USD / TZS 2,637Gold · $/oz $4,064BoT rate 6.25%Inflation 4.0% 21 Jul 2026 verified close
Tanzania Intelligence

The Brief

Vol. I · No. 203
Wednesday, 22 July 2026
Verified closeDSE · BoT · frozen to the covered session21 Jul 2026 verified close

A daily reading of Tanzania’s markets, capital and policy, with regional and global forces when they materially change the read. Information and education, never advice.

The Brief is written the morning after the market closes. This edition analyses Tuesday, 21 July 2026; the most recent verified session. Its figures are frozen to that close; for today’s live moves see Markets.

DSE All-Share
4,092.17▼ 0.26%
DSEI · 21 Jul close · latest verified
Tanzania Share Index
8,943.44
TSI · 21 Jul · domestic
USD / TZS
2,637
BoT mean · 21 Jul · ~flat on the week
Gold · $/oz
$4,064
BoT reference · 16 Jul sheet
BoT rate
6.25%
CBR · Q3 2026
91-day T-bill
3.42%
BoT WAR · latest auction
364-day T-bill
6.47%
BoT WAR · latest auction
Inflation
4.0%
NBS · June 2026 headline
Today in 60 seconds
  1. A second thin give-back leaves the tape 25 points off the high; while the exchange's half-year numbers tell the opposite story
  2. Banks firm as the rail trade pauses: Industrial & Allied hands back 36 points on a TZS 1.72bn tape
  3. Vision 2050 is published; and its first five-year plan carries TZS 12.50tn from 1 July
WatchT-bill auction No. 1204 (expected)~29 Jul 2026 (inferred cadence, not an official BoT date)
Read the full Brief ↓

Did the domestic market and the headline index move together or apart over the covered quarter?

The domestic market against the headline index

Cumulative TSI return minus cumulative DSEI return · frozen at the 2026-07-21 covered session

-0.69 ppCurrent spread+1.80 ppHighest spread-1.78 ppLowest spread
Coverage 2026-04-23 → 2026-07-21 Vintage 2026-07-21 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-04-23Cumulative TSI minus DSEI0
2026-04-24Cumulative TSI minus DSEI-0.41
2026-04-27Cumulative TSI minus DSEI-0.48
2026-04-28Cumulative TSI minus DSEI-0.25
2026-04-29Cumulative TSI minus DSEI0.38
2026-04-30Cumulative TSI minus DSEI0.55
2026-05-04Cumulative TSI minus DSEI0.32
2026-05-05Cumulative TSI minus DSEI0.06
2026-05-06Cumulative TSI minus DSEI-0.23
2026-05-07Cumulative TSI minus DSEI-0.49
2026-05-08Cumulative TSI minus DSEI-0.27
2026-05-11Cumulative TSI minus DSEI0.21
2026-05-12Cumulative TSI minus DSEI-0.06
2026-05-13Cumulative TSI minus DSEI0.11
2026-05-14Cumulative TSI minus DSEI-0.17
2026-05-15Cumulative TSI minus DSEI-0.21
2026-05-18Cumulative TSI minus DSEI-0.09
2026-05-19Cumulative TSI minus DSEI-0.04
2026-05-20Cumulative TSI minus DSEI0.08
2026-05-21Cumulative TSI minus DSEI0.36
2026-05-22Cumulative TSI minus DSEI0.4
2026-05-25Cumulative TSI minus DSEI0.93
2026-05-26Cumulative TSI minus DSEI1.1
2026-05-28Cumulative TSI minus DSEI1.4
2026-05-29Cumulative TSI minus DSEI1.31
2026-06-01Cumulative TSI minus DSEI1.41
2026-06-02Cumulative TSI minus DSEI1.75
2026-06-03Cumulative TSI minus DSEI1.51
2026-06-04Cumulative TSI minus DSEI1.61
2026-06-05Cumulative TSI minus DSEI1.8
2026-06-08Cumulative TSI minus DSEI1.64
2026-06-09Cumulative TSI minus DSEI1.35
2026-06-10Cumulative TSI minus DSEI0.97
2026-06-11Cumulative TSI minus DSEI0.77
2026-06-12Cumulative TSI minus DSEI0.45
2026-06-15Cumulative TSI minus DSEI0.05
2026-06-16Cumulative TSI minus DSEI0.21
2026-06-17Cumulative TSI minus DSEI0.12
2026-06-18Cumulative TSI minus DSEI-0.38
2026-06-19Cumulative TSI minus DSEI-0.26
2026-06-22Cumulative TSI minus DSEI0.12
2026-06-23Cumulative TSI minus DSEI-0.08
2026-06-24Cumulative TSI minus DSEI-0.18
2026-06-25Cumulative TSI minus DSEI-1.16
2026-06-26Cumulative TSI minus DSEI-1.72
2026-06-29Cumulative TSI minus DSEI-1.78
2026-06-30Cumulative TSI minus DSEI-1.51
2026-07-01Cumulative TSI minus DSEI-0.79
2026-07-02Cumulative TSI minus DSEI-1
2026-07-03Cumulative TSI minus DSEI-0.69
2026-07-06Cumulative TSI minus DSEI-0.53
2026-07-08Cumulative TSI minus DSEI-0.76
2026-07-09Cumulative TSI minus DSEI-0.74
2026-07-10Cumulative TSI minus DSEI-0.74
2026-07-13Cumulative TSI minus DSEI-0.76
2026-07-14Cumulative TSI minus DSEI-0.95
2026-07-15Cumulative TSI minus DSEI-0.79
2026-07-16Cumulative TSI minus DSEI-0.99
2026-07-17Cumulative TSI minus DSEI-0.88
2026-07-20Cumulative TSI minus DSEI-0.85
2026-07-21Cumulative TSI minus DSEI-0.69

