INVESTING IN SHARE/STOCK- SECURITY MARKET

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If the thought of investing in the stock market scares you, you aren't alone. False promises and highly public stories of investors striking it rich or losing everything skew perceptions of the reality of the average investor. By understanding a little more about the stock market – and how the stock market works – you'll likely find it isn't as scary as you may think and that it's a viable investment.

A stock market is where shares in corporations are issued and traded. Stock markets are key components of a free market economy.

Stock markets serve two main functions.

From the company perspective, stock markets provide access to capital, usually in the form of cash. If a company needs to finance a major project, it can sell its shares in the stock market to raise capital, instead of borrowing the money from a bank.

From the shareholder perspective, the stock market provides a way to participate in a company’s growth, and also quickly convert shares into cash. This happens in two main ways.

In a privately held company, stockholders are usually comprised of founders and initial investors who can sell their shares on the stock market exchange and reap the reward for the risk they took in creating and growing their business venture. This is referred to as the primary market.

For investors who own shares in publicly traded companies, the stock market allows them to participate in the growth of a company without taking the risk of starting a company themselves. This is referred to as the secondary market

What is a Stock or Share?

When you buy a stock you're buying a piece of the company. When a company needs to raise money, it issues shares. This is done through an initial public offering (IPO), in which the price of shares is set based how much the company is estimated to be worth, and how many shares are being issued. The company gets to keep the money raised to grow its business, while the shares (also called stocks) continue to trade on an exchange, such as the Dar es salaam stock exchange (DSE)

Traders and investors continue to buy and sell the stock of the company on the exchange, although the company itself no longer receives any money from this type of trading. The company only receives money from the IPO.

Why Buy Shares?

Traders and investors continue to trade a company's stock after the IPO because the perceived value of company changes over time. Investors can make or lose money depending on whether their perceptions are in agreement with "the market." The market is the vast array of investors and traders who buy and sell the stock, pushing the price up or down.

Trying to predict which stock will rise or fall, and when, is very difficult. Over time stocks as a whole tend to rise, which is why many investors choose to buy a basket of stocks in various sectors (this is called diversification) and hold them for the long-term. Investors who use this approach do not concern themselves with moment-to-moment fluctuations in stock prices. The ultimate goal of buying shares is to make money by buying stocks in companies you expect to do well, those whose perceived value (in the form of the share price) will rise.

Mature and established companies may also pay a dividend to shareholders. A dividend is a cut of the company's profit, which the company sends to shareholders as long as the company continues to pay the dividend. Aside from the dividend, the share price will continue to fluctuate. The losses and gains associated with the share price are independent of the dividend. Dividends can be large or small – or nonexistent (many stocks don't pay them). Investors seeking regular income from their stock market investments tend to favoring buying stocks that pay high dividends.

When you buy shares of a company, you own a piece of that company and therefore have a vote in how it is run. While there are different classes of shares (a company can issue shares more than once), typically owning shares gives you voting rights equal to the number of shares you own. Shareholders as a whole, based on their individual votes, select a board of directors and can vote on major decisions the company is making.

Why Sell Shares?

For every stock transaction, there must be a buyer and a seller. When you buy 100 shares of stock (called a "lot") someone else must sell it to you. Either buyers or sellers can be more aggressive than the other, pushing the price up or down.

When the price of a stock goes down, sellers are more aggressive because they are willing to sell at a lower and lower price. The buyers are also timid and only willing to buy at lower at lower prices. The price will continue to fall until the price reaches a point where buyers step in and become more aggressive and willing to buy at higher prices, pushing the price back up.

Investors don't all have the same agenda, which leads traders to sell stocks at different times. One investor may hold stock that has grown significantly in price and sells to lock in that profit and extract the cash. Another trader may have bought at a higher price than the stock now sells for, putting the trader in a losing position. That trader may sell to keep the loss from getting bigger. Investors and traders may also sell because they believe a stock is going to go down, based on their research, and want to take their money out before it does.

Volume

How many shares change hands in a day is called volume. Many stocks on major exchanges, such as the DSE have millions of shares issued. That means potentially thousands of investors in a stock may decide to buy or sell on any particular day. A stock that has lots of daily volume is attractive to investors because the volume means they can easily buy or sell their shares whenever they please.

