Tanzania Share Index 9,172.57 ▲ 0.32%USD / TZS 2,647.78 ▲ 0.01%BoT rate 6.25%Inflation 4.0% 29 Jul 2026 verified close
Tanzania Intelligence

The Brief

Vol. I · No. 211
Thursday, 30 July 2026
Verified closeDSE · BoT · frozen to the covered session29 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 Wednesday, 29 July 2026; the most recent verified session. Its figures are frozen to that close; for today’s live moves see Markets.


DSE All-Share
4,173.13▲ 0.23%
29 Jul close · latest verified
Tanzania Share Index
9,172.57
TSI · 29 Jul · domestic
USD / TZS
2,647.78▲ 0.01%
BoT mean · 30 Jul sheet
BoT rate
6.25%
Q3 2026 CBR
91-day T-bill
3.39%
BoT WAR · latest auction
364-day T-bill
6.29%
BoT WAR · latest auction
Inflation
4.0%
June · inside 3 to 5% band
Today in 60 seconds
  1. Indices rose, but two banks carried 92.6% of turnover
  2. Vodacom's operating growth strengthened while reinvestment absorbed cash
  3. CRDB filed its second-quarter report, but the retained evidence has no financial table
WatchCRDB Q2 filing verificationImmediate · date unannounced
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 2026-07-29 covered session

-0.43 ppCurrent spread+1.48 ppHighest spread-2.10 ppLowest spread
Coverage 2026-05-04 → 2026-07-29 Vintage 2026-07-29 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-05-04Cumulative TSI minus DSEI0
2026-05-05Cumulative TSI minus DSEI-0.26
2026-05-06Cumulative TSI minus DSEI-0.54
2026-05-07Cumulative TSI minus DSEI-0.8
2026-05-08Cumulative TSI minus DSEI-0.58
2026-05-11Cumulative TSI minus DSEI-0.1
2026-05-12Cumulative TSI minus DSEI-0.38
2026-05-13Cumulative TSI minus DSEI-0.21
2026-05-14Cumulative TSI minus DSEI-0.49
2026-05-15Cumulative TSI minus DSEI-0.52
2026-05-18Cumulative TSI minus DSEI-0.4
2026-05-19Cumulative TSI minus DSEI-0.36
2026-05-20Cumulative TSI minus DSEI-0.23
2026-05-21Cumulative TSI minus DSEI0.04
2026-05-22Cumulative TSI minus DSEI0.08
2026-05-25Cumulative TSI minus DSEI0.62
2026-05-26Cumulative TSI minus DSEI0.79
2026-05-28Cumulative TSI minus DSEI1.08
2026-05-29Cumulative TSI minus DSEI0.99
2026-06-01Cumulative TSI minus DSEI1.1
2026-06-02Cumulative TSI minus DSEI1.44
2026-06-03Cumulative TSI minus DSEI1.19
2026-06-04Cumulative TSI minus DSEI1.3
2026-06-05Cumulative TSI minus DSEI1.48
2026-06-08Cumulative TSI minus DSEI1.32
2026-06-09Cumulative TSI minus DSEI1.04
2026-06-10Cumulative TSI minus DSEI0.65
2026-06-11Cumulative TSI minus DSEI0.46
2026-06-12Cumulative TSI minus DSEI0.13
2026-06-15Cumulative TSI minus DSEI-0.26
2026-06-16Cumulative TSI minus DSEI-0.11
2026-06-17Cumulative TSI minus DSEI-0.2
2026-06-18Cumulative TSI minus DSEI-0.7
2026-06-19Cumulative TSI minus DSEI-0.57
2026-06-22Cumulative TSI minus DSEI-0.19
2026-06-23Cumulative TSI minus DSEI-0.4
2026-06-24Cumulative TSI minus DSEI-0.5
2026-06-25Cumulative TSI minus DSEI-1.47
2026-06-26Cumulative TSI minus DSEI-2.03
2026-06-29Cumulative TSI minus DSEI-2.1
2026-06-30Cumulative TSI minus DSEI-1.82
2026-07-01Cumulative TSI minus DSEI-1.1
2026-07-02Cumulative TSI minus DSEI-1.31
2026-07-03Cumulative TSI minus DSEI-1.01
2026-07-06Cumulative TSI minus DSEI-0.84
2026-07-08Cumulative TSI minus DSEI-1.07
2026-07-09Cumulative TSI minus DSEI-1.06
2026-07-10Cumulative TSI minus DSEI-1.05
2026-07-13Cumulative TSI minus DSEI-1.07
2026-07-14Cumulative TSI minus DSEI-1.27
2026-07-15Cumulative TSI minus DSEI-1.1
2026-07-16Cumulative TSI minus DSEI-1.3
2026-07-17Cumulative TSI minus DSEI-1.2
2026-07-20Cumulative TSI minus DSEI-1.17
2026-07-21Cumulative TSI minus DSEI-1.01
2026-07-22Cumulative TSI minus DSEI-0.92
2026-07-23Cumulative TSI minus DSEI-0.81
2026-07-24Cumulative TSI minus DSEI-1.92
2026-07-27Cumulative TSI minus DSEI-0.92
2026-07-28Cumulative TSI minus DSEI-0.52
2026-07-29Cumulative TSI minus DSEI-0.43

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
7 rose, 12 fell
Advancers against decliners on the verified DSE close.
Headline driver
Cross-listed lift
Cross-listed names moved the headline
All-Share -0.50% vs domestic TSI -0.81%; the +0.31pp gap is the cross-listed weight most local investors don’t hold.
Turnover concentration
Block-driven
One name carried the tape
NMB Bank was 79% 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

Indices rose, but two banks carried 92.6% of turnover

Signal

4,173.13 rose 0.23% and 9,172.57 0.32%; turnover was TZS 8.18bn, with NMB and CRDB supplying 92.6%.