Read: Above zero means the domestic index led. Below zero means the all-share led. A flat line near zero means their paths were similar.

Index scope differs. The measure adds only sessions with comparable published returns and is not a portfolio return. The excluded session remains disclosed in the values table.

DSE Tape Check

Market breadth
Broad decline
5 rose, 9 fell
Advancers against decliners on the verified DSE close.
Turnover concentration
Concentrated
One name carried the tape
CRDB Bank was 49% of turnover; index moves overstate how broad the day really was.

Descriptive flags from the verified DSE close; not signals, predictions, or advice. The official close, fully broken down; After the Bell →

Verified close

A second thin give-back leaves the tape 25 points off the high; while the exchange's half-year numbers tell the opposite story

Signal

Tuesday closed at 4,092.17 (−0.26%) on TZS 1.72bn turnover; a second thin give-back, ~25 points below the 3 Jul high.

Why it matters

Two thin down-days say little against H1's record: market cap +47% to TZS 35.18tn and TZS 1.07tn turnover; the structural trend under the drift.

What to watch

Whether breadth turns at ordinary turnover, and whether Industrial & Allied resumes leadership after TCCL's −4.7% rail-trade pause.

Source: Dar es Salaam Stock Exchange · BoT · Observed 21 Jul 2026
Go deeper →
Equities

Banks firm as the rail trade pauses: Industrial & Allied hands back 36 points on a TZS 1.72bn tape

Signal

4,092.17 −0.26% and 8,943.44 −0.10% Tuesday on TZS 1.72bn; Banks +8.4pts, Industrial & Allied −36 with TCCL −4.7%. NMB held 16,750.

Why it matters

The rail trade paused before the US$2.7bn award earned a primary source; cement gave back while the financing banks held their ground.

What to watch

Whether Industrial & Allied resumes leadership at ordinary turnover, and whether NMB's 52-week high survives two-sided trade.

Source: DSE · Edition 22 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
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Policy

Vision 2050 is published; and its first five-year plan carries TZS 12.50tn from 1 July

Signal

The Planning Commission published the National Development Vision 2050; the first Five-Year Plan (2026/27) carries TZS 12.50tn.

Why it matters

A 25-year policy anchor, not a capital commitment; it codifies the 70% private-sector participation goal that the DSE's market-based financing push leans on.

What to watch

The plan's first budget-line allocations, and any listing or issuance pipeline framed against the Vision's financing targets.

