Verified closeDSE · BoT · frozen to the covered session24 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.
Weekly overview; the week in review, frozen at Saturday’s publication and covering the 24 Jul 2026 verified close (the week’s last verified session). Its figures are frozen to that close; for today’s live moves see Markets.
Weekly market scoreboard
2026-07-24 close · change ON THE WEEK · DSE · BoT · NBS
DSE All-Share
4,150.14
▲ +0.93%
DSEI · 24 Jul close · latest verified
Tanzania Share Index
8,988.01
▲ +0.21%
USD / TZS
2,637
▲ +0.03%
BoT mean · hard-currency lens
Gold · $/oz
$4,105
▲ +2.04%
world spot · reserve/hedge lens
BoT rate
6.25%
policy
CBR · policy anchor
91-day T-bill
3.44%
▼ -10bp
BoT WAR · vs prior auction
364-day T-bill
6.74%
▼ -9bp
BoT WAR · vs prior auction
Inflation
4.0%
latest print
NBS · monthly
The read: the Friday close, with the move across the whole week beside it; not the one-session change the daily Brief shows. The implication: the index level alone never says whether the week was broad or carried by a couple of names; breadth and turnover do.
DSE weekly tape check
DSE · 5 verified sessions to 2026-07-24
Sessions
5
verified DSE closes
Weekly turnover
TZS 25.3bn
sum of the week's value traded
Breadth
0 up / 0 down
0 unchanged · counters that moved across the week
Best session
+0.91%
2026-07-24
Worst session
-0.26%
2026-07-21
Peak concentration
74%
TBL carried 2026-07-22
Concentration by session; the top name’s share of each session’s turnover
2026-07-20 · CRDB
37%
2026-07-21 · CRDB
49%
2026-07-22 · TBL
74%
2026-07-23 · CRDB
56%
2026-07-24 · NMB
39%
What the index hid: highly concentrated; the single heaviest name took 74% of one session’s turnover. A week can look active and still be carried by one counter. Each close, fully broken down; After the Bell →
The hurdle rate
Bank of Tanzania · WARs as at 2026-08-12
CBR · policy anchor
6.25%
91-day WAR · the front end
3.44%
182-day WAR
5.18%
364-day WAR · income anchor
6.74%
How to read this: short government paper is the opportunity cost of taking equity risk. Why it matters: the higher the front end sits, the more dividends, earnings growth and liquidity equities must deliver to clear it. Educational; not advice.
The transmission chain
How a weaker shilling reaches the shopping basket
The shilling
USD/TZS 2,645
▲ +0.03%
2026-08-17 · Bank of Tanzania
→
Fuel cap
Diesel TZS 3,978/l
▼ -4.88%
2026-08 · EWURA · monthly cap
→
Food
Maize TZS 77,750/t
flat
2026-07-31 · Wholesale · MIT
→
Cost of living
CPI 4.0%
latest print
June 2026 headline · NBS · monthly
How to read this: each link carries its own authority and its own lag; FX moves daily, fuel caps monthly, food weekly, CPI monthly. Why it matters: this is the chain that turns a currency move into a cost-of-living move. Descriptive, not predictive; the links are shown, not forecast.
KANZA CAPITAL PARTNERSThe Weekly Brief
The DSE week to 24 Jul
DSEI +0.93% · TSI +0.21% · USD/TZS +0.03% on the week
Read: Headline and domestic agreed.
Weekly moves computed from verified closes · 2026-07-24kanzacapitalpartners.com · education, not advice
The week card; built to be screenshotted and shared. Every figure is computed from the verified record.
The week in 90 seconds
A record with an asterisk; the All-Share closes at an all-time high in a week more names fell than rose
An all-time high the banks didn't attend
Roughly TZS 25bn traded; and most of it was three prints
WatchT-bill auction No. 1204 (expected)~29 Jul 2026 (inferred cadence, not an official BoT date)
Citation and sharing permitted; observation download remains source-restricted.
