1. MARKET REPORT EQUITIES. Market Capitalization & Indices

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1 The Dar es Salam Stock Exchange ISSN No CONTENTS 1. Market Report A. Equities B. Bonds Issue No REPORT A. EQUITIES Market Capitalization & Indices The Market Capitalization grew by 4.01% from TZS 13, billion as of 31st March 2013 to TZS 14, billion as of 30th June New Listings 3. Strategic evelopmental Matters 4. Investor Education &Public Awareness Initiatives All Share Index gained (+4.01%) from 1, points by the end of March 2013 to 1, points as of 30th June Growth in DSE All Share Index was caused by appreciation of domestic share prices. The following counters appreciated by at least 10%: CRDB (71.78%), TTP (36.36%), NMB (24.62%), and TCC (12.85%). 5. Corporate Actions 6. Statistics & Charts 1 Base year/value for All Share Index: 15 Dec 2006=1,000 1 DSE QUARTERLY-June 2013.indd 1 7/22/13 4:45:36 PM

Domestic Market Capitalization The Domestic Market Capitalization grew by 16.31% from TZS 3,323.25 billion in Q1 to TZS 3,865.63 in Q2.

This is also linked to the appreciation domestic share prices.

27% respectively. Equity turnover increased from TZS 10 billion to TZS 35

The composition of turnover generated during the quarter is as indicated below: Banking & Investment Index increased by 517 points (+38.51%) to 1,860.

78%) gain and a substantial increase of NMB (24.62%) share prices. For the second quarter in a row, DCB share prices declined (-33.33%).

02% of the quarterly turnover respectively. Industrial & Allied Index increased by 6.19% moving from 1,881.74 points on 31st March, 2013 to 1,998.

2 Domestic Market Capitalization The Domestic Market Capitalization grew by 16.31% from TZS 3, billion in Q1 to TZS 3, in Q2. Equally, Tanzania Share Index increased by 16.31% from 1, points as at the end of March 2013 to 1, points as at the end of June This is also linked to the appreciation domestic share prices. Turnover Trend & Volume Trend During the quarter, equity turnover, volume of transactions, and the number of deals increased by %, %, and 6.27% respectively. Equity turnover increased from TZS 10 billion to TZS 35 billion (i.e. 3.5X) while volume of shares traded increased from 17,526,066 Shares to 76,709,453 shares (i.e. 4.4X). The composition of turnover generated during the quarter is as indicated below: Banking & Investment Index increased by 517 points (+38.51%) to 1, points at the end of compared to 1, points by the end of the previous quarter. The increase was supported significantly by the CRDB (71.78%) gain and a substantial increase of NMB (24.62%) share prices. For the second quarter in a row, DCB share prices declined (-33.33%). TBL, CRDB, TPCC, and NMB counters were traded most in during the quarter, accounting for 39.22%, 38.64%, 11.57%, and 5.02% of the quarterly turnover respectively. Industrial & Allied Index increased by 6.19% moving from 1, points on 31st March, 2013 to 1, points as of 30th. During the quarter; TATEPA, TCC, SWISSPORT, TBL, PAL, and TWIGA prices appreciated by 36.36%, 12.85%, 6.25%, 6.23%, 3.26%, and 1.53% respectively. TOL and SIMBA prices remained flat. During the quarter under review: TCC, NMB and TBL ranked first, second and third respectively, in terms of price appreciation. 2 Base year/value for Tanzanian Share Index: 01 Jan 2009=1,000 2 DSE QUARTERLY-June 2013.indd 2 7/22/13 4:45:42 PM

Foreign Investors Participation During the quarter under review, foreign investors participation in equity trading at the exchange was stood at 26.

93 % Buying Foreign Investors 31.36 53.07 B. BONDS (i) Secondary Trading During the quarter, trading in the secondary market for Government bonds significantly improved (+124.27%) from TZS 41.

92 billion were traded in the second quarter of year 2012 (a quarter ended June 2012.