Source: National Planning Commission · Edition 22 Jul 2026 · Data verified · interpretation: Medium confidence
Macro

June's disinflation is a food story: core rises to 3.7% and transport runs 13.6% underneath the 4.0% headline

Signal

June CPI: headline 4.0% (May 4.2%), food easing to 4.1% from 5.6%; but core rose to 3.7% and transport ran 13.6% y/y.

Why it matters

The headline eased on food while core and transport moved the other way; cost-push underneath, with Brent ≈US$91 leaning on the sticky component.

What to watch

July CPI and the early-Aug EWURA fuel cap; the pass-through tell for whether headline drifts back toward the top of the 3 to 5% band.

Source: National Bureau of Statistics · Edition 22 Jul 2026 · Data verified · interpretation: Medium confidence
Rates

A ~290bp policy gap waits on auction No. 1204, into an ECB to FOMC week

Signal

The 91-day WAR sits at 3.35% against the 6.25% CBR; ~290bp below policy; into the 23 Jul ECB and 28 to 29 Jul FOMC, holds expected.

Why it matters

The front end eased straight through July's hike; a third straight fall at No. 1204 would make the transmission gap the quarter's domestic rates fact.

What to watch

Auction No. 1204 (~29 Jul): the 91-day WAR and bid-to-cover; and the FOMC's oil framing as it reaches USD/TZS near 2,637.

Source: Bank of Tanzania · Edition 22 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

The Ghost's hypothetical TZS 500m model book is +4.45% since inception and bank-weighted; so a session where the banks index firmed while the rail trade paused (TCCL −4.7%) is terrain read through its largest allocations rather than a test of them.

Ghost relevance: how today’s rates, FX, gold and inflation read against a hypothetical model-book; educational, not advice.

Open the Ghost tracker → The terrain it reads →
Week ahead; what to watch
WhenEventWhy it matters
~29 Jul 2026 (inferred cadence, not an official BoT date)T-bill auction No. 1204 (expected)A third straight fall in the 91-day WAR would confirm July's hike never reached the market; bid-to-cover matters as much as yield.
this week and nextECB (23 Jul) and US FOMC (28 to 29 Jul)Both expected to hold; the oil-inflation framing sets the dollar path against which the shilling's balance-sheet defence is tested.
early Aug 2026NBS July CPI · EWURA fuel capWhether transport; 13.6% y/y in June and the sticky component; pushes headline back toward the top of the 3 to 5% band.
week of 20 Jul 2026DSE breadth & the rail read-throughAdvancers vs decliners at ordinary turnover, and whether Industrial & Allied (TPCC, TCCL) resumes leadership after Tuesday's −36-point give-back.
coming weeks (unscheduled)US$2.7bn Tabora to Kigoma SGR award; primary confirmationThe contract is press-reported; a primary-source confirmation with financing terms would move it from candidate to counted capex.
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Compiled from public sources for information and education only; not investment advice, and not a forecast. Equity and index figures reconcile to the Dar es Salaam Stock Exchange verified close (21 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. The US$2.7bn Tabora to Kigoma SGR contract award remains press-reported; a candidate pending primary confirmation. Dated events are published only where the date is verified; the ~29 Jul auction is an inferred cadence, not an official BoT calendar entry. For live market updates see Markets.

