The value of local listed companies at the Dar es Salaam bourse more than doubled during Wednesdays trade while that of all firms listed on the Nairobi bourse edged close to the Ksh2 trillion ($23 billion) mark as high demand for stocks continued to push prices up.

Data from the Dar es Salaam Stock Exchange (DSE) shows that the value of all 12 local listed companies – as measured by the domestic market capitalization - more than doubled to Tsh5.96 trillion ($3.7 billion) at the close of trading from Tsh2.94 trillion ($1.87 billion) as at the close of last year.

The Dar es Salaam bourse said market activity was skewed towards foreign investors with local investors making a minimal contribution with activity focused on National Microfinance Bank (NMB) and CRDB Bank.

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“Foreign investors generated a turnover of Tsh426 million ($265,094) from the purchase of one million CRDB shares and 52,400 NMB shares and a turnover of Tsh375.75 million ($233,824) from the sale of one million CRDB shares and 32,300 NMB shares,” said the DSE in the end of day market report.

The Tanzania Share Index (TSI) - which tracks the prices of local stocks only excluding cross listed shares – closed at 2,837.44 points which is a 102.33 per cent gain from its close of at the end of last year of 1,402.38 points.

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On the other hand, the All Shares Index (DSEI) – which tracks prices of all the shares including cross-listed ones - closed at 1,909.91 points, which is a 29.14 per cent gain from its close at the end of last year of 1,478.99 points.

Analysts at Tanzania Securities Limited, in an end of day brief to investors said the indices edged further up supported by the price increase in the Tanzania Breweries Limited (TBL) which extended its gains from Tuesday’s close and NMB counters.

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TBL on Tuesday announced that it will pay half of its six months net income of Tsh43.35 billion ($26.9 million) in an interim dividend to investors who will be on the register by December 19, which translated to Tsh150 ($0.09) per share (See graphic).

The brewers shares, which closed at Tsh8,000 ($4.98) have risen by more than two and a half times from an opening price of Tsh2,800 ($1.78) at the beginning of this year.

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Tanzania Cigarette Company’s (TCC) shares have also more than doubled in price to Tsh8,600 ($5.35) from Tsh4,200 ($2.67) at the beginning of this year.

Foreign investor participation had jumped to 60.44 per cent in the three months to September from 53.07 per cent between April and June.

Investors wealth

At the Nairobi Securities Exchange (NSE), the value of all listed firms closed at Ksh1.994.89 trillion ($22.96 billion) at the close of trading edging very close to setting a new record on high demand from both foreign and local investors.

Investor’s wealth – which is also measured by market capitalization - had risen as at the close of trading risen by 56.83 per cent or Ksh722.88 billion ($8.3 billion) from Ksh1.27 trillion ($14.78 billion), which was the valuation as at the close of last year.

“KCB was the day’s top mover accounting for 20 per cent of volumes on active foreign investor trading. Of the top movers, Britam registered the highest gain climbing 5.8 per cent to a new high of Ksh16.35 ($0.19), though foreign investors were net sellers in the counter. Centum recouped previous session losses, climbing 2.5 per cent to Ksh31.25 ($0.36) on local investor demand,” said analysts at Standard Investment Bank in their end of day note.

Shares whose prices had more than doubled as at the close of trading on Wednesday include CfC Stanbic (Ksh85, $0.98), ARM Cement (Ksh89.50, $1.03), Britam (Ksh16.35, $0.19), Liberty Holdings (Ksh15.75, $0.18), Pan Africa Holdings (Ksh96.50, $1.11), Centum (Ksh31.25, $0.36) and Safaricom (Ksh11, $0.13) (See graphic).

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The top three performing stocks at the Uganda Securities Exchange as at the close of trading on Wednesday were British American Tobacco Uganda which has gained 76.86 per cent this year and closed at Ush4,050 ($1.61), Stanbic Bank Uganda (50 per cent, Ush30 or $0.01) and Umeme (37.45 per cent, Ush378 or $0.15) (See graphic).

At the Rwanda Stock Exchange, the best performing stock has been Bank of Kigali which closed at Rwf250 ($0.38) having gained 96.85 per cent from Rwf127 ($0.21) at the beginning of this year while Bralirwa which closed at Rwf848 ($1.27) has gained 34.6 per cent from Rwf630 ($1.05) at the close of last year (See graphic).

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