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4-Traders Homepage  >  Shares  >  DAR ES SALAAM STOCK EXCHANGE  >  CRDB Bank PLC    CRDB   TZ1996100305

CRDB BANK PLC (CRDB)

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CRDB Bank : DSE Stocks Rally Most in Six Months

06/30/2015 | 04:11am US/Eastern

The Dar es Salaam Stock Exchange (DSE) has continued to list new stocks to the market from January to June, this year, as a way to facilitate economic growth through the provision of an efficient securities trading, depository and registry platform.

In the last six months, the bourse registered two Initial Public Offers - Mwalimu Commercial Bank which raised 31bn/- and Yetu Microfinance plans to raise 12.5bn/-.

Also in the period CRDB Bank issued a 152bn/- right offer. The firms' Manager for Projects and Business Development, Mr Patrick Mususa, said in Dar es Salaam that DSE would keep on looking for other companies purposely to promote economic empowerment and contributes to the country's development.

The move has been conducted in line with encouraging entrepreneurship growth market as well as organising the DSE scholar investment challenge 2015 targeting higher learning students to learn and develop saving culture.

He said the scholar challenge also aims at educating youth the prudent process of investment decision making and risk management in the process to foster and link with professional bodies and industry.

"The challenge will reach the final stage in next week where the first three runners will take home prizes that worth 2m/- cash others will be awarded with Certificate of participation as well as the mentorship opportunity," he said adding that the challenge is sponsored by Twiga Cement and NMB Bank.

In another development, the CRDB Bank and Tanzania Breweries Ltd (TBL) have emerged to be the most traded equities at the DSE for last week, where as the bank managed to sell about 5.5 million equities after 700,000 shares exchanged hands.

DSE weekly turnover has also increased to 14.6bn/- on last week, higher than 11.6bn/- of the preceding week.

The equity market capitalization has gone down to 24.5tri/- from the last weeks fixtures of 24.9 trillion and the market caps for local companies has also been lowered to 9.9 trillion compared to the 10.1tri/- of the preceded week

"This implies the continuation of activities conducted at the stock exchange between investors and clients," he said, adding that Tanzania shillings devaluation does not affect the business trend at the DSE

Copyright Tanzania Daily News. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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