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Dar es Salaam’s Stock Exchange: To Electronically Correlate to the Stock Exchanges of Uganda and Rwanda before the Twirl of 2020
Posted On 03 Oct 2020
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By Abdul Rahman Bangura–
NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Supposedly, Celestin Rwabukumba – Chief Executive Officer of the Rwanda Stock Exchange (RSE), endorsed according to media sources. In furtherance to this, in order to attain single market trading, the Dar es Salaam Stock Exchange (DSE), the Uganda Securities Exchange (USE), and the RSE will integrate their trading systems and adjoin to the information technology platform, EAC Capital Markets Infrastructure (CMI). The software developer is the Pakistani Company InfoTech Private Ltd.
Moreover, this is part of a project subsidized by the World Bank and ratified in March 2011. The objective of the project was to place the foundation for the financial sector integration among the East Africa Community (EAC) member states previously of the implementation of a single currency regime. And this will enable investors in the three nations to purchase and vend shares of companies listed in any of the countries without going through many stockbrokers.
In this regard, out of the three nations, Tanzania has the heftiest market capitalization standing at $6.5 billion with twenty-seven listed companies, heeded by Uganda $5.1 billion; seventeen listed companies, and Rwanda $3.5 billion; ten listed companies. The possible upside for the fifty-four corporations listed at the three exchanges is that, they would be competent to lure a vaster reservoir of capital and investors.
Seemingly, as of September, 2020, the DSE market capitalization strutted at TZS 15,183.09 billion ($6.5 billion), related to TZS 17,906 billion ($7.7 billion) at the end of last year, exemplifying a decline of 18%.
The DSE All Share Index (DSEI), that encompasses all listed firms at DSE, entered TZS 1,828.80 on 9th of September 2020, down 14% from its apex for the year at above TZS 2,000 in February of the same year.
For New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent
www.newafricadailynews.com