3 Foreign Investors Participation During the quarter under review, foreign investors participation in equity trading at the exchange was stood at 26.53% a modest improvement compared to a previous quarter of 15.68%. Details Jan - Mar 2013 Apr - Jun 2013 Turnover (TZS Mn) 10, , % Buying Local Investors % Buying Foreign Investors B. BONDS (i) Secondary Trading During the quarter, trading in the secondary market for Government bonds significantly improved ( %) from TZS billion TZS in the first quarter (January to March 2013) to TZS billion in the quarter ending June Comparatively, Government bonds with a combined turnover of billion were traded in the second quarter of year 2012 (a quarter ended June (ii) Yield Curve on Secondary Bond Market During the quarter of April to June 2013, Weighted Average Yield to Maturity (YTM) for 2-Year Bonds slightly declined when compared to the preceding quarter. The 5-Year, 7-Year and 10-Year Bonds averages were higher than their respective preceding quarters averages. YTM for the 10-Year bonds recorded the highest gain of 7.04%. The 2-Year bonds YTM declined by 0.8%. 2. NEW LISTINGS There was no new IPO during the quarter. With regard to the bonds market, Treasury bonds with different maturities worth TZS billion were listed during the quarter (a 2.89% more than the preceding quarter). Treasury bonds worth TZS billion were listed in the quarter ended 31st March Term Preference on Fixed Income Instruments During the quarter, subscription levels for both short term and long term investment opportunities were less than the amounts offered. At 91% subscription levels (a significant drop from 130% levels a previous quarter), investors preferred short term investments than long term investments (81%) during the quarter. The combined subscription levels for short and long term investments were lower (86%) than the preceding quarter (112%). Ten year bond yield increased from 14.28% to 15.28%, Seven year bonds improved from 15.29% to (+1.22%), Five year bonds (+0.55%) increased from 14.38% to 14.93%, and, the two year bonds declined from 14.30% to 14.18%. As depicted above, during Q1 2013, longer maturities had higher average yields than shorter term maturities. Yields for 7-Year Bonds were the highest (at 15.48%) on average than the rest. 3 DSE QUARTERLY-June 2013.indd 3 7/22/13 4:45:44 PM

4 3. STRATEGIC DEVELOPMENT MATTERS 3.1 Demutualization Study The DSE Demutualization study was completed during the quarter. The National Demutualization Committee -NDC (committee formed by the Regulator) supervised the study which was done by a Consultant. The study has recommended different options on how the DSE can be transformed as a company with share capital. The NDC will work on the study recommendations. 3.2 Review DSE s Blue Print During the quarter DSE, with the assistance of a Consultant, managed to complete review of its Rule Book. The review process involved all stakeholders. The newly drafted DSE Rule Book is now awaits approval from the Regulator. 3.3 Implementation of Wide Area Network (WAN) and Reduction of Delivery Versus Payment (DVP) Settlement Cycle During the quarter DSE has successfully completed implementation of WAN and the reduction of settlement cycle from T+5 to T+3 for equities and from T+3 to T+1 for bonds. The implementation of WAN has enabled DSE Licensed Dealing Members (stock brokers) to conduct their trading activities on listed shares and bonds from their offices (remote). Also CSD users now can access and use the DSE s CDS services remotely. The two milestones in the DSE history are expected to virtually replicate the DSE s trading facilities though-out the country and hence make it accessible to more market players (including the general public). 4. INVESTOR EDUCATION & PUBLIC AWARENESS Initiatives to Increase Financial Literacy 4.1) Public Awareness for the DSE Activities In its effort to create and increase public awareness about DSE activities and the opportunities available at the Exchange, During this quarter DSE Management embarked on companies visits targeting potential issuers and investors. The visited companies include: W-Stores Tanzania Ltd, Tanzania Ports Authority, Exim Bank Tanzania Ltd and Petrolube Tanzania Ltd. There is positive responsive to all the visits made. DSE will deploy more effort in the next quarter Also during the quarter DSE Management had an opportunity to appear before the Parliamentary Committee for Industries, Trade and Economy. During this session with the policy makers, DSE emphasized the importance of the Government to use the Exchange when privatizing Government owned entities. 4.2) Public Awareness for the Enterprise Growth Market (EGM) During the quarter the preparations for the country-wide Public Awareness Campaigns regarding the new market segment (EGM) were at advance stage. The campaigns that will involve seminars, airing of TV and Radio programmes will start before end of third quarter of the year ) Saba Saba Exhibitions DSE made preparations for participation in the Saba Saba Exhibitions at Mwalimu Nyerere International Trade Fair for year DSE uses the usual 11 days exhibitions as one of its platform for Public Awareness Campaigns. 4.4) Students Visits During the quarter under review DSE hosted a total of 90 visiting students from Secondary schools and Higher Learning Institutions. From Secondary Schools were: 23 students from Kibasila High School; 10 students from Umbwe Secondary School; Benjamin William Mkapa Secondary 5 students and Weruweru Secondary School 7 students. From Higher Learning Institutions were: Institute of Finance Management (IFM)- 3; College of Business Education (CBE) -2 and National Instutute of Transport (NIT)- 40. DSE also received a total of 6 research students: from Mzumbe University were 4 and one student from both University of Strathclyde (UK) and Institute of Rural Development Planning Dodoma. 5) CORPORATE ACTIONS Dividend Announcements During the quarter the following made their final dividend announcements: 5.1 DCB announced final dividend of TZS million or TZS 14 per share from year 2012 Profit After Tax of TZS 1.91 billion. The announced final dividend is 59% of the year 2011 final dividend of TZS 1.61 billion. 4 DSE QUARTERLY-June 2013.indd 4 7/22/13 4:45:45 PM

