USD / TZS 2,637Gold · $/oz $4,105BoT rate 6.25%Inflation 4.0% Week to 2026-07-24 · verified close
Tanzania Intelligence

The Brief

Vol. I · No. 207
Sunday, 26 July 2026
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.

Week ahead; frozen at Sunday’s publication, framing the week to come off the 24 Jul 2026 verified close (the 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
3.39%
▼ -10bp
BoT WAR · vs prior auction
364-day T-bill
6.29%
▼ -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 2026-09-23
CBR · policy anchor
6.25%
91-day WAR · the front end
3.39%
182-day WAR
5.29%
364-day WAR · income anchor
6.29%

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 2,646
▲ +0.03%
2026-09-24 · Bank of Tanzania
Fuel cap
Diesel TZS 3,877/l
▼ -2.54%
2026-09 · EWURA · monthly cap
Food
Maize TZS 74,500/t
flat
2026-08-24 · 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
  1. A record made on three prints meets its first dated tests; the month-end auction and an FOMC week
  2. The record's first test: does the high hold when the domestic board does the pricing?
  3. Auction No. 1204: the ~290bp gap finally gets a print
WatchT-bill auction No. 1204 (expected)~29 Jul 2026 (inferred cadence, not an official BoT calendar 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 2026-07-24 covered session

-1.12 ppCurrent spread+2.28 ppHighest spread-1.30 ppLowest spread
Coverage 2026-04-27 → 2026-07-24 Vintage 2026-07-24 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-04-27Cumulative TSI minus DSEI0
2026-04-28Cumulative TSI minus DSEI0.23
2026-04-29Cumulative TSI minus DSEI0.86
2026-04-30Cumulative TSI minus DSEI1.03
2026-05-04Cumulative TSI minus DSEI0.79
2026-05-05Cumulative TSI minus DSEI0.54
2026-05-06Cumulative TSI minus DSEI0.25
2026-05-07Cumulative TSI minus DSEI-0.01
2026-05-08Cumulative TSI minus DSEI0.21
2026-05-11Cumulative TSI minus DSEI0.69
2026-05-12Cumulative TSI minus DSEI0.42
2026-05-13Cumulative TSI minus DSEI0.59
2026-05-14Cumulative TSI minus DSEI0.3
2026-05-15Cumulative TSI minus DSEI0.27
2026-05-18Cumulative TSI minus DSEI0.39
2026-05-19Cumulative TSI minus DSEI0.44
2026-05-20Cumulative TSI minus DSEI0.56
2026-05-21Cumulative TSI minus DSEI0.84
2026-05-22Cumulative TSI minus DSEI0.87
2026-05-25Cumulative TSI minus DSEI1.41
2026-05-26Cumulative TSI minus DSEI1.58
2026-05-28Cumulative TSI minus DSEI1.88
2026-05-29Cumulative TSI minus DSEI1.79
2026-06-01Cumulative TSI minus DSEI1.89
2026-06-02Cumulative TSI minus DSEI2.23
2026-06-03Cumulative TSI minus DSEI1.99
2026-06-04Cumulative TSI minus DSEI2.09
2026-06-05Cumulative TSI minus DSEI2.28
2026-06-08Cumulative TSI minus DSEI2.12
2026-06-09Cumulative TSI minus DSEI1.83
2026-06-10Cumulative TSI minus DSEI1.45
2026-06-11Cumulative TSI minus DSEI1.25
2026-06-12Cumulative TSI minus DSEI0.93
2026-06-15Cumulative TSI minus DSEI0.53
2026-06-16Cumulative TSI minus DSEI0.68
2026-06-17Cumulative TSI minus DSEI0.6
2026-06-18Cumulative TSI minus DSEI0.1
2026-06-19Cumulative TSI minus DSEI0.22
2026-06-22Cumulative TSI minus DSEI0.6
2026-06-23Cumulative TSI minus DSEI0.4
2026-06-24Cumulative TSI minus DSEI0.3
2026-06-25Cumulative TSI minus DSEI-0.68
2026-06-26Cumulative TSI minus DSEI-1.24
2026-06-29Cumulative TSI minus DSEI-1.3
2026-06-30Cumulative TSI minus DSEI-1.03
2026-07-01Cumulative TSI minus DSEI-0.31
2026-07-02Cumulative TSI minus DSEI-0.52
2026-07-03Cumulative TSI minus DSEI-0.21
2026-07-06Cumulative TSI minus DSEI-0.05
2026-07-08Cumulative TSI minus DSEI-0.28
2026-07-09Cumulative TSI minus DSEI-0.26
2026-07-10Cumulative TSI minus DSEI-0.26
2026-07-13Cumulative TSI minus DSEI-0.28
2026-07-14Cumulative TSI minus DSEI-0.47
2026-07-15Cumulative TSI minus DSEI-0.31
2026-07-16Cumulative TSI minus DSEI-0.51
2026-07-17Cumulative TSI minus DSEI-0.41
2026-07-20Cumulative TSI minus DSEI-0.37
2026-07-21Cumulative TSI minus DSEI-0.21
2026-07-22Cumulative TSI minus DSEI-0.12
2026-07-23Cumulative TSI minus DSEI-0.02
2026-07-24Cumulative TSI minus DSEI-1.12

