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 Thursday, 23 July 2026; the most recent verified session. Its figures are frozen to that close; for today’s live moves see Markets.
Did the domestic market and the headline index move together or apart over the covered quarter?
Cumulative TSI return minus cumulative DSEI return · frozen at the 2026-07-23 covered session
Only declared transformations and compatible comparisons are enabled. The exact state is retained in the URL.
Reuse package · edition 2026-07-23-5273f77b79b7
| Date | Relationship | Cumulative gap (pp) |
|---|---|---|
| 2026-04-27 | Cumulative TSI minus DSEI | 0 |
| 2026-04-28 | Cumulative TSI minus DSEI | 0.23 |
| 2026-04-29 | Cumulative TSI minus DSEI | 0.86 |
| 2026-04-30 | Cumulative TSI minus DSEI | 1.03 |
| 2026-05-04 | Cumulative TSI minus DSEI | 0.79 |
| 2026-05-05 | Cumulative TSI minus DSEI | 0.54 |
| 2026-05-06 | Cumulative TSI minus DSEI | 0.25 |
| 2026-05-07 | Cumulative TSI minus DSEI | -0.01 |
| 2026-05-08 | Cumulative TSI minus DSEI | 0.21 |
| 2026-05-11 | Cumulative TSI minus DSEI | 0.69 |
| 2026-05-12 | Cumulative TSI minus DSEI | 0.42 |
| 2026-05-13 | Cumulative TSI minus DSEI | 0.59 |
| 2026-05-14 | Cumulative TSI minus DSEI | 0.3 |
| 2026-05-15 | Cumulative TSI minus DSEI | 0.27 |
| 2026-05-18 | Cumulative TSI minus DSEI | 0.39 |
| 2026-05-19 | Cumulative TSI minus DSEI | 0.44 |
| 2026-05-20 | Cumulative TSI minus DSEI | 0.56 |
| 2026-05-21 | Cumulative TSI minus DSEI | 0.84 |
| 2026-05-22 | Cumulative TSI minus DSEI | 0.87 |
| 2026-05-25 | Cumulative TSI minus DSEI | 1.41 |
| 2026-05-26 | Cumulative TSI minus DSEI | 1.58 |
| 2026-05-28 | Cumulative TSI minus DSEI | 1.88 |
| 2026-05-29 | Cumulative TSI minus DSEI | 1.79 |
| 2026-06-01 | Cumulative TSI minus DSEI | 1.89 |
| 2026-06-02 | Cumulative TSI minus DSEI | 2.23 |
| 2026-06-03 | Cumulative TSI minus DSEI | 1.99 |
| 2026-06-04 | Cumulative TSI minus DSEI | 2.09 |
| 2026-06-05 | Cumulative TSI minus DSEI | 2.28 |
| 2026-06-08 | Cumulative TSI minus DSEI | 2.12 |
| 2026-06-09 | Cumulative TSI minus DSEI | 1.83 |
| 2026-06-10 | Cumulative TSI minus DSEI | 1.45 |
| 2026-06-11 | Cumulative TSI minus DSEI | 1.25 |
| 2026-06-12 | Cumulative TSI minus DSEI | 0.93 |
| 2026-06-15 | Cumulative TSI minus DSEI | 0.53 |
| 2026-06-16 | Cumulative TSI minus DSEI | 0.68 |
| 2026-06-17 | Cumulative TSI minus DSEI | 0.6 |
| 2026-06-18 | Cumulative TSI minus DSEI | 0.1 |
| 2026-06-19 | Cumulative TSI minus DSEI | 0.22 |
| 2026-06-22 | Cumulative TSI minus DSEI | 0.6 |
| 2026-06-23 | Cumulative TSI minus DSEI | 0.4 |
| 2026-06-24 | Cumulative TSI minus DSEI | 0.3 |
| 2026-06-25 | Cumulative TSI minus DSEI | -0.68 |
| 2026-06-26 | Cumulative TSI minus DSEI | -1.24 |
| 2026-06-29 | Cumulative TSI minus DSEI | -1.3 |
| 2026-06-30 | Cumulative TSI minus DSEI | -1.03 |
| 2026-07-01 | Cumulative TSI minus DSEI | -0.31 |
| 2026-07-02 | Cumulative TSI minus DSEI | -0.52 |
| 2026-07-03 | Cumulative TSI minus DSEI | -0.21 |
| 2026-07-06 | Cumulative TSI minus DSEI | -0.05 |
| 2026-07-08 | Cumulative TSI minus DSEI | -0.28 |
| 2026-07-09 | Cumulative TSI minus DSEI | -0.26 |
| 2026-07-10 | Cumulative TSI minus DSEI | -0.26 |
| 2026-07-13 | Cumulative TSI minus DSEI | -0.28 |
| 2026-07-14 | Cumulative TSI minus DSEI | -0.47 |
| 2026-07-15 | Cumulative TSI minus DSEI | -0.31 |
| 2026-07-16 | Cumulative TSI minus DSEI | -0.51 |
| 2026-07-17 | Cumulative TSI minus DSEI | -0.41 |
| 2026-07-20 | Cumulative TSI minus DSEI | -0.37 |
| 2026-07-21 | Cumulative TSI minus DSEI | -0.21 |
| 2026-07-22 | Cumulative TSI minus DSEI | -0.12 |
| 2026-07-23 | Cumulative TSI minus DSEI | -0.02 |
2026-07-23-5273f77b79b7 · revision log →dse-daily-market-indicescumulative-excess-return; cumulative sum(TSI session return minus DSEI session return)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.