5 5.2 NMB announced final dividend of TZS 34 billion or TZS 68 per share. This is 26% growth in dividend compared to year 2011 dividend of TZS 25 billion. 5.3 CRDB announced final dividend of TZS billion or TZS 12 per share from year 2013 Profit After Tax of TZS 26.1 billion. The announced final dividend is 33% growth in dividend compared the year 2012 final dividend of TZS 19.6 billion. Turnover (TZS Mil) Volume of shares DSE STATISTICS FOR THE PERIOD OF APRIL 2012 TO MARCH 2013 July '12 Aug '12 Sept '12 Oct '12 Noc '12 Dec '12 Jan '13 Feb '13 Mar '13 Apr '13 May '13 Jun '13 July '12 Aug '12 Sept '12 Oct '12 Noc '12 Dec '12 Jan '13 Feb '13 Mar '13 Apr '13 May '13 Jun '13 3,375,723 4,121,075 6,695,226 11,041,016 4,938,667 4,043,386 5,954,594 8,067,372 4,116,597 4,137,121 7,798,369 5,590,576 Deals ,082 1, , Trading Sessions Market cap (TZS bil) Exchange Rate DSE All Share Index , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , TBL 2,520 2,600 2,620 2,620 2,800 3,000 2,900 3,100 3,020 3,020 3,040 3,220 TOL TATEPA TCC 3,360 3,360 4,000 4,020 4,100 4,200 4,320 5,200 5,760 6,100 6,040 6,500 TCCL 2,380 2,400 2,420 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 2,400 SWIS 1,200 1,340 1,380 1,460 1,700 1,720 1,740 1,800 1,920 2,000 1,980 2,060 TPCC 2,440 2,500 2,500 2,500 2,540 2,600 2,600 2,600 2,620 2,640 2,640 2,660 DCB NMB ,000 1,000 1,100 1,120 1,140 1,200 1,300 1,420 1,580 1,620 CRDB JHL 5,860 5,860 5,860 5,860 5,860 5,860 5,860 5,860 5,860 5,860 5,860 5,860 KA 1,020 1,020 1,020 1,020 1, EABL 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 KCB NMG 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 ABG 13,160 13,160 13,160 13,160 13,160 13,160 13,160 13,160 13,160 13,160 13,160 13,160 PAL DSE QUARTERLY-June 2013.indd 5 7/22/13 4:45:45 PM

COMPARATIVE RATIOS COMPANY P/E RATIO YIELD EPS 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 TBL 7.23 6.42 5.68 4.90 5.32 11% 9% 8% 0% 7% 251.57 273.95 313.46 412.63 564.

