[2008-09-04]  Tanga Cement shares sharply rally this week
Tanga Cement shares which trade as `SIMBA` at the Dar es Salaam Stock Exchange (DSE) are selling like hotcake on since Tuesday, most recent data shows.

According to the DSE daily market report released Tuesday, bidders were ready to buy SIMBA shares at prices ranging from 1,600/- to 1,800/-. A total of 44,300 shares were offered Tuesday.

Analysts have linked recent developments to the firm`s sound financial performance announced recently by the firm`s Chairman, Dave King.

The cement firm profits inched up by 58 per cent over the last six months, followed up by a declaration of 120/- dividends to be paid to investors.

According to the un-audited financial results published recently, the cement factory realised 9.6bn/- at the end of last year, and equally managed to rake in 15.1bn/- at the closing stages of June this year.

Following the sound performance, the board of directors affirmatively proposed a handsome 120/- bonus per share.

During the period under review, company`s taxes to state coffers also soared by 37 percent, having jumped from 4.1bn/- paid in December last year to 6.5bn/- in June this year.

Meanwhile, business transactions improved slightly at the Dar es Salaam Stock Exchange (DSE) on Tuesday, as the bourse posted a higher turnover of 28.18m/- against 24.25m/- registered in the previous trading session on Monday. The turnover was realised from 19,518 shares traded in 50 deals.

However, the three of Tanzania Portland Cement Company, which trades as TWIGA, Tanzania Breweries Limited (TBL) and SWISSPORT were the most active, dominating the business transactions.

TWIGA counter had 15,540 shares traded at 1,360 per share in 40 deals, TBL counter had 3,879 shares traded at 1,800/- per share in 7 deals and SWISSPORT counter had 99 shares traded at 650/- per share in three deals.

At the end of the session, TWIGA counter had 500 shares on bid at 1,200/- per share and 26,300 shares on offer at 1,400/- and 1,360/- per share. EABL counter had 5,000 shares on bid at 2,000/- per share.

NICOL counter had 21,200 shares on offer at 305/- per share, TBL counter had 11,000 shares on bid at 1,800/- per share.

The TCC counter had 45,900 shares on bid at 1,620/- per share and 5,500 shares on offer at 1,700/- per share. The DSE Share Index (DSEI) closed at 1,075/04.



Source: Guardian