Tanzania: Nicol Starts Trading On Low Note
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The Citizen (Dar es Salaam)
17 July 2008
Posted to the web 17 July 2008
Mnaku Mbani
The National Investments Company Limited (Nicol) had a 33 per cent share rise in its first day of trading at the Dar es Salaam Stock Exchange (DSE) on Tuesday.
The DSE daily market reports show that the company offered 12,200 shares at Sh400 per share but at the end of the day, only 200 shares were sold at the same price.
Stockbrokers told The Citizen yesterday that the Nicol trading was low during the first day hoping that it will later catch up with the general trend experienced by other listings.
"It will take sometime for Nicol to catch up with the market trend," said Ms Mary Kessy, the resource director at Core Securities Limited - brokers and member of DSE.
"Most of Nicol prospective investors need to study the behaviour of the company trading."
Nicol listed 69.1 million shares at Sh300 each.
The company had 50 million paid-up share capital, which were split last year to 100 million shares to increase number of investors.
Ms Kessy said the first trading of Nicol shares was lower than other previous listed companies because investors tend to hold their shares.
"Most of shareholders are still reluctant to sell their shares in this early stage," she said.
Nicol entered DSE with the market capitalisation of Sh20.75 billion.
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DSE governing council chairman Peter Machunde said the Nicol entry into the bourse would boost the market capitalisation of Sh3.3 trillion.
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