Business & Economics :: Markets

• Asian markets up beat over prospects for N. Korea talks

  Hong Kong. Asian markets climbed Wednesday following a rally on Wall Street as easing trade and Syria concerns allowed investors to concentrate on earnings and upbeat data, while fresh news on US-North Korea talks also provided support. New York provided a strong lead, with all three main indexes posting healthy gains on the back of better-than-expected reports from heavyweights including Netflix, Goldman Sachs and Johnson & Johnson   Read More ...

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  Build your knowledge of investing in shares

  In the last week’s piece, whose intent was to educate ourselves about how old and evolutionary the concept/idea of stock markets has been and how impactful it can be; basing our analogue from the history of human kind, especially in the past 300 years. We noted that as one of the financial markets platforms, stock markets facilitate growth of economic enterprises, the democratising of wealth, facilitating preservation and distribution of wealth in the forms of ownership, facilitating wealth management, facilitating business and financial risk management, etc   Read More ...

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  Bitcoin’s diehards vow to ride out amid currency turbulence

  New York. The crowds have thinned somewhat at Bitcoin Center, leaving just the true believers in the volatile cryptocurrency. “Two months ago we couldn’t breathe here” due to the throngs, recalled Nick Spanos, founder of the trading and educational hub in lower Manhattan. “People outside couldn’t get inside.” The center, which was set up in December 2013, calls itself a one-of-a-kind epicenter for all things bitcoin   Read More ...

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  Acacia share price up 29pc

  Dar es Salaam. Acacia share price closed high by 29.25 per cent during an opening day of this week, compared with the closing day of last week. A Dar es Salaam Stock Exchange (DSE) market report has shown that the company’s share price closed at Sh5,700 on Monday, higher than Sh4,410 recorded during last week’s close. The rise in the share price of the company, which is the fourth largest in terms of market capitalisation, also helped to raise the DSE All Shares Index   Read More ...

• Oil prices decline amid trade tensions

  New York. Oil prices tumbled on Friday as escalating trade tensions between China and the United States dented investor sentiment. US President Donald Trump threatened on Thursday to slap tariffs on $100 billion of imports from China, ratcheting up trade tensions and plunging economic growth into uncertainty. China will fight “at any cost” and take “comprehensive countermeasures” if the United States continues its unilateral, protectionist practices, a spokesperson with the Chinese Ministry of Commerce said Friday   Read More ...

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  DSE market capitalisation plunges by over Sh43 billion

  Dar es Salaam. The Dar es Salaam Stock of Exchange (DSE) total market capitalisation fell by Sh43.47 billion to close at Sh23,531.05 billion on Friday from Sh23,674.52 billion recorded on Thursday. The drop in total market capitalisation was a result of a decrease in share prices of cross-listed Kenya-based companies, including Kenya Airways (KA), East African Breweries Limited (EABL), Nation Media Group (NMG) and Kenya Commercial Bank (KCB)   Read More ...

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  Why TZ needs a sovereign debt restructuring framework

  LAST month Dr Philip Mpango, the minister for Finance and Economic Affairs, presented the government’s proposed 2018/19 annual plans and budget ceiling; however, the plans do not include any mitigation strategies on how Tanzania could preempt the eventuality of sovereign debt default or financial distress which may arise from the vagaries of world commodity markets, world capital markets and world currency markets   Read More ...

• US crude oil production remains level

  Houston. US crude oil production in January reached 9.964 million barrels per day, almost the same levels as that in December 2017, the US Energy Information Administration (EIA) said Friday. According to EIA’s Monthly Crude Oil and Natural Gas Production, the production in December 2017 was 9.958 million barrels per day, and the daily average in 2017 was 9.318 million barrels   Read More ...

• Kenya’s forex reserves soar

  Nairobi. Kenya’s foreign exchange reserves rose by $55 million this week to hit an all-time high of $8.85 billion, an equivalent of six months of import cover, Central Bank data showed Saturday. The reserves swelled from $8.79 billion, an equivalent of 5.87 months of import cover, boosted by increased inflows from off-shore investors buying government Treasury bonds at the debt market   Read More ...