21 12% 16% 15% 19% 9% 91.08 112.42 121.44 196.92 186.75 TPCC 8.23 6.15 6.45 7.40 7.60 4% 8% 8% 9% 7% 194.32 266.74 279.04 281.26 342.25 NMB 9.96 8.52 6.11 5.92 5.75 3% 4% 5% 6% 6% 97.41 95.10 107.

12 72% 0% 0% 0% 0% (302.06) (32.59) 0.83 (45.19) 28.34 TOL - - - 62.04 10.17 0% 0% 0% 0% 0% (3.89) (23.91) (50.05) 3.22 25.58 EABL 9.40 10.89 16.05 9.98 7.56 8% 7% 7% 8% 8% 212.82 183.71 124.58 200.

6 COMPARATIVE RATIOS COMPANY P/E RATIO YIELD EPS TBL % 9% 8% 0% 7% TCC % 8% 14% 19% 18% TCCL % 10% 13% 4% 4% SWIS % 16% 15% 19% 9% TPCC % 8% 8% 9% 7% NMB % 4% 5% 6% 6% DCB % 9% 17% 8% 8% CRDB % 5% 7% 5% 8% TTP % 0% 0% 0% 0% (302.06) (32.59) 0.83 (45.19) TOL % 0% 0% 0% 0% (3.89) (23.91) (50.05) EABL % 7% 7% 8% 8% KA % 1% 2% 2% 0% ) (97.64) JHL % 1% 2% 2% 2% KCB % 4% 5% 7% 5% TANZANIA BREWERIES LIMITED (TBL) SWISSPORT TANZANIA LIMITED (SWISSPORT) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,182 56, , ,000,000 4,847 2,592 21, ,584 52, , ,000,000 5,668 3,238 20, ,603 58, , ,000,000 6,322 3,327 21, ,168 58, , ,000,000 10,238 5,671 29, ,188 44, , ,000,000 9,723 5,378 61,920 6 DSE QUARTERLY-June 2013.indd 6 7/22/13 4:45:46 PM

TOL GASES LIMITED (TOL) TANZANIA PORTLAND CEMENT COMPANY LIMITED (TWIGA) (TZS Million) (TZS Million) (TZS Million) (TZS Million)

19) - 8,748 2009 179,923,100 68,788 23,390 295,074 2010 37,223,686 (1,862.

95-7,445 2011 179,923,100 72,774 32,386 374,240 2012 37,223,686 1,377.

(TZS Million) (TZS Million) (TZS Million) (TZS Million) 2008 17,857,165 6,077 6,518 9,107 2008 461,615,484 (107,729) 8,787 692,423

7 TOL GASES LIMITED (TOL) TANZANIA PORTLAND CEMENT COMPANY LIMITED (TWIGA) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,223,686 (144.62) - 10, ,923,100 50,193 12, , ,223,686 (890.19) - 8, ,923,100 68,788 23, , ,223,686 (1,862.98) - 7, ,923,100 71,929 25, , ,223, , ,923,100 72,774 32, , ,223,686 1, , ,923,100 92,341 33, ,800 TATEPA LIMITED KENYA AIRWAYS LIMITED (KA) OF IS- SUED (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,857,165 6,077 6,518 9, ,615,484 (107,729) 8, , ,857,165 (504) - 8, ,615,484 45,968 7, , ,857, , ,615,484 89,236 12, , ,857,165 (628) - 4, ,615,484 40,795 7, , ,857, , ,496,469,034 (201,147) - 1,481,504 7 DSE QUARTERLY-June 2013.indd 7 7/22/13 4:45:47 PM

TANZANIA CIGARATTE COMPANY (TCC) EAST AFRICAN BREWERIES LIMITED (EABL) OF IS- SUED (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS

2009 790,578,585 194,123 111,882 1,581,157 2010 100,000,000 84,100 30,000 222,000 2010 790,578,585 212,022 116,724 1,581,157 2011 100,000,000

1,581,157 TANGA CEMENT COMPANY LIMITED (SIMBA) JUBILEE HOLDINGS LIMITED (JHL) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS

45,000,000 19,407 3,530 263,700 2010 63,671,045 44,696 15,727 120,975 2010 45,000,000 36,995 4,451 263,700 2011 63,671,045 35,448 5,476 151,537