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.

The week ahead

A record made on three prints meets its first dated tests; the month-end auction and an FOMC week

Signal

The market reopens Monday off 4,150.14; an all-time high set on negative breadth and zero-volume cross-listed marks; into a week carrying T-bill auction No. 1204 (~29 Jul, inferred cadence) and the 28 to 29 Jul US FOMC.

Why it matters

Last week's record was a level without participation: 6 counters up, 12 down, the banks flat, and most of the ~TZS 25bn tape in three negotiated prints. Unlike the record week itself, this one has scheduled catalysts; the auction is the first print against the ~290bp gap between the 91-day bill and the 6.25% policy rate, and the FOMC is the nearest dated external event behind a shilling that has barely moved in a month.

What to watch

Whether domestic breadth and ordinary two-sided turnover confirm the high; what auction No. 1204's yields and bid-to-cover say about the front-end/policy gap; and whether USD/TZS stays anchored through the FOMC.

Source: DSE · BoT · Edition 26 Jul 2026
Go deeper →
Equities

The record's first test: does the high hold when the domestic board does the pricing?

Signal

4,150.14 enters the week up 0.93% Friday-to-Friday at an all-time high; but the decisive push came from cross-listed KA and USL marked up on no reported volume, weekly breadth was 6 up / 12 down, and 8,988.01 fell on record day.

Why it matters

A high set on zero-volume marks and negotiated blocks is a level, not yet a market. The cleaner tell this week is not whether the record holds but who does the pricing: domestic counters at ordinary turnover, or thin marks at the margin.

What to watch

Whether advancers outnumber decliners at two-sided turnover, and whether bank leadership; NMB flat, CRDB slightly lower last week; returns to the tape.

Source: DSE · Edition 26 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
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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.

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Rates

Auction No. 1204: the ~290bp gap finally gets a print

Signal

The 91-day WAR sits at 3.35% against a 6.25% CBR, the 364-day at 7.03%, and the 10-year point repriced to 10.87% last week; with the next T-bill auction expected ~29 Jul (inferred cadence, not an official BoT calendar date).

Why it matters

No auction fell in last week's window, so the front-end/policy gap went untested for a fortnight. Auction No. 1204 is the first scheduled repricing event: its WARs and bid-to-cover show whether the short end starts reconnecting to policy or the gap simply persists into August.

What to watch

The 91- and 364-day WARs and bid-to-cover at auction No. 1204, and whether the long end holds its 10.87% repricing.

Source: BoT · Edition 26 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
FX / Gold

An FOMC week for a shilling that hasn't moved

Signal

USD/TZS held at 2,637 on BoT's 24 Jul sheet, +0.03% on the week; gold's world reference recovered about 2.0% to $4,105. The 28 to 29 Jul US FOMC is the week's one dated external event for the dollar backdrop.