Read: The rebased paths show the part of the domestic move that the broader headline index does; and does not; capture.
Index scope differs. Neither line is the return of every constituent or of a reader’s portfolio.
The week in review
A record with an asterisk; the All-Share closes at an all-time high in a week more names fell than rose
Signal
4,150.14 rose 0.93% Friday-to-Friday to a record close, clearing the 3 Jul peak by 0.81%; while 8,988.01 added just 0.21% and fell on Friday itself.
Why it matters
The high was not bank-made: NMB was flat all week at 16,750 and CRDB slipped 0.37%. Friday's push came largely from cross-listed KA (+56.5%) and USL (+20.0%), both marked up on zero reported volume, with TBL (+3.35%) and VODA (+3.12%) the genuine domestic gainers. Friday-to-Friday breadth was negative: 6 counters up, 12 down.
What to watch
Whether the record is confirmed next week by domestic breadth and ordinary two-sided turnover; or fades with the no-volume marks that set it.
4,150.14 set its record on a week of down-then-up sessions: −0.22% Mon, −0.26% Tue, +0.24% Wed, +0.26% Thu, then +0.91% Friday. 8,988.01; the domestic board; actually fell 0.19% on record day.
Why it matters
Friday's largest marks were cross-listed: KA +56.5% to 180 and USL +20.0% to 30, both on zero reported volume per the DSE sheet. The week's real domestic movers were TBL (+3.35%), VODA (+3.12%), TTP (+5.62%) and DCB (+5.56%) up; MCB (−20.5%), PAL (−7.7%) and TCCL (−5.0%) down.
What to watch
What carries forward: whether the high holds when the domestic board, not cross-listed marks, does the pricing.
Source: DSE · Edition 25 Jul 2026 · Data verified · interpretation: Medium confidence
A sourced review of the full Tanzania market week: the DSE tape and who actually carried it, rates, FX, policy, macro, companies; and what to watch next. Prefer the weekend digest to a daily note? Choose weekly only.
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Tape
Roughly TZS 25bn traded; and most of it was three prints
Signal
Session tapes ran TZS 4.6bn Mon, 1.72bn Tue, 9.75bn Wed, 5.57bn Thu and 3.61bn Fri. Wednesday's total was ~74% a single TZS 7.19bn TBL cross; CRDB carried 55.8% of Thursday; NMB and CRDB together were 70.1% of Friday.
Why it matters
A week of block-and-cross concentration, not broad participation; the turnover recovered from Tuesday's TZS 1.72bn trough, but through negotiated prints rather than two-sided flow.
What to watch
What carries forward: whether ordinary distributed turnover returns, or the tape stays a handful of institutional prints.
Source: DSE · Edition 25 Jul 2026 · Data verified · interpretation: Medium confidence
A no-auction week leaves the ~290bp policy gap untested; the long end reprices to 10.87%
Signal
No bill auction fell in the window, so the front end still reads auction 1203: 91-day 3.35%, 182-day 4.78%, 364-day 7.03% against the 6.25% CBR. The 10-year point refreshed at 10.87% mid-week.
Why it matters
The 91-day sits roughly 290bp below policy; the gap the 15 Jul auction widened rather than closed; and nothing this week tested it. The next test is auction No. 1204, expected around 29 Jul on cadence.
What to watch
What carries forward: whether 1204's yields and bid-to-cover start reconnecting the bill curve to the policy rate.
Source: BoT · Edition 25 Jul 2026 · Data verified · interpretation: Medium confidence
Shilling flat into an FOMC week; gold's world reference recovers to $4,105
Signal
USD/TZS ended the week at 2,637.46, +0.03% Friday-to-Friday; flat in practice. The Tume ya Madini world gold reference rebounded ~2.0% to $4,105/oz, recovering most of the prior week's ~2.9% dip.