8 TANZANIA CIGARATTE COMPANY (TCC) EAST AFRICAN BREWERIES LIMITED (EABL) OF IS- SUED (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,000,000 44,564 27, , ,578, , ,572 1,581, ,000,000 65,978 15, , ,578, , ,882 1,581, ,000,000 84,100 30, , ,578, , ,724 1,581, ,000, ,400 60, , ,578, , ,428 1,581, ,000, ,728 75, , ,578, , ,385 1,581,157 TANGA CEMENT COMPANY LIMITED (SIMBA) JUBILEE HOLDINGS LIMITED (JHL) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,671,045 43,219 7, , ,000,000 16,705 3, , ,671,045 45,830 11, , ,000,000 19,407 3, , ,671,045 44,696 15, , ,000,000 36,995 4, , ,671,045 35,448 5, , ,000,000 37,198 4, , ,671,045 51,272 6, , ,895,000 49,174 6, ,125 8 DSE QUARTERLY-June 2013.indd 8 7/22/13 4:45:48 PM

DAR ES SALAAM COMMUNITY BANK (DCB) CRDB BANK PLC (CRDB) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million)

38,546,791 2,840 1,927 23,899 2008 2,176,532,160 60,005 4,253 326,480 2009 2,176,532,160 61,922 15,236 333,009 2010 2,176,532,160 65,637

COMMERCIAL BANK (KCB) OF ISSUED (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) 2008 500,000,000 70,935

2010 500,000,000 78,445 18,000 330,000 2010 2,855,061,944 176,560 64,313 1,256,227 2011 500,000,000 102,786 25,000 425,000 2011 2,855,061,944

9 DAR ES SALAAM COMMUNITY BANK (DCB) CRDB BANK PLC (CRDB) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,393,236 2, , ,393,236 2, , ,393,236 4,243 1,555 9, ,393,236 4,437 1,620 20, ,546,791 2,840 1,927 23, ,176,532,160 60,005 4, , ,176,532,160 61,922 15, , ,176,532,160 65,637 17, , ,176,532,160 51,013 19, , ,176,532, ,702 26, ,480 NATIONAL MICROFINANCE BANK (NMB) KENYA COMMERCIAL BANK (KCB) OF ISSUED (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) (TZS Million) ,000,000 70,935 15, , ,217,777, ,481 41, , ,000,000 68,038 15, , ,217,777, ,557 38, , ,000,000 78,445 18, , ,855,061, ,560 64,313 1,256, ,000, ,786 25, , ,855,061, ,488 91,643 1,256, ,000, ,741 34, , ,855,061, ,218 62,541 1,256,227 9 DSE QUARTERLY-June 2013.indd 9 7/22/13 4:45:49 PM

10 PRIMARY BONDS /TREASURY BILLS SUBSCRIPTION LEVELS TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND Issue Date Type of Bond Weighted Average Yield to Maturity Weighted Average Coupon Yield Amount Offered (TZS Bln) Amount Tendered (TZS Bln) Over/ Under Subscr (TZS Blnh) Subsription Level (%) TREASURY BILLS AUCTIONED SUBSCRIPTION LEVEL (Note: T.Bills are not traded on the Exchange) Amount Offered (TZS Bln) Amount Tendered (TZS Bln) Over/ Under Subscr (TZS Blnh) Subsription Level (%) April to June 2011 April to June Apr-11 2yr % April % 21-Apr-11 5yr % May % 18-May-11 10yr % June % 1-Jun-11 5yr % 15-Jun-11 5yr % 29-Jun-11 10yr % July to September 2011 July to September Jul-11 10yr % July (81.18) 59% 27-Jul-11 5yr % August % 10-Aug-11 5yr % September (13.35) 93% 7-Sep-11 10yr % 21-Sep-11 2yr % October to December 2011 October to December Nov-11 2yr % Oct % 5-Oct-11 5yr % Nov % 30-Nov-11 5yr (21.65) 28% Dec (31.07) 84% 19-Oct-11 7yr % 2-Nov-11 10yr (7.15) 64% 28-Dec-11 10yr (19.07) 5% January to March 2012 January to March Jan-12 2yr (8.85) 80% Jan % 7-Mar-12 2yr (45.75) 40% Feb % 25-Jan-12 5yr % Mar % 21-Mar-12 5yr % 8-Feb-12 7yr % 22-Feb-12 10yr % April to June 2012 April to June Apr-12 2yr 14, , % April % 18-Apr-12 10yr 14, , % May % 2-May-12 2yr 14,4455 8, %% June % 16-May-12 5yr 14, , % 30-May-12 7yr 15, , % 13-Jun-12 2yr 14, % 27-Jun-12 10yr 15, , % 10 DSE QUARTERLY-June 2013.indd 10 7/22/13 4:45:50 PM