Why it matters

The session was decline-led despite positive indices, so funded participation remained narrower than the headline move.

What to watch

Whether value spreads beyond the two banks, and whether VODA retains order depth after its audited annual report.

Source: DSE · Observed 29 Jul 2026
Go deeper →
Mobile

Vodacom's operating growth strengthened while reinvestment absorbed cash

Signal

Service revenue rose 21.8%, EBITDA 38.8% and reported PAT 18.4%; capex rose 85.1% as free cash flow fell 26.8%.

Why it matters

The audited year shows broader operating growth and margin expansion, while the cash-flow decline marks the cost of faster network investment.

What to watch

AGM confirmation of the proposed TZS 53.6bn dividend, plus capex, finance costs and cash conversion in the next results.

Source: Vodacom Tanzania · Edition 30 Jul 2026 · Data as reported · interpretation: Medium confidence
Go deeper →
Get the Daily Brief before the market opens.

A free daily Tanzania market-intelligence note covering DSE moves, rates, FX, policy, macro signals and what to watch next.

Information and education only. No advice. No noise. Unsubscribe anytime.
Banking

CRDB filed its second-quarter report, but the retained evidence has no financial table

Signal

CRDB's filing covers the quarter ended 30 June, was signed on 24 July and published on 29 July; no financial figures are extractable.

Why it matters

The filing is a verified reporting event, but publishing numbers before visual table review would turn an evidence gap into false precision.

What to watch

Visual verification of the financial tables against the signed DSE filing before any performance claim enters the Brief.

Source: CRDB Bank · DSE · Edition 30 Jul 2026 · Data as reported · interpretation: Medium confidence
Go deeper →
FX

The first official shilling print after the Fed was effectively flat

Signal

BoT's 30 July mean was TZS 2,647.78 per US dollar, 0.009% weaker than 29 July and 0.39% weaker than 24 July.

Why it matters

The one-day move is too small to establish a post-Fed trend; the six-day comparison shows a mild weakening, not a break.

What to watch

The next official BoT sheet, plus whether later prints extend beyond the current sub-half-percent move.

Source: Bank of Tanzania · Edition 30 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Capital markets

The front end of the bill curve remains well below the policy rate

Signal

Auction No. 1203 cleared at 3.3472% for 91 days, 4.7799% for 182 days and 7.0258% for 364 days against a 6.25% CBR.

Why it matters

The 91-day yield sits about 290bp below the CBR while the 364-day yield is higher, leaving a steep observed bill curve.

What to watch

The next verified BoT auction result; no official date is posted, so no cadence-derived date is used.

Source: Bank of Tanzania · Edition 30 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

The Ghost's hypothetical TZS 500m model book is +8.42% since inception at its 29 Jul mark. VODA's audited growth, its cash-conversion decline and the bank-heavy DSE session are terrain for studying concentration, reinvestment and liquidity, not trades.

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
Immediate · date unannouncedCRDB Q2 filing verificationThe retained filing proves the reporting event but not the financial table; visual verification is required before publishing performance figures.
30 Jul 2026 · 14:00 EATBank of England decisionThe vote will show whether energy pass-through or subdued private demand dominates the committee's risk balance.
Date unannouncedNext verified BoT T-bill resultAuction No. 1203 remains latest; the next posted result tests whether the 91-day yield remains about 290bp below the 6.25% CBR.
20 to 24 Aug 2026NMB share-subdivision windowThe pause, register close and restart create the first observable test of order count, spread and traded-value depth.
Get the Daily Brief before the market opens.

A free daily Tanzania market-intelligence note covering DSE moves, rates, FX, policy, macro signals and what to watch next.

Information and education only. No advice. No noise. Unsubscribe anytime.

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 (29 Jul 2026); rates and FX to the Bank of Tanzania; inflation to the NBS. The current Wire hand-off was read first: five duplicate Vodacom candidates were consolidated into one audited-results card, CRDB's filing was included with its evidence limitation, and the TRA to IMF candidate was not repeated because it carried no new disclosed scope, funding or measures beyond the 29 July edition. Foreign-flow data was unavailable in the official session snapshot and is omitted. For live market levels see Markets.

Archive; past editions59
Both share indices fell as trading value roseTuesday, 29 September 2026Share prices rose, but two banks carried most trading valueMonday, 28 September 2026Can the share-price rise hold across more of the market?Sunday, 27 September 2026Domestic shares rose faster than the wider marketSaturday, 26 September 2026Share indices rose, while two banks carried most trading valueFriday, 25 September 2026Share-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 2026