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  Kamal Group seeks natural gas supply at Bagamoyo EPZ

  Dar es Salaam. The developer of one of Tanzania’s privately-owned Industrial Parks, Kamal Group, has asked the government to help in connecting its site with natural gas. Kamal Group’s chairman, Mr Gagan Gupta, told the Permanent Secretary in the Ministry of Industry, Trade and Investment, Prof Elisante ole Gabriel, that with natural gas connection, factories operating from its 300-acre Kamal Industrial Park at Zinga in Bagamoyo will get access to reliable power supply   Read More ...

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  Treasury bills oversubscribed even as yields continue falling

  Dar es Salaam. Investors continue to show high appetite for government debt instruments despite reduced yields. Treasury Bills floated Wednesday by Bank of Tanzania (BoT) were oversubscribed by Sh55 billion. The auction results shows that yields for T-Bills reduced to a weighted average yield of 4.54 per cent per annum, lower than 4.84 per cent recorded during the previous auction held on March 7   Read More ...

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  TCCIA share price up by 13 pc

  Dar es Salaam. TCCIA Investment PLC share price closed almost 13 per cent up at Sh450 during the first day of listing at the Dar es Salaam Stock Exchange (DSE), from an Initial Public Offering (IPO) price of Sh400. The DSE market report for Friday showed that the company recorded a turnover of Sh4.6 million from transacted 10,303 shares at a price of Sh450 in 17 deals   Read More ...

• Hotelier targets new markets as number of customers falls

  Dar es Salaam. Unpredictable hotel business in the country is forcing Ramada Resort Dar es Salaam to look for other potential markets within the East African Community (EAC) and Southern African Development Community (SADC) country states to raise revenue. The strategy follows a decline in revenues occasioned by poor bed occupancy whereby only 50 to 55 per cent of income is generated from selling of rooms   Read More ...

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  Shortage of pineapples hits Dar City

  Dar es Salaam. Dar es Salaam is currently facing a shortage of pineapples as the end of the harvesting season comes to an end and there is a rising demand in other regions and neighbouring countries. Retailers also said that there was a high demand of the commodity as wholesalers and Retailers were buying directly from farmers and sending the products up-country   Read More ...

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  Bitcoin poses challenges as BoT calls for caution

  Dar es Salaam. Following growing appetite among Tanzanians to invest in cryptocurrencies, the Bank of Tanzania (BoT) is studying how the new phenomenon can be regulated. A cryptocurrency is a digital, or virtual currency, that uses cryptography for security. A defining feature of digital currencies is the fact that they are not issued by any central authority, making them theoretically immune to government interference or manipulation   Read More ...

• Successful IPOs raise profile of Dar bourse

  Dar es Salaam. Initial public offerings (IPOs) conducted in Tanzania in the last five years have raised the profile of the Dar es Salaam Stock Exchange (DSE), placing it among the best performing equity markets in Africa, a new study shows. A report by PricewaterhouseCoopers (PwC), which was published yesterday, lists Tanzania as one of the top ten countries in Africa in issuance of the highest IPOs in terms of value   Read More ...

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  Tanzania lags behind on private equity

  Tanzania is lagging behind the other five member states of the East African Community (EAC) in attracting private equity deals. For that, stakeholders put the blame on lack of transparency among companies operating in the country, as well as unscrupulous business practices and unwillingness of some firms to go for the option. Data compiled by the African Venture Capital Association show that the East African countries attracted a total of $2   Read More ...

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  Tanzania issues warning against cryptocurrencies

  The Bank of Tanzania (BoT) has warned the public to act with extreme caution when trading in cryptocurrencies. The central bank is among other East African regulators that have cautioned citizens against the lure of digital currencies, which they say have no legal backing. The rise of prices of cryptocurrencies prices, especially Bitcoin --the most popular digital currency globally-- has made them appealing   Read More ...

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  CRUDE OIL PIPELINE PROJECT: Uganda, Tanzania officials to meet

  Uganda is slated to host the first oil and gas engagement with Tanzania specifically for the proposed crude oil Pipeline. One of the pertinent issues to be ironed out is the local content component which has of late become an overriding factor as policy for government. Uganda is slated to host the first oil and gas engagement with Tanzania specifically for the proposed crude oil Pipeline   Read More ...

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  MANAGING TAX RISKS: The titbits of import tax

  It accounts between 15 and 20 per cent of all the taxes collected on imports. This article focuses on the Import duty. Basic knowledge of how the various aspects of the Import duty work can save your business from penalties and interest. Import duty is collected from the importation of goods into the country. It is different from export tax and export levy which apply on the export of some specified goods   Read More ...

