Verified closeDSE · BoT · frozen to the covered session31 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 31 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
2026-07-31 close · change ON THE WEEK · DSE · BoT · NBS
DSE All-Share
4,190.41
▲ +0.97%
DSEI · 31 Jul close · latest verified
Tanzania Share Index
9,215.18
▲ +2.53%
TSI · 31 Jul close · domestic board
USD / TZS
2,649.75
▲ +0.47%
BoT mean · hard-currency 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 2026-07-31
Sessions
5
verified DSE closes
Weekly turnover
TZS 64.5bn
sum of the week's value traded
Breadth
0 up / 0 down
0 unchanged · counters that moved across the week
Best session
+0.52%
2026-07-28
Worst session
-0.20%
2026-07-27
Peak concentration
79%
NMB carried 2026-07-29
Concentration by session; the top name’s share of each session’s turnover
2026-07-27 · NMB
28%
2026-07-28 · NMB
69%
2026-07-29 · NMB
79%
2026-07-30 · NMB
64%
2026-07-31 · TBL
78%
What the index hid: highly concentrated; the single heaviest name took 79% 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
▲ +0.47%
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 31 Jul
DSEI +0.97% · TSI +2.53% · USD/TZS +0.47% on the week
Read: Headline and domestic agreed, the shilling gave ground.
Weekly moves computed from verified closes · 2026-07-31kanzacapitalpartners.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
Domestic shares outran the headline index; but two concentrated sessions supplied most of the money
The domestic board led the week; Commercial Services did most of the acceleration
TZS 64.53bn traded across five sessions; with Friday dominated by one brewer
WatchDSE breadth after the Friday blockweek of 3 Aug 2026
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
Domestic shares outran the headline index; but two concentrated sessions supplied most of the money
Signal
4,190.41 rose 0.97% Friday-to-Friday while 9,215.18 gained 2.53%; five verified sessions carried TZS 64.53bn of equity turnover.
Why it matters
The domestic advance was real but uneven: Commercial Services rose 19.91%, while 62 declining session-counts exceeded 37 advancing counts. Monday and Friday supplied 69.5% of the week's value, and Friday alone was 78.1% TBL.
What to watch
Whether wider participation follows the results-led moves in NMB, Vodacom and TCCL, or the next week again depends on a few counters and block-sized prints.
The domestic board led the week; Commercial Services did most of the acceleration
Signal
4,190.41 added 0.97% for the week and 9,215.18 2.53%; Commercial Services rose 19.91%, Industrial & Allied 1.70% and Banks 0.72%.
Why it matters
Vodacom and TCCL repriced sharply after issuer disclosures, while Friday-to-Friday moves remained mixed: NMB +4.96%, CRDB −2.60% and TBL −1.57%.
What to watch
What carries forward: whether domestic breadth catches up with the sector-index gains after five sessions produced more declining than advancing counts.
Source: DSE · Edition 1 Aug 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.
Choose Daily, Weekly, or both; they are separate subscriptions. Information and education only. No advice. No noise. Unsubscribe anytime.
Tape
TZS 64.53bn traded across five sessions; with Friday dominated by one brewer
Signal
Verified session turnover was TZS 14.38bn Mon, 5.07bn Tue, 8.18bn Wed, 6.45bn Thu and 30.46bn Fri, summing to TZS 64.53bn.
Why it matters
Friday's total was a session snapshot, not the weekly aggregate: TBL supplied 78.1% of that close. Monday and Friday together accounted for 69.5% of the week's value.
What to watch
What carries forward: whether ordinary distributed turnover replaces the block-and-counter concentration visible at both ends of the week.
Source: DSE · Edition 1 Aug 2026 · Data verified · interpretation: Medium confidence
NMB's half-year profit grew, but funding costs ran faster than income
Signal
Issuer-reported H1 profit after tax rose 13.2% to TZS 405.766bn; net interest income grew 16.7% and fee income 23.2%.
Why it matters
Interest expense rose 36.0%. Since March, net loans grew 8.6%, deposits 1.0% and the NPL ratio eased to 2.5%; Q1 plus Q2 PAT exceeds published H1 by TZS 8m.
What to watch
What carries forward: funding-cost growth, deposit formation, credit quality and the issuer's reconciliation of the small quarterly-to-half-year PAT difference.
Source: NMB Bank Plc · Edition 1 Aug 2026 · Data as reported · interpretation: Medium confidence
The bill curve remained below policy; no new auction result reset the front end
Signal
BoT auction No. 1203 remained the latest verified bill result: 91-day 3.35%, 182-day 4.78% and 364-day 7.03% against a 6.25% CBR.
Why it matters
The 91-day yield remains about 290bp below policy. With no later official result in the weekly window, the transmission gap is observed rather than projected.
What to watch
What carries forward: the next published BoT bill result and whether the short end begins reconnecting with the policy setting.
Source: BoT · Edition 1 Aug 2026 · Data verified · interpretation: Medium confidence
Headline inflation eased, but transport and services kept the composition uneven
Signal
NBS June headline inflation was 4.0% and food 4.1%; verified release detail put core at 3.7%, services at 5.4% and transport at 13.6%.
Why it matters
The headline remained inside the 3 to 5% band, but the mix shows why one aggregate cannot stand in for the household or logistics experience.
What to watch
What carries forward: the next NBS CPI release and whether transport and services converge toward the headline rate.
Source: NBS · Edition 1 Aug 2026 · Data verified · interpretation: Medium confidence
The Ghost
The model book
The Ghost's hypothetical TZS 500m model book is +8.16% since inception at its 31 Jul mark. NMB rose 4.96% and Vodacom 21.21% Friday-to-Friday while CRDB fell 2.60%; the week is a concentration and cash-conversion lesson, not a trading signal.
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.
Friday's TZS 30.46bn was 78.1% TBL, while the five-session breadth count remained decline-heavy; the next closes test whether participation spreads.
date not announced
Next verified BoT Treasury-bill result
Auction No. 1203 remains the latest verified result; the next print tests the roughly 290bp gap between the 91-day yield and the 6.25% CBR.
date not announced
Next NBS CPI release
The next print tests whether June's 4.0% headline continues to mask materially higher transport and services inflation.
20 to 24 Aug 2026
NMB share-subdivision window
The scheduled pause, record date and restart provide an observable test of order count, spreads and trading depth after the mechanical unit-price change.
next issuer result · date not announced
Vodacom cash conversion
FY2026 operating growth came with an 85.1% capex increase and a 26.8% free-cash-flow decline; the next disclosure tests conversion after the investment step-up.
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.
Weekly edition; covers all five verified DSE sessions from Monday 27 July through Friday 31 July 2026 and is frozen to Friday's official close. Compiled from public sources for information and education only; not investment advice, a forecast or a recommendation. Equity and index figures reconcile to DSE authority files; the TZS 64.53bn weekly turnover is the sum of five verified session tapes, while Friday's TZS 30.46bn and 78.1% TBL share are explicitly session-only. Rates, FX and the same-day gold cross use Bank of Tanzania data; inflation uses NBS; company results use issuer-native NMB and Vodacom disclosures. The current Wire hand-off was read first: its primary-grade NMB result is included. Press candidates without independent primary corroboration were deliberately omitted. A verified foreign-flow split was unavailable and is not inferred. For live levels, see Markets.