Why it matters
The currency again subtracted nothing from local returns; gold's rebound restores the backdrop to the Bank of Tanzania's continued gold-reserve accumulation. The 28 to 29 Jul FOMC is the nearest dated external event for the dollar side.
What to watch
What carries forward: whether the FOMC shifts the dollar backdrop, and whether gold holds above $4,000.
Source: BoT · Edition 25 Jul 2026 · Data verified · interpretation: Medium confidence
The financing story hardens: a $2.7bn rail contract, an IFC shilling bond in London, and sovereign outreach
Signal
Press reported a US$2.7bn Chinese contract for the Tabora to Kigoma SGR; the IFC issued its first Tanzanian-shilling bond listed on the London Stock Exchange; and the Finance Minister courted investors ahead of a planned London sovereign listing. Vision 2050's first five-year plan carries TZS 12.50tn from 1 July.
Why it matters
Launch week's open question; who finances Vision 2050; began getting answers: signed capex (still awaiting primary confirmation), an offshore TZS benchmark, and early sovereign-bond outreach.
What to watch
What carries forward: primary confirmation and financing terms of the SGR award, and timing of the sovereign issue.
Source: Open-source reporting · Edition 25 Jul 2026 · Data open-source · interpretation: Medium confidence
Macro
June's 4.0% print is a food story; core at 3.7% and transport at 13.6% run underneath
Signal
The week traded on June's confirmed CPI mix: headline 4.0% y/y inside the 3 to 5% band, but core rose to 3.7% and transport ran +13.6% y/y. Press reporting framed factory-sector growth as export-led rather than domestic.
Why it matters
Disinflation is being delivered by food while the fuel-subsidy exit leans on transport; the divergence that decides whether the headline holds through the second half.
What to watch
What carries forward: the July CPI print and the next EWURA fuel-cap round, both due early August.
Source: NBS · Edition 25 Jul 2026 · Data verified · interpretation: Medium confidence
The Ghost
The model book
The Ghost's hypothetical TZS 500m model book is +4.65% since inception at its 24 Jul mark. A week in which the index set a record while the book's banks sat still; NMB flat at 16,750, CRDB −0.37%; is exactly the gap between headline and holdings the model book exists to teach.
Ghost relevance: how today’s rates, FX, gold and inflation read against a hypothetical model-book; educational, not advice.
How these were chosen: not hand-picked; the name that carried the tape, the week’s biggest gain and steepest fall, then the heaviest remaining names. Educational context only; not a recommendation, and never a price target.
~29 Jul 2026 (inferred cadence, not an official BoT date)
T-bill auction No. 1204 (expected)
The 91-day WAR sits ~290bp below the 6.25% CBR; the next yields and bid-to-cover test whether the gap persists into August.
28 to 29 Jul 2026
US FOMC decision
The nearest dated external event for the dollar backdrop to USD/TZS, which held near 2,637 all week.
week of 27 Jul 2026
The record's follow-through
Friday's all-time high rode zero-volume cross-listed marks on negative weekly breadth; domestic breadth and turnover decide whether it is confirmed.
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 counts as verified capex.
early Aug 2026
NBS July CPI · EWURA fuel cap
June's 4.0% headline against 13.6% y/y transport is the divergence the next releases test.
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A sourced review of the full Tanzania market week: the DSE tape and who actually carried it, rates, FX, policy, macro, companies; and what to watch next. Prefer the weekend digest to a daily note? Choose weekly only.
Choose Daily, Weekly, or both; they are separate subscriptions. Information and education only. No advice. No noise. Unsubscribe anytime.
Weekly edition; covers verified DSE sessions Monday to Friday (20 to 24 Jul 2026), frozen to the Friday official close. Compiled from open-source reporting for information and education only; not investment advice. Equity and index figures reconcile to the Dar es Salaam Stock Exchange verified close (24 Jul 2026); rates, FX and gold to the Bank of Tanzania and Tume ya Madini; inflation to the NBS. Figures are as reported and require refresh against official data.