When volume is inadequate, or no one is actively trading a stock, it's still usually possible to dispose of a small number of shares because the exchanges mandate certain traders (firms) to provide volume. These traders are commonly referred to as market makers, and act as buyers and sellers of last resort when there are no buyers or sellers. They don't have to stop a stock from rising or falling though, which is why most traders and investors still choose to trade stocks with lots of volume, and thus not rely on these "market makers," which are now mostly electronic and automated.

The Bottom Line

Stocks are issued by companies to raise cash, and the stock then continues to trade on a exchange. Overall stocks have risen over the long-term, which makes owning shares attractive. There are also additional perks such as dividends (income), profit potential and voting rights. Share prices also fall, though, which is why investors typically choose to invest in a wide array of stocks, only risking a small percentage of their capital on each one. Shares can be bought or sold at any time, assuming there is enough volume available to complete the transaction, which means investors can cut losses or take profits whenever they wish.

Interest rates. Most people pay attention to them, and they can impact the stock market. But why? In this article, you will learn some of the indirect links between interest rates and the stock market and how they might affect your life.

The Interest Rate

Essentially, interest is nothing more than the cost someone pays for the use of someone else's money. Homeowners know this scenario quite intimately. They have to use a bank's money, through a mortgage, to purchase a home, and they have to pay the bank for the privilege. Credit card users also know this scenario quite well - they borrow money for the short-term in order to buy something right away. But when it comes to the stock market and the impact of interest rates, the term usually refers to something other than the above examples - although we will see that they are affected as well.

The interest rate that applies to investors is the Federal Reserve's funds rate. This is the cost that banks are charged for borrowing money from Federal Reserve banks. Why is this number so important? It is the way the Federal Reserve (the "Fed") attempts to control inflation. Inflation is caused by too much money chasing too few goods (or too much demand for too little supply), which causes prices to increase. By influencing the amount of money available for purchasing goods, the Fed can control inflation. Other countries' central banks do the same thing for the same reason.

Basically, by increasing the federal funds rate, the Fed attempts to lower the supply of money by making it more expensive to obtain.

Effects of an Increase

When the Fed increases the federal funds rate, it does not have an immediate impact on the stock market. Instead, the increased federal funds rate has a single direct effect - it becomes more expensive for banks to borrow money from the Fed. Increases in the federal funds rate also cause a ripple effect, however, and factors that influence both individuals and businesses are affected.

The first indirect effect of an increased federal funds rate is that banks increase the rates that they charge their customers to borrow money. Individuals are affected through increases to credit card and mortgage interest rates, especially if they carry avariable interest rate. This has the effect of decreasing the amount of money consumers can spend. After all, people still have to pay the bills, and when those bills become more expensive, households are left with less disposable income. This means that people will spend less discretionary money, which will affect businesses' top and bottom lines (that is, revenues and profits).

Therefore, businesses are also indirectly affected by an increase in the federal funds rate as a result of the actions of individual consumers. But businesses are affected in a more direct way as well. They too borrow money from banks to run and expand their operations. When the banks make borrowing more expensive, companies might not borrow as much and will pay higher rates of interest on their loans. Less business spending can slow down the growth of a company, resulting in decreases in profit.

DAR ES SALAAM STOCK EXCHANGE (DSE)

The Dar es Salaam Stock Exchange (DSE) is a stock exchange located in Dar es Salaam, the commercial capital and largest city inTanzania. It was incorporated in September 1996 and trading started in April 1998. It is a member of the African Stock Exchanges Association. The exchange is open five days a week, from Monday through Friday. The trading days are weekly from Monday to Friday, starting from 10.00 am to 14.00 pm.

The activities of the exchange are monitored and supervised by the Capital Markets and Securities Authority (CMSA). The DSE operates in close association with the Nairobi Securities Exchange in Kenya and the Uganda Securities Exchange in Uganda. Plans are underway to integrate the three to form a single East African bourse.

The Dar es Salaam Stock Exchange was established by the capital markets and security authority under the Capital Markets and Securities (CMS) Act of 1994 in Dar-es-salaam,Tanzania. The stock exchange was incorporated on 19 September 1996.The company was incorporated as a private company limited by guarantee and not having a share capital under the Companies Ordinate, therefore the DSE is a non-profit making body.

