Capital Markets
From The Report: Tanzania 2018
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The Dar es Salaam Stock Exchange (DSE) has evolved impressively since its establishment in 1996, and its recent demutualisation has ushered in a new phase of market development. Updated regulations, products and infrastructure are under way as exchange authorities position the DSE to attract much-needed liquidity. The listing of telecoms and mining companies – the result of new legal requirements – should help to provide a regular schedule of new investment opportunities in the medium term; however, long-term index growth will ultimately depend on the direction of the broader economy, and the impact of ongoing economic reforms. This chapter contains a viewpoint with Moremi Marwa, CEO, Dar es Salaam Stock Exchange.

Articles from this Chapter

Overview

Step by step: New projects and recent progress are putting the Dar es Salaam Stock Exchange on a more stable footing
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The Dar es Salaam Stock Exchange (DSE) has evolved impressively since its establishment in 1996, and its recent demutualisation has ushered in a new phase of market development. Updated regulations, products and infrastructure are under way as exchange authorities position the DSE to attract much-needed liquidity. However, 2016 was a challenging year from an investment perspective. The effects of national economic reform are being felt in numerous sectors, and market uncertainty is likely…

Viewpoint

Striving for more: Moremi Marwa, CEO, Dar es Salaam Stock Exchange (DSE), on continued challenges in the primary and secondary markets
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Viewpoint:Moremi Marwa, CEO, Dar es Salaam Stock Exchange (DSE) In the past five years the DSE has made significant progress in its role of facilitating the financing of Tanzania’s economic development. This can be evidenced by the increase in depth, liquidity, number of investors and number of listed companies. The DSE has transformed into a commercial entity that pays dividends to over 3000 shareholders, including the government of Tanzania, which owns 15 companies on the exchange. The…

Analysis

In harmony: Balancing regional and domestic interests will be key to the development of integrated stock exchanges
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The merits of increased cooperation between members of the East African Securities Exchanges Association (EASEA) have long been a topic of discussion within the region’s investment community, with authorities from Tanzania, Rwanda, Kenya and Uganda regularly talking through long-term strategies to develop capacity in their respective markets. However, these discussions have yielded little in the way of specific measures, until recently, when efforts began to intensify. After a meeting held…

Analysis

Small fortune: With more lenient requirements, the Enterprise Growth Market helps small firms gain access to the exchange
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Launched in 2013, the Enterprise Growth Market (EGM) serves a dual purpose. For the Dar es Salaam Stock Exchange (DSE), it acts as a useful feeder to the main board. Companies that cannot meet the listing requirements for the primary market are able to take advantage of the more lenient terms of the EGM, from which they may graduate to the main board after they have grown their capital base and generated a track record of financial results. For the general economy, the EGM provides an alternative…