11 July to Sept 2012 July to Sept Jul-12 5yr % July % 25-Jul-12 7yr % Aug % 7-Aug-12 10yr % Sept % 22-Aug-12 2yr % 5-Sep-12 5yr % 19-Sep-12 7yr % October to December 2012 October to December Oct-12 10yr % Oct % 17-Oct-12 2yr % Nov % 31-Oct-12 2yr % Dec % 14-Nov-12 7yr % 28-Nov-12 10yr (0.94) 98% 12-Dec-12 2yr % 27-Dec-12 5yr (13.20) 62% January to March 2013 January to March Jan-13 7yr (16.58) 70% Jan % 6-Feb-13 2yr % Feb % 20-Feb-13 5yr % Mar % 6-Mar-13 7yr % 20-Mar-13 10yr % April to June 2013 April to June Apr-13 2yr % April % 17-Apr-13 5yr % May % 30-Apr-13 7yr % June % 15-May-13 10yr % 29-May-13 2yr % 12-Jun-13 5yr % 26-Jun-13 7yr % Bond Issue Date Interest Rate Maturity Date Closing Principal (FV) 2:TWO YEARS BONDS Total 2 Year Bond Various 7.82% Various 494,670,000, YEAR BONDS Total 5 Year Bond Various 9.18% Various 836,384,200, YEAR BONDS Total 7 Year Bond Various 10.08% Various 831,110,040, YEARS BONDS Total 10 Year Bond Various 11.44% Various 829,606,700, Total Value of Outstanding Treasury Bonds 2,991,770,940, DSE QUARTERLY-June 2013.indd 11 7/22/13 4:45:51 PM

12 Contact Addresses of Licensed Stock Brokers CORE Securities Ltd 4th Floor, Elite City Tower Samora Avenue, Dar es Salaam Tel: Fax: Tanzania Securities Ltd 7th Floor, IPS Building Samora Avenue/ Azikiwe Street, Dar es Salaam Tel: Fax: Orbit Securities Co. Ltd 4th Floor, Golden Jubilee Tower, PSPF Building Ohio Street, Dar es Salaam Tel: Fax: Vertex International Securities Ltd Annex Building-Zambia High Commission Sokine/Ohio Street, Dar es Salaam Tel: Fax: Rasilimali Ltd 3rd Floor, Consolidated Holdings Building Samora Avenue, Dar es Salaam Tel: Fax: Solomon Stockbrokers Co. Ltd Ground Floor, PPF House Samora Avenue/ Morogoro Road, Dar es Salaam Tel: Fax: ZANSecurities Ltd Mezzanine Floor, Haidary Plaza P.O. Box 5366, Dar es Salaam Tel Fax: DSE QUARTERLY-June 2013.indd 12 7/22/13 4:45:52 PM

Quarterly Update CONTENTS. The Dar es Salam Stock Exchange. 1. Market Report A. Equities B. Bonds. 2. New Listings. 3. Strategic Development Matters

Quarterly Update CONTENTS. The Dar es Salam Stock Exchange. 1. Market Report A. Equities B. Bonds. 2. New Listings. 3. Strategic Development Matters The Dar es Salam Stock Exchange Quarterly Update ISSN No. 0856 8448 Issue No. 53 September, 2012 CONTENTS 1. Market Report A. Equities B. Bonds 1. REPORT A. EQUITIES Market Capitalization & Indices Market