Dar es Salaam. The Dar es Salaam Stock Exchange (DSE) saw an increase in turnover last week as investors scooped up commercial banks’ shares in order to cash in on their [banks’] recently disclosed favourable financial results.
Commercial banks’ net earnings increased to over Sh1.164 trillion in 2022, up from little more than Sh760 billion in 2021, thanks to the government’s pro-business policies. This sent good news to investors who snapped up shares at NMB Bank and CRDB Bank at the DSE last week.
As a result, last week’s weekly turnover totalled Sh2.70 billion, a nearly 384 percent increase over the Sh572.18 million recorded the previous week.
The volume of shares also improved significantly from 0.49 million during the preceding week to 3.07 million last week.
NMB Bank Plc accounted for 51.9 percent of the week’s turnover mainly through a major block trading deal that was conducted on Wednesday Friday 8, 2023.
The lender traded a block of 357,147 shares to foreign investors valued at Sh1.35 billion. NMB has announced a net profit of Sh429 billion for the year 2022.
The amount translates into an annual net profit growth of 46.8 percent compared with the Sh292.14 billion that registered during the preceding year.
With a 36.76 percent contribution to the week’s turnover, CRDB Bank Plc came second after it transacted shares valued at nearly Sh1 billion.
The lender announced a net profit of Sh353 billion in 2022, being a 31 percent increase compared with Sh268 billion that it registered in 2021.
The capital markets manager at Vertex International Securities Ltd, Mr Ahmed Nganya, said it is expected that the earnings results will continue to factor in the coming week.
“The volume and turnover have finally improved after a few weeks of a negative trend. We expect a continuation of this performance trend next week as we believe the earnings factor has not lost its steam yet,” he said.
Last week, the two leading lenders’ equities also had positive price movements, with NMB up 10.97 percent to Sh3,440 and CRDB up 10.26 percent to Sh430.
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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
