Tanga Cement, KBC shares prices gain at week’s opening

10May 2023
By Guardian Reporter
Business
The Guardian
Tanga Cement, KBC shares prices gain at week’s opening

Tanga Cement Company Limited (TCCL) and KCB Bank share prices started the week in high notes, after appreciating, when compared with the last trading day of last week.

Dar es Salaam Stock Exchange (DSE) daily market report show TCCL share price closed at 1,220/- on Monday, an increase of 8.93 percent, compared with 1,120/- closed on Friday last week.

During the reported day, the cement company, which recently announced precautionary notice on second Fair Competition Commission (FCC) application transacted 1,720 shares valued 2.1mn/- traded at a price of 1,220 per share in five deals.

The appreciation of TCCL share price has also increased its market capitalization to 77.68bn/- on Monday’s close, compared with 71.31bn/- o Friday’s close.

The trend also improved the Industrial & Allied Index (IA) to close at 5,090.87 points on Monday this week, compared with 5,085.27 points recorded during the closing trading session of last week.

This is being experienced in a time when the acquisition of the Tanga based cement maker by Twiga Cement’s parent company still facing uncertain, as the government has therefore intervened.

Minister of finance and planning Dr Mwigulu Nchemba and minister of investment, trade and industries Dr Ashatu Kijaji have assured the management of Tanga Cement, when meeting in Dodoma on Monday this week that, the 942bn/- planned investment by acquiring firm will increase production, jobs and taxes.

Dr Kijaji said its unavoidable for struggling Tanga Cement to get new strategic investor, following reported loss making over the last five years, putting 3,000 jobs at risk.

The report shows KCB Bank share price closed at 540/- on Monday’s close, an appreciation of 1.89 percent, compared with 540/- on Friday’s close.

The appreciations of the two companies also caused the gaining of the DSE All Share Index (DSEI) by 1.12 points to 1,827.46 points on Monday’s close, compared with 1,826.34 points on Friday’s close.

Top loser during the opening day of this week were CRDB Bank and NICO of which their shares prices slipped by 1.96 percent and 2.44 percent respectively.

CRDB Bank Plc share price closed at 500/- on Monday, compared with 510/- on Friday last week, while the NICO share price decreased to 400/- from 410/- respectively.

Top mover during the reviewed period was CRDB Bank Plc which transacted 80,207 shares valued 40.2mn/- traded at a price ranging from 500/- to 510/- in 46 deals, followed by NIO which transacted 7,020 shares valued 2.8mn/- traded at a price of 400/- per share in six deals.

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