Descriptive flags from the verified DSE close; not signals, predictions, or advice. The official close, fully broken down; After the Bell →
Thursday closed at 4,112.64 (+0.26%) and 9,005.34 (+0.37%) on TZS 5.57bn; CRDB carried 55.8% of turnover.
Industrial & Allied and Commercial Services rose 45.5 and 48.4 points, but 9 decliners still outnumbered 8 advancers.
Whether concentration normalises and the 8 counters that did not trade return to Friday's tape.
4,112.64 rose 0.26% and 9,005.34 0.37%; Industrial & Allied added 45.5 points and Commercial Services 48.4.
Leadership moved beyond Wednesday's bank-led turn, although the board remained mixed at 8 advancers, 9 decliners and 11 unchanged.
Whether sector leadership persists with broader participation and less single-name concentration.
A free daily Tanzania market-intelligence note covering DSE moves, rates, FX, policy, macro signals and what to watch next.
CRDB traded TZS 3.11bn; NMB TZS 861m and TCCL TZS 701m. Together, the three names carried 83.8% of turnover.
The tape was below its recent held-session median and concentrated, so the index rise did not reflect evenly distributed activity.
Whether CRDB's share normalises and the 8 counters absent from Thursday's tape return.
The BoT indicative mean was TZS 2,637.13 per US dollar on 23 Jul, against TZS 2,636.77 on 22 Jul.
The daily move was negligible, leaving local- and hard-currency readings of Thursday's market session nearly aligned.
The 28 to 29 Jul FOMC and whether the next BoT sheets move beyond the week's narrow range.
BoT's latest 10-year auction point is 10.87% on 22 Jul; 91-day and 364-day bill WARs remain 3.3472% and 7.0258%.
The curve still shows short bills well below the 6.25% CBR while the longer government tenor carries a higher funding cost.
Auction No. 1204 around 29 Jul is inferred, not official: the 91-day WAR and bid-to-cover are the next tests.
The Ghost's hypothetical TZS 500m model book is +4.65% since inception at its 23 Jul mark. VODA rose 2.5% and CRDB 0.37%, while NMB and TCC were unchanged; the session helped the bank-and-telecom-weighted book, but CRDB concentration made the tape less broad than the index move.
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 →| When | Event | Why it matters |
|---|---|---|
| Fri 24 Jul 2026 close | DSE participation after the CRDB-led session | Thursday had 8 advancers, 9 decliners and 8 counters with no trade; breadth and concentration are the next verified tests. |
| ~29 Jul 2026 (inferred cadence, not an official BoT date) | T-bill auction No. 1204 (expected) | The 91-day WAR remains about 290bp below the CBR; the next yield and bid-to-cover will show whether that gap persists. |
| 28 to 29 Jul 2026 | US FOMC decision | The dollar-rate backdrop is the nearest dated external event for USD/TZS, which held near 2,637 on the 23 Jul BoT sheet. |
| early Aug 2026 | NBS July CPI · EWURA fuel cap | June headline inflation eased to 4.0%, while transport ran 13.6% y/y; the next releases test that divergence. |
| coming weeks (unscheduled) | US$2.7bn Tabora to Kigoma SGR award; primary confirmation | The contract remains press-reported; primary confirmation and financing terms are required before it is counted as verified capex. |
A free daily Tanzania market-intelligence note covering DSE moves, rates, FX, policy, macro signals and what to watch next.
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 (23 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. The current Wire handoff contained no primary-grade candidate, so no unverified headline was promoted as fact. The US$2.7bn Tabora to Kigoma SGR award remains press-reported pending primary confirmation. The ~29 Jul auction is an inferred cadence, not an official BoT calendar entry. For live market updates see Markets.