Why it matters

A flat shilling is the rare state in which local and hard-currency returns say the same thing. The FOMC is the scheduled event most capable of shifting that backdrop; and gold back above $4,000 restores the reserve-side variable BoT accumulates against.

What to watch

Whether USD/TZS stays anchored through the FOMC decision, and whether gold's world reference holds above $4,000.

Source: BoT · Edition 26 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Policy

Vision 2050 financing: the week the press-reported becomes primary; or doesn't

Signal

The $2.7bn Tabora to Kigoma SGR contract remains press-reported without primary confirmation; the IFC's first Tanzanian-shilling bond listed in London and the Sh263bn sovereign offshore listing have put an offshore shilling curve on the tape.

Why it matters

The financing story hardened last week from statutory to transactional. What upgrades it further is primary-source confirmation; contract terms, financing structure, named vehicles; rather than additional headlines; an offshore TZS curve is a pricing reference Tanzanian assets have not had before.

What to watch

Primary confirmation and financing terms for the SGR award, any further named Vision 2050 vehicles, and follow-on issuance against the new offshore shilling reference.

Source: Open-source reporting · Edition 26 Jul 2026 · Data open-source · interpretation: Medium confidence
Macro

Month-end without a print: July CPI and the fuel cap land just beyond the week

Signal

June's headline CPI held at 4.0%; a food story, with core at 3.7% and transport running 13.6% y/y underneath. Nothing on the macro calendar is dated inside Mon 27 to Fri 31 Jul; the July CPI print and the next EWURA fuel cap land early August.

Why it matters

The inflation question this week is positional, not topical: the headline-versus-transport divergence is the thing the early-August releases test, so this week sets the base the next print is read against.

What to watch

Any early signals on the August EWURA cap, and the setup into the NBS July CPI release the following week.

Source: NBS · Edition 26 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. It enters a two-catalyst week at a record its bank-weighted allocations did not participate in; NMB flat at 16,750, CRDB slightly lower; so the auction's hurdle-rate print and the tape's breadth are the two things the model book reads first.

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 →

Companies of the week

DSE · weekly move & tape weight to 2026-07-24 · covered names

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.

How the week changed the terrain

The Ghost · hypothetical model book · educational

The Ghost does not move because a week moved; it updates the model-book risk map. Where the book stands → · The terrain it reads →

Week ahead; what to watch
WhenEventWhy it matters
~29 Jul 2026 (inferred cadence, not an official BoT calendar date)T-bill auction No. 1204 (expected)The first scheduled test of the ~290bp 91-day/CBR gap in a fortnight; the WARs and bid-to-cover show whether the front end starts reconnecting to policy.
28 to 29 Jul 2026US FOMC decisionThe week's one dated external event for the dollar backdrop to USD/TZS, which held at 2,637 through last week.
week of 27 Jul 2026The record's follow-throughFriday's all-time high rode zero-volume cross-listed marks on 6-up/12-down breadth; domestic breadth and two-sided turnover decide whether it is confirmed.
coming weeks (unscheduled)Tabora to Kigoma SGR $2.7bn award; primary confirmationThe contract remains press-reported; primary confirmation and financing terms are required before it counts as verified capex.
early Aug 2026 (just beyond this week)NBS July CPI · EWURA fuel capThe headline-vs-transport divergence (4.0% vs 13.6% y/y) is what the next releases test; this week sets the base they are read against.
Get the Weekly Brief every weekend.

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.

Week-ahead edition; a forward framing of Mon 27 to Fri 31 Jul, frozen to the Friday official close (24 Jul 2026). Compiled from open-source reporting 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 (24 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. Dated events are published only where the date is verified; the ~29 Jul auction is an inferred cadence and the $2.7bn Tabora to Kigoma SGR award is press-reported, neither an official calendar entry. For live market updates see Markets.

Archive; past editions59
Share-price measures fell; two banks carried most trading moneyThursday, 24 September 2026Shares rose, but one bank carried most trading valueWednesday, 23 September 2026Share prices rose, and more traded companies advanced than declinedTuesday, 22 September 2026Share 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 with an asterisk; the All-Share closes at an all-time high in a week more names fell than roseSaturday, 25 July 2026