This primarily resulted from stock demand spurred by release of earnings and payment of dividends, according to the quarterly report by Exodus Advisory, member of the Dar es Salaam Stock Exchange (DSE).
The market report shows share prices of four companies gained during the reported quarter, while ten saw their share prices declining and the remaining companies their shares closed flat.
Top gainers was Tanga Cement Company Limited (TCCL), which its share price increased by 41 percent, after closing at 1,800/- at the end of the second quarter of this year, compared with 1,280/- recorded during the end of the first quarter.
The struggling cement company gained the milestone, following the acquisition announcement by Scancem International, a subsidiary of Heidelberg Materials, agreed to buy a 68 percent stake from Afrisam.
Analysts say TCCL share price has continued to gain as buyers are confident with the acquiring firm, which also own the majority stake of Tanzania Portland Cement Company Limited (TPCC), also listed at the DSE.
According to the analysts, the indicative price of Tanga share, ahead of acquisition is set at 2,265/- , which is higher than the current price at the DSE.
“TCCL is continuing to attract buyers because it is still lower than the indicative price that will be set after the acquisition is complete,” said an analyst based in Dar es Salaam.
Exodus Advisory’s quarterly report shows that the second top gainer was NICO, the first ever collective investment scheme, which its share jumped up by 13 percent to 450/- at the end of the second quarter, from 400/- during the closing of the first quarter ended in March.
TCCIA Investment Company, another collective investment scheme was the third top gainer after its share increased by 7 percent to 150/- compared to 140/- respectively, followed by Nation Media Group, which its share price grew by 7 percent to 300/- compared to 280/- respectively.
The report shows the share price of the self-listed Dar es Salaam Stock Exchange (DSE) also gained during the reported period after closing at 1,840/- during the end of the second quarter of this year, compared to 1,720/- recorded at the end of Q1, 2023, an increase of seven percent.
Top loser during the period was Kenya Commercial Bank, after its share price closed at 480/-, compared to 620/-, which translated into decrease of 23 percent, followed by DCB Commercial Bak which its share price went down by 18 percent to 140/-, compared with 170/- respectively.
The East African Breweries Limited (EABL), the second largest in terms of market capitalusation, was also among of the losers, after its share price declined by 15 percent to 2,560/-, compared to 3,000/-, followed by Maendeleo Bank, which its share price went down by 11 percent to 350/- compared to 395/- respectively.
JATU, also joined the list of losers after its share price decreased by 9 percent to 265/- from 290/-, followed by Swissport by seven percent, Jubilee Holdings Limited (JHL) by 4 percent and Tanzania Portland Cement Company by two percent.
Total market capitalization decreased by 4.64 percent moving to 15,010.36bn/- in the end of the second quarter while domestic market capitalization increased by 0.09 percent.
“This conflicting trend resulted from decrease in prices of cross listed counters and increase in prices of local counters,” said Exodus Advisory report.
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