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  Tips on investing in stock markets to enjoy high returns

  Last week we covered investment in bonds. As I promised we will finish the bonds piece in part of this article and will finish by looking into alternative investments — other than equity (shares) and bonds. So, where do bonds make sense in your investment portfolio? Conservative investors who are retirees or can not tolerate the volatility of stocks/shares, other non-financial assets but “exotic, high adrenaline related asset classes” such as investments in “daladala”, “boda boda”, chicken rearing, etc — which are relatively tough for an old aged retiree — might choose to invest a large percentage of their assets in bonds   Read More ...

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  SA firm targets Tanzanian market for new car technologies

  Dar es Salaam. The South Africa-based Jaguar Company has spread new car technologies for reduced fuel consumption, efficient use of gear boxes – and entertainment – to almost all African countries, including Tanzania. A recent press release from Jaguar-South Africa to mass media organs says‘E-Pace’ went on sale from February 16 this year in all African countries except Mozambique, Senegal and the Ivory Coast   Read More ...

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  Mining investors remain cautious of Tanzania market

  Potential investors are holding back on their entry into Tanzania over President John Magufuli’s stringent policy changes. Last week, Acacia Mining was in talks for the sale of a stake in one or more of its three gold mines in Tanzania for a 50-50 joint venture. Three Chinese firms, Shandong Gold, Zijing Mining Group and China National Gold Group, are said to have held discussions with Acacia   Read More ...

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  Tips on investing in stock market to enjoy high returns

  Last week we covered about some of the ingredients of success in investing in shares (or equity). We ended the article by this statement: “as much as possible try to put a financial cushion, you will reduce the chances of raising cash by selling stocks/shares when the market is crashing. Of course one way of achieving such an objective is to invest in fixed income instruments such as bonds — given their contractual nature of paying fixed amounts in pre-agreed periods”   Read More ...

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  M-Pesa, TigoPesa market shares shrink

  Dar es Salaam. Market shares of M-Pesa and TigoPesa shrank in 2017, a quarterly report by the Tanzania Communications Regulatory Authority (TCRA) indicates. The decrease was mainly attributed to the introduction of new service providers including HaloPesa and TTCL Pesa. However, M-Pesa still led the market with 37 per cent, followed by TigoPesa’s 31 per cent and Airtel Money’s 27 per cent   Read More ...

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  Tanzania eyes lucrative Chinese market

  Tanzania is now looking East for business travellers and wealthy holiday makers to boost its tourist numbers. “We want to tap into China’s large population to market our products and hope to attract visitors to Tanzania,” Tanzania Tourist Board managing director Devota Mdachi said. She said that TTB had invited a high-level delegation to market Tanzanian wildlife parks, historical sites and Mount Kilimanjaro to Chinese tourists   Read More ...

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  Battle for East Africa tourism market brews

  Kenya and Tanzania are set for a bruising battle for dominance of East Africa’s tourism market, with both countries unveiling blueprints to boost the sector’s contribution to their economies, following impressive growth levels in 2017. As part of its action plan unveiled by the Tourism Ministry last week, Kenya hopes to triple its international tourist arrivals to four million by 2030, from 1   Read More ...

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  Kenya fares well in fish exports

  Kenya earned much more from fish exports in the last three years than it paid for imports despite rising volumes shipped in and an outcry over foreign sea food flooding the local market. The country earned Sh8.5 billion from selling abroad, which was higher than the Sh4.03 billion paid for imports in the period under review, according to official figures. Export volumes in the last three years stood at 16,429 tonnes compared with 40,991 tonnes imported in the same period   Read More ...

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  A boon for Dar stockmarket as profits rise, NSE’s decline

  The Dar es Salaam Stock Exchange’s net profit for the fourth quarter of 2017 rose by almost 50 per cent, attributed to a doubling of transaction fees. The Nairobi Securities Exchange’s turnover on the other hand dipped by 34 per cent due to uncertainty created by a prolonged electioneering period. According to the DSE financial statement, the stockmarket’s net profit rose to $478,000, from $324,252 over the same period in 2016   Read More ...

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  Airtel Money’s market share dips by 5pc in fourth quarter

  Dar es Salaam. Airtel Tanzania mobile money subscriptions market share shrank by 5 per cent during the fourth quarter of 2017 compared with that in the previous quarter. A report by the Tanzania Communications Regulatory Authority (TCRA) showed that the Airtel Money market share declined from 32 per cent in the third quarter to 27 per cent in the last quarter   Read More ...

