The Dar ALSI went up marginally by 5bps during the week to end at 1299.0. The week’s top trader was Twiga which accounted for 83% of the week’s turnover of TZS 1.3bn (USD 0.8m). Other actively traded counters were NMB, Simba Cement (-0.8% to TZS 2380), Tanzania Breweries (+1.0% to TZS 2060) and CRDB Bank. The week’s top gainers were Swissport (+3.6% to TZS 870) and Tanzania Breweries. Simba Cement was the week’s only declining stock.
In economic news, The IMF has forecast a decline in inflation to 9% in June, as a result of an expected drop in fuel prices and good harvests. High food and fuel prices resulted in inflation escalating to 19.8% as at December 2011. The IMF is advocating for tightening of the monetary and fiscal policies to aid in lowering of inflation. Economic growth is projected to ease to 6% on the back of power outages and a slowdown in the global economy.
Tanzania expects to make major commercial discoveries of natural gas over the next five years. The government is putting in place strategies to facilitate investments in this industry.
Source: African Alliance