Archive; past editions59
Share indices fell, with most trading in two banksMonday, 21 September 2026Wednesday tests borrowing costs after a weaker share-trading weekSunday, 20 September 2026Shares fell as less money changed handsSaturday, 19 September 2026Share indices fell as NMB dominated tradingFriday, 18 September 2026Both indices fell as trading stayed narrowThursday, 17 September 2026Indices split, trading stayed concentratedWednesday, 16 September 2026Indices rose, trading stayed narrowTuesday, 15 September 2026Friday gains, concentrated tradingMonday, 14 September 2026Will trading value catch up with rising indices?Sunday, 13 September 2026Share indices rose as less money changed handsSaturday, 12 September 2026Both main indices rose as two banks carried most tradingFriday, 11 September 2026Both main indices rose as equity turnover fell by halfThursday, 10 September 2026The broad index fell while domestic shares edged higherWednesday, 9 September 2026Both main indices rose again, while two banks carried most trading valueTuesday, 8 September 2026Both main indices rose, but two banks still carried most trading valueMonday, 7 September 2026Index direction, trading breadth and Wednesday's bill auction set the next testsSunday, 6 September 2026The broad market rose while Tanzania-listed shares ended lowerSaturday, 5 September 2026CRDB supplied more than three quarters of Thursday's equity turnoverFriday, 4 September 2026Wednesday's DSE close combined a higher DSEI with a lower TSIThursday, 3 September 2026Tuesday's indices weakened while NMB carried most trading valueWednesday, 2 September 2026Monday eased while one bank carried most trading valueTuesday, 1 September 2026Friday rose, but one bank still carried most trading valueMonday, 31 August 2026Comparability, liquidity breadth and Wednesday's bond auction set the next evidence testsSunday, 30 August 2026Index returns stayed unavailable as Friday liquidity remained concentratedSaturday, 29 August 2026DSE index returns went unavailable as NMB carried 89.8% of turnoverFriday, 28 August 2026Mobile access widened as the verified tape strengthened and bill yields fellThursday, 27 August 2026Swissport’s cash conversion strengthened while DSE index returns remained unavailableWednesday, 26 August 2026The DSE scale changed while the underlying equity tape remained activeTuesday, 25 August 2026The DSE indices eased as CRDB carried most verified turnoverMonday, 24 August 2026A split index tape, lighter Friday liquidity and stable FX set up the next evidence testsSunday, 23 August 2026The All-Share rose, the domestic tape slipped and liquidity thinned into FridaySaturday, 22 August 2026DSEI edged up as CRDB led the verified turnover poolFriday, 21 August 2026DSEI rose as NMB carried 59.2% of turnoverThursday, 20 August 2026Friday's wider advance still depended on three counters for 84.7% of turnoverMonday, 17 August 2026NMB mechanics and a long-bond auction turn last week's gains into tests of market depthSunday, 16 August 2026Both indices rose, but five-session turnover still depended on a few namesSaturday, 15 August 2026Both headline indices accelerated; NMB still carried 66.1% of turnoverFriday, 14 August 2026Both headline indices advanced; NMB still carried 72.5% of turnoverThursday, 13 August 2026Both headline indices fell; two banks still carried 87.6% of turnoverWednesday, 12 August 2026Inflation rose to 4.2%; transport remained the pressure pointTuesday, 11 August 2026An official curve arrives; market depth is the testMonday, 10 August 2026A narrow equity tape meets a dated rates test while credit evidence awaits confirmationSunday, 9 August 2026The indices eased, two banks carried the money, and private credit acceleratedSaturday, 8 August 2026Private credit accelerated to 28.1% as the equity tape split againFriday, 7 August 2026DSEI rose, TSI fell as NMB carried 67.2% of turnoverThursday, 6 August 2026Breadth balanced, but CRDB and NMB still carried 73.0% of turnoverWednesday, 5 August 2026The indices barely moved; CRDB and NMB supplied 94.3% of turnoverTuesday, 4 August 2026TZS 30.46bn traded, but TBL carried nearly four shillings in fiveMonday, 3 August 2026Domestic strength enters a breadth test while the next policy and issuer evidence waits on the calendarSunday, 2 August 2026Domestic shares outran the headline index; but two concentrated sessions supplied most of the moneySaturday, 1 August 2026Indices rose, but two banks carried 84.1% of turnoverFriday, 31 July 2026Indices rose, but two banks carried 92.6% of turnoverThursday, 30 July 2026Every domestic index rose, but two banks carried almost nine shillings in tenWednesday, 29 July 2026Money returned, but four counters carried almost eighty-five per cent of the sessionTuesday, 28 July 2026The test week opens: a credit tailwind lands on the banks that sat still through the recordMonday, 27 July 2026A record made on three prints meets its first dated tests; the month-end auction and an FOMC weekSunday, 26 July 2026A record with an asterisk; the All-Share closes at an all-time high in a week more names fell than roseSaturday, 25 July 2026The rise broadens into industrials and services; but CRDB carries more than half the moneyFriday, 24 July 2026The give-back reverses on the heaviest tape in weeks; but three-quarters of it is one Breweries blockThursday, 23 July 2026