The exchange became operational on 15 April 1998 with TOL Gas Limited listing as the first company followed by the Tanzania Breweries Limited (TBL) during the same year. The delay was due to the necessary background operational preparations that were inevitable such as training of brokers and formulation of issuance and trading rules.

On 29 June 2015 the Dar-es-Salaam Stock exchange re-registered to become a public limited company. The company changed its name from the Dar Es Salaam Stock Exchange Limited to Dar Es Salaam Stock Exchange Public Limited Company. The company is set to list on the stock exchange in Q1 of 2016 and will be the third exchange inAfrica after Johannesburg Stock Exchange (2006) and Nairobi Securities Exchange (2014) to self list.^[

Business Trends

The Dar-es-salaam stock exchange started its 5-year year plan from June 2011. The financial year for the DSE begins 1 July and ends on 30 June.^[9]

	2011	2012	2013	2014
Market Capitalization (TZS Billion)	5,926	12,773	14,058	18,902
Value of Shares traded (TZS Billion)	48.25	44.45	73	273
Tanzania Share Index (TSI points)	1,051.92	1,206.99	1,840.11	3,561.62
Income and Expense Summary
Income (TZS Billion)	2.01	1.81	2.09	3.5
Expenses (TZS Billion)	1.73	2.25	2.04	3.00
Profit/Deficit (TZS Million)	n/a	−338.85	186.35	501.01
Securities and Bonds Summary
Value of Outstanding Listed Govt. Bonds (TZS Billion)	1,912.97	2,287.31	2,991.77	3,696.15
Treasury Bonds Listed (TZS Billion)	918	433	977	n/a
Fixed Income Securities Trading (TZS Billion)	363	248	452	477
Notes	^[9]	^[9]	^[10]	^[1]

Services of DSE

· DSE Mobile Trading was launched on 20 August 2015 to allow people upcountry where brokers are not present. The platform is called "soko la hisa kiganjani".^[11] The platform was designed by Maxcom Africa and is compatible with all Tanzanian cell phone operators. The program aims to allow more Tanzanians to participate in the bourseas currently only 400,000 people participate in a country of 50 million.^[12] At the end of 2015 over 1000 investors used the platform. ^[13]

Market listing

As of July 2015 there are twenty-three listed companies, five corporate bonds and eight government bonds. The table below summarises the current market listings:^[14][15]

Main Exchange

Symbol	Company	ISIN	Date Listed	Notes
1.TOL	Tol Gases Limited	TZ1996100008	15/04/1998	Production of Oxygen, Industrial Gases, Welding Equipment
2.TBL	Tanzania Breweries Limited	TZ1996100016	09/09/1998	Beer Brewing, Beer Marketing Beer Distribution
3.TATEPA	Tanzania Tea Packers	TZ1996100065	17/12/1999	Tea Packaging & Distribution, Coffee Packaging & Distribution
4.TCC	Tanzania Cigarette Company Limited	TZ1996100032	16/11/2000	Cigarettes, Tobacco Products
5.SIMBA	Tanga Cement Company Limited	TZ1996100057	26/09/2002	Cement
6.SWIS	Swissport Tanzania Plc.	TZ1996100040	26/09/2003	Aviation, Ground Handling, Cargo Handling
7.TWIGA	Tanzania Portland Cement Company Limited	TZ1996100024	29/09/2006	Cement
8.DCB	Dar es Salaam Community Bank	TZ1996100214	16/09/2008	Banking, Finance
9.NMB	National Microfinance Bank	TZ1996100222	06/11/2008	Banking, Finance
10.KA	Kenya Airways	KE0000000307	01/10/2004	Aviation
11.EABL	East African Breweries Limited	KE0000000216	29/06/2005	Beer, Gin, Spirits
12.JHL	Jubilee Holdings Limited	KE0000000273	20/12/2006	Insurance
13. KCB	KCB Group	KE0000000315	17/12/2008	Banking, Finance
14.CRDB	CRDB Bank	TZ1996100305	17/06/2009	Banking, Finance
15.NMG	Nation Media Group	KE0000000380	21/02/2011	Publishing, Printing, Television, Broadcasting^[16]
16.ACA	African Barrick Gold	GB00B61D2N63	07/12/2011	Mining
17.PAL	Precision Air Services Limited	TZ1996101048	21/12/2011	Aviation Services
18.SWALA	Swala Gas and Oil	TZ1996101865	11/08/2014	Oil & Gas
19.USL	Uchumi Supermarkets	KE0000000489	15/08/2014	Supermarkets

· East African Breweries and Kenya Airways are crosslisted at both the Uganda Securities Exchange and the Nairobi Securities Exchange.