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  Tips on investing in stock market to enjoy high return

  This article is a continuation of a series of articles that we have been running for the past five weeks which details some of the essential tips that could be useful for those who have interest in investing in financial instruments which are listed in the stock market. So far we have covered factors that determine prices of listed securities i   Read More ...

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  Geita to have gold market

  Geita. Regional authorities are planning to open a gold market to reduce smuggling. Geita Regional Commissioner Robert Gabriel told the full council’s meeting on Wednesday, February 14, that the mineral was being smuggled out of Tanzania, denying the government of revenue. “That has been happening because we have no reliable gold market.” He hopes gold auctioning will open up economic opportunities for the region as buyers from various countries will be flocking to Geita   Read More ...

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  Acacia shares price down

  Dar es Salaam. Acacia Mining share price at the Dar es Salaam Stock Exchange (DSE) fell by 0.92 per cent on Monday to Sh2,410 from Sh5,460 recorded during the last week’s close. This trend is experienced during a day when the company announced its financial statement for 12 months of last year and announced an appointment of the new Managing Director for Tanzania subsidiaries   Read More ...

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  Uganda-Tanzania crude oil pipeline brings public and private sector players to Dar

  The National Economic Empowerment Council (NEEC) in collaboration by Tanzania Private Sector Foundation (TPSF) have organised a meeting that intends to see that members of the business community are able to see the opportunities that come with the Uganda-Tanzania crude oil pipeline. The meet - which will involve stakeholder from public and private sectors – is slated for February 23, 2018 in Dar es Salaam city   Read More ...

• US firm ventures into Dar market

  An American sanitary ware manufacturer, Kohler, has partnered with ABC Emporio to open a showroom for tiles, kitchen and bath plumbing fixtures in Tanzania targeting high-end clients. Tanzania becomes the third country in East Africa for the American firm and its authorised distributor, ABC Emporio, to open its outlets after Kenya and Uganda. Speaking during the launch of the showroom at the weekend in Dar es Salaam, top executives from the two companies said their coming has been influenced by Tanzania’s economic growth records   Read More ...

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  Smart telco applies to list on the Dar bourse again

  Tanzanian wireless communications firm Smart has submitted its prospectus to the Capital Markets and Security Authority in preparation for listing on the Dar es Salaam Stock Exchange. This is the third time the firm, which holds one per cent of the market share, is submitting its prospectus. The previous attempts failed due to regulatory shortcomings, said CMSA public relations officer Charles Shirima   Read More ...

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  YOUR BUSINESS IS OUR BUSINESS: Tanzania: rich in cattle, poor in cattle products

  In Summary There, we read that ‘a goodly number of 5-star hotels in Tanzania regularly import meat for their business from South Africa, far-off Netherlands and Australia down-under…! By Karl Lyimo Here we read that the Ngorongoro Pastoralists Association in Tanzania has asked the government to ‘find’ an investor in meat-packing, arguing that this’d guarantee a reliable market for livestockkeepers. [See ‘Herders want markets for their products;’ TheCitizen: Dec   Read More ...

• Tanga youth assured of reliable bricks market

  Tanga. The youth in Tanga must be smiling broadly after being guaranteed to be provided with brick making machines, special areas to conduct their activities and reliable market for their products. The promise was made on Thursday, February 8, by the Tanga municipal acting director, Mr Daudi Mayeji during the closing of entrepreneurship skills training for the youth in the district, which was organised by the regional commissioner’s office   Read More ...

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  Oil prices up

  Retail and wholesale oil prices have risen. A statement by the Energy and Water Utilities Regulatory Authorities (Ewura) attributes the increases to a change at the world oil market. The increases are for oil consignments offloaded at Dar es Salaam and Tanga ports, Ewura acting director general Nzinyangwa Mchany said in the statement on Wednesday, February 7. The new prices come into effect today   Read More ...

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  China looks to stamp out cryptocurrency trading

  Beijing, China | AFP | China plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores. The moves were outlined in a report Sunday by Financial News, a publication under the People's Bank of China, which said the aim was to snuff out the "dying cinders" of cryptocurrency trading and initial coin offerings "which are glowing once more"   Read More ...