treasury bonds, such as the 20-year bonds and the 25-year bonds, had also contributed significantly.
“The net value of Treasury bonds issued by the government for the first quarter of 2024 amounted to Sh20.87 trillion, compared to the first quarter of 2023, where bonds valued at Sh17.59 trillion were issued,” she said.
The participation and accessibility of the market continue to improve, as during the first quarter, investors using the digital application ‘Hisa Kiganjani’ conducted transactions totaling Sh2.72 billion, compared to Sh326 million during the same period in 2023, marking an increase of 734.36 percent.
“DSE continues to enhance the functionality of the app to enable more Tanzanians to access it through various networks and mobile banking applications. Additionally, DSE plans to improve the payment system to allow Tanzanians living abroad (diaspora) to use it from anywhere in the world,” said the DSE boss.
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Africa: Rwanda Gets a Grip Of Marburg, But Mpox ‘Not Yet Under Control’
Monrovia — The Rwanda Minister of State responsible for Health, Dr. Yvan Butera, cautioned that while the country is beginning to see positive signals in its fight against the Marburg virus, the outbreak is “not yet over”. He, however, expressed hope that “we are headed in that direction”. The minister said the epidemiology trend, since the disease was first discovered in the country more than a month ago, is moving towards fewer cases.
Dr. Butera, who was giving updates during an online briefing yesterday, said in the past two weeks, only two deaths were recorded while 14 people recovered from the disease. He said Rwanda was expanding its testing capacity with 16,000 people already inoculated against the disease.
The priority right now, Butera said, is “rapid testing and detection”.
Marburg is a highly virulent disease transmitted through human-to-human contact or contact with an infected animal. The fatality rate of cases, which has varied over the period, is more than 50%, according to the World Health Organization. WHO said the highest number of new confirmed cases in Rwanda were reported in the first two weeks of the outbreak. There’s been a “sharp decline” in the last few weeks, with the country now tackling over 60 cases.
At Thursday’s briefing, a senior official of the Africa Centers for Disease Control, Dr. Ngashi Ngongo, said mpox – the other infectious disease outbreak that countries in the region are fighting – was been reported in 19 countries, with Mauritius being the latest country to confirm a case. He said although no new cases have been recorded in recent weeks in several countries where outbreaks occurred previously – including Cameroon, South Africa, Guinea, and Gabon – Uganda confirmed its first Mpox death. This, he said, is one of two fatalities reported outside Central Africa.
Dr. Ngashi revealed that there was an increase in cases in Liberia and Uganda. He said mpox cases were still on an upward trend.
“The situation is not yet under control.”
Source: allafrica.com
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