· Kenya Commercial Bank Group, Nation Media Group and Uchumi Supermarkets are cross listed on the Nairobi Securities Exchange, the Uganda Securities Exchange and the Rwanda Stock Exchange

Enterprise Growth Market (EGM)

Symbol	Company	ISIN	Date Listed	Notes
1.MCB	Mwalimu Commercial Bank	TZ1996102129	27/11/2015	Banking
2.MB	Maendeleo Bank^[18]	TZ1996101683	04/11/2013	Banking, Finance
3.MKCB	Mkombozi Commercial Bank^[19]	TZ1996101972	29/12/2015	Banking
3.YETU	YETU Microfinance	TZ1996102344	10/03/2016	Microfinance

Investment Advisors

Orbit Securities Company Limited Golden Jubilee Towers Ohio Street P.O. Box 31831 Dar es Salaam Tel: 255 (22) 2111758 Fax: 255 (22) 2113067 E-mail: orbit-sec@raha.com. Website: www.orbit.co.tz	FTC Consultants Limited 2nd Floor, Osman Towers Zanaki Street P.O. Box 22731 Dar Es Salaam, Tanzania Phone: +255 (77) 467 6676 Fax: +255 (22) 213 0519 www.ftc-tz.com	LJK Konsulting Limited Plot No. 294, Regent Estate P. O. Box 20651 Tel. /Fax. +255 22 2124383 E-mail: info@mekonsult.co.tz.
Gem Consulting Limited 8th Floor, Office Academy Scheme Building, Plot 2385/12, Azikiwe Street, P.O. Box 3219, Dar es Salaam	Trident East Africa Limited 3rd Floor, Maktaba Complex (Tanzania Library Services Building) Bibi Titi Road, P.O.Box 38346, Dar es Salaam Email: info@tridentealtd.com	Sifa Advisory Limited P.O. Box 412338028 Dar es Salaam Tel. +255 22 2137570 Fax +255 22 2136570 Website: www.sifacapital.com
River Capital Partners 10th Floor, Amani Place Ohio Street P. O. B ox 1258 Tel +255 22 2126050 Fax +255 22 21216049	ARCH Financial & Investment Advisory Limited 2nd Floor, Wing C, NIC Life House Sokoine Drive/Ohio Street P.O. Box 38028 Dar es Salaam Tel. +255 22 732922396 Fax +255 22 732928489	Skylink Financial Services Limited 4th Floor, Amani Place, Opposite Dar es Salaam Serena Hotel P. O. Box 21338 Dar es Salaam. Tel. +255 22 2115381 Fax +255 22 2112786/ +25502202114562 E-mail: info@skylinkfinancialservices.com
Exim Advisory Services Ltd. (Fund Manager) 8th Floor, Office Academy Scheme Building Plot 2385/12, Azikiwe Street P.O. Box 3219, Dar es Salaam	Solomon Stockbrokers Limited. PPF House, Ground Floor Morogoro Rd/Samora Avenue P.O. Box 77049 Dar es Salaam Tel. 255 - 22 - 2124495/2112874 Fax. 255 - 22 - 213 1969 Email: info@solomon.co.tz Website: www.solomon.co.tz	Tanzania Securities Limited (Fund manager) 7th Floor, IPS Building Samora Avenue / Azikiwe Street P.O. Box 9821 Dar es Salaam Tel: 255 (22) 21 12807 Fax: 255 (22) 21 12809 E-mail: info@tanzaniasecurities.co.tz Website: www.tanzaniasecurities.co.tz
Standard Chartered Bank Tanzania Limited International House Shaaban Robert Str / Garden Avenue P.O. Box 9011 Dar es Salaam Tel: 255 (22) 2122160 / 2122162 Fax: 255 (22) 2122089	Rasilimali Limited CHC Building, 3rd Floor Samora Avenue/Zanaki Street P.O. Box 9373 Dar es Salaam Tel: 255 - 22 - 2111711 / 255 (0) 784 777818/ 255 (0) 713 777818 Fax: 255 - 22 – 2113438 Email: rasilimal@africaoline.co.tz	Consultants for Resources Evaluation Limited (CORE) Elite Building, 4th Floor Samora Avenue/Morogoro Road P.O. Box 768000 Dar es Salaam Tel: 255 - 22 - 2123103 Fax: 255 - 22 - 2182521 Email: info@coresecurities.co.tz, lfumbuka@coresecurities.co.tz; Website: www.coresecurities.co.tz
Unit Trust of Tanzania (Fund Manager) 3rd Floor, Sukari House Sokoine Drive / Ohio Street P.O. Box 14825 Dar es Salaam Tel: +255 22 212 250 I / 213 7592/ 212 8460 /61 Fax: +255 22 21 3 7593 Email: uwekezaji@utt-tz.org Website: www.utt-tz.org	Ernst &Young Advisory Services Utalii House 36 Laibon Road, Oysterbay P.O. Box 2475 Dar es Salaam Tel: +255 22 266 6853 / 266 7659 Fax: +255 22 266 6869 Email: EYAS@tz.ey.com guarantee@raha.com	Enterprise Growth Market Advisors Limited (EGMA) Mezzanine Floor, Haidery Plaza Kisutu/Upanga Street P.O. Box 20651, Dar es Salaam. Tel. +255 759 191093 Fax. +255 22 2126414
Bank M Tanzania Limited Money Centre – 8 Ocean Road P.O. Box 96 Dar es Salaam Tel. +255 22 2127824 Fax. +255 22 2127825 Website: www.bankm.co.tz	Equity for Tanzania Ltd.(EFTA), P.O. Box 1747 Moshi. Tel. +255 27 2750657	National Bank of Commerce Limited Sokoine Drive & Azikiwe Street P.O. Box 1863, Dar es Salaam, Tanzania Tel: +255 22 2199793,+255 768980191 Fax: +255 22 2112887/ 2113749 E:-Mail: contact.nbc@nbctz.com Website: www.nbctz.com

The following are the Listed company on DSE

Listed Companies

DOMESTIC LISTED COMPANIES

Company	ISIN NUMBER	Date Listed	Number of Listed Shares	Nature of Business
TOL Gases Ltd. (TOL)	TZ1996100008	15th April, 1998	55,835,490	Production and distribution of industrial gases,welding equipments, medical gases, etc.
Tanzania Breweries Ltd.(TBL)	TZ1996100016	9th September, 1998	294,928,463	Tanzania Breweries Limited (TBL) manufactures, sells and distributes clear beer, alcoholic fruit beverages (AFB’s) and non-alcoholic beverages within Tanzania. TBL has controlling interests in Tanzania Distilleries Limited (TDL) and Darbrew Limited.
Tatepa Company Ltd. (TATEPA)	TZ1996100065	17th December, 1999	17,857,165	Growing,processing,blending, marketing and distribution of tea and instant.
Tanzania Cigarette Company. (TCC)	TZ1996100032	16thNovember,2000	100,000,000	Manufacturing,marketing,distribution and sale of cigarettes.
Tanga Cement Public Ltd Co.(SIMBA/TCCL)	TZ1996100057	26thSeptember,2002	63,671,045	Production, sale and marketing of cement.
Swissport Tanzania Ltd. (SWISS)	TZ1996100040	26th September,2006	36,000,000	Airports handling of passengers and cargo.
Tanzania Portland Cement Co. Ltd. (TWIGA/TPCC)	TZ1996100024	29th September,2006	179,923,100	Production, sale and marketing of cement.
DCB Commercial Bank. (DCB)	TZ1996100214	16thSeptember,2008	67,827,897	Commercial bank
National Microfinance Bank (NMB)	TZ1996100222	6thNovember 2008	500,000,000	Commercial bank
CRDB Bank. (CRDB)	TZ1996100305	17thJune 2009	2,176,532,160	Commercial bank
Precision Air Services Plc. (PAL)	TZ1996101048	21stDecember 2011	193,856,750	Air transport services
Maendeleo Bank Pl. (MBP)	TZ1996101683	4thNovember 2013	9,066,701	Commercial bank
Swala Gas and Oil. (SWALA)	TZ1996101865	11^thAugust 2014	99,954,467	Mineral Exploration
Mkombozi Commercial Bank(MKCB)	TZ1996101972	29th December 2014	20,615,272	Commercial bank
Mwalimu Commercial Bank. (MCB)	TZ1996102129	27^th November 2015	61,824,920	Commercial bank
YETU Microfinance PLC. (YETU)	TZ1996102344	10^th March 2016	6,223,380	Microfinance PLC

CROSS-LISTED COMPANIES

COMPANY	ISIN	Date listed	Number of Issued Shares	Nature of Business
Kenya Airways Ltd. (KA)	KE0000000307	1^st October 2004	461,615,484	Passengers and cargo transportation to different destinations in the world
East African Breweries Ltd (EABL)	KE0000000216	29^th June 2005	658,978,630	Holding company of various companies involved in production, marketing and distribution of balt beer in Kenya, Uganda, Tanzania and Mauritius
Jubilee Holdings Ltd (JHL)	KE0000000273	20^th December 2006	36,000,000	Holding company of many companies involved in insurance business in Kenya, Uganda and Tanzania
Kenya Commercial Bank (KCB)	KE0000000315	17^th December 2008	2,217,777,777	Commercial Bank
National Media Group (NMG)	KE0000000380	21^st February 2011	157,118,572	News media group
Acacia Mining PLC	GB00B61D2N63	7^th December 2011	410,085,499	Mining and production of gold
Uchumi Supermarket Ltd	KE0000000489	15^thAugust 2014	265,426,614	Supermarket

Downloadable Files:

Attachment	Size
DOMESTIC LISTED COMPANIES	161.55 KB
CROSS-LISTED COMPANIES	15.07 KB
OUTSTANDING GOVERNMENT BONDS	91.14 KB
OUTSTANDING CORPORATE BONDS	6.02 KB

	24 Mar “16”	Jan– Mar “16”	Oct–Dec “15”	Jan–Mar“15”
Total Turnover	68.64	121,082.38	286,856.90	278,297.49
Turnover from shares bought by foreign investors	0.00	112,913.82	257,603.44	254,220.88
%Buying Local Investors	100.00%	6.75%	10.20%	8.65%
%Buying Foreign Investors	0.00%	93.25%	89.80%	91.35%
Turnover from shares sold by foreign investors	0.00	34,826.91	39,401.13	214,685.52
%Selling Local Investors	100.00%	71.24%	86.26%	22.81%
%Selling Foreign Investors	0.00%	28.76%	13.74%	77.19%

	24 Mar “16”	29 Feb “16”	31 Mar “15”
Total Market Capitalisation (TZS bln)	20,690.90	20,835.33	22,743.30
Domestic Market Capitalisation (TZS bln)	8,242.46	8,788.07	10,235.93
All Shares Index (DSEI)	2,360.66	2,376.83	2,596.26
Tanzania Share Index (TSI)	3,863.56	4,126.59	4,830.10
Industrial & Allied (IA)	5,076.08	5,569.14	6,349.95
Banks, Finance & Investment (BI)	2,643.20	2,660.45	3,443.90
Commercial Services (CS)	3,957.43	3,764.89	3,635.18
TZS/USD (BOT Mean Rate)	2,179.16	2,179.54	1,788.07
TZS/KE (BOT Mean Rate)	21.46	21.43	19.39
TZS/GBP (BOT Mean Rate)	3,083.95	3,044.71	2,643.48

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LEARN MORE ABOUT INVESTING IN SHARE/STOCK IN SECURITY MARKET SUCH AS DAR ES SALAAM STOCK EXCHANGE.. read more

Business Trends

Services of DSE

Market listing

See also

Investment Advisors

Listed Companies

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LEARN MORE ABOUT INVESTING IN SHARE/STOCK IN SECURITY MARKET SUCH AS DAR ES SALAAM STOCK EXCHANGE.. read more

Business Trends

Services of DSE

Market listing

See also

Investment Advisors

Listed Companies

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