Tanzania Share Index 9,321.17USD / TZS 2,643.56BoT rate 6.25%Inflation 4.2% Week to 2026-08-21 · verified close
Tanzania Intelligence

The Brief

Vol. I · No. 232
Saturday, 22 August 2026
Verified closeDSE · BoT · frozen to the covered session21 Aug 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 21 Aug 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

2026-08-21 close · change ON THE WEEK · DSE · BoT · NBS
DSE All-Share
4,250.04
▲ +0.41%
DSEI · 21 Aug close · latest verified
Tanzania Share Index
9,321.17
▼ -0.12%
TSI · 21 Aug close · domestic board
USD / TZS
2,643.56
▼ -0.04%
BoT mean · hard-currency lens
BoT rate
6.25%
policy
CBR · policy anchor
91-day T-bill
3.49%
▲ +9bp
BoT WAR · vs prior auction
364-day T-bill
6.28%
▼ -29bp
BoT WAR · vs prior auction
Inflation
4.2%
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 2026-08-21
Sessions
5
verified DSE closes
Weekly turnover
TZS 23.3bn
sum of the week's value traded
Breadth
0 up / 0 down
0 unchanged · counters that moved across the week
Best session
+0.41%
2026-08-19
Worst session
-0.26%
2026-08-18
Peak concentration
63%
NMB carried 2026-08-18
Concentration by session; the top name’s share of each session’s turnover
2026-08-17 · NMB
63%
2026-08-18 · NMB
63%
2026-08-19 · NMB
59%
2026-08-20 · CRDB
49%
2026-08-21 · CRDB
59%

What the index hid: highly concentrated; the single heaviest name took 63% 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 2026-10-07
CBR · policy anchor
6.25%
91-day WAR · the front end
3.49%
182-day WAR
5.63%
364-day WAR · income anchor
6.28%

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 2,632
▼ -0.04%
2026-10-14 · Bank of Tanzania
Fuel cap
Diesel TZS 4,086/l
▲ +5.39%
2026-10 · EWURA · monthly cap
Food
Maize TZS 74,500/t
flat
2026-08-24 · Wholesale · MIT
Cost of living
CPI 4.2%
latest print
July 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 21 Aug
DSEI +0.41% · TSI -0.12% · USD/TZS -0.04% on the week
Read: Headline and domestic split.
Weekly moves computed from verified closes · 2026-08-21kanzacapitalpartners.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. The All-Share rose, the domestic tape slipped and liquidity thinned into Friday
  2. DSEI edged higher while the domestic index slipped
  3. Verified turnover totaled TZS 23.30bn, then Friday closed as the lightest session
WatchDSE turnover distributionNext verified sessions
Read the full Brief ↓
Market mood

The week was mixed rather than weak. The All-Share closed higher, the domestic board slipped and verified turnover became lighter into Friday.

Educational reading of the week · not advice
What this week means
New TanzanianRead the split between DSEI and TSI before treating the market as one block.
DiasporaThe shilling was stable on the BoT mean, while gold carried the stronger hard-currency move.
InstitutionalLiquidity quality matters: single-name concentration remained the constraint.
ForeignProcess signals in the Wire need quantified follow-through before they become capital evidence.
Educational interpretation by reader type · not personalised advice.

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 2026-08-21 covered session

-1.71 ppCurrent spread+0.87 ppHighest spread-2.71 ppLowest spread
Coverage 2026-05-25 → 2026-08-21 Vintage 2026-08-21 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-05-25Cumulative TSI minus DSEI0
2026-05-26Cumulative TSI minus DSEI0.17
2026-05-28Cumulative TSI minus DSEI0.46
2026-05-29Cumulative TSI minus DSEI0.37
2026-06-01Cumulative TSI minus DSEI0.48
2026-06-02Cumulative TSI minus DSEI0.82
2026-06-03Cumulative TSI minus DSEI0.57
2026-06-04Cumulative TSI minus DSEI0.68
2026-06-05Cumulative TSI minus DSEI0.87
2026-06-08Cumulative TSI minus DSEI0.71
2026-06-09Cumulative TSI minus DSEI0.42
2026-06-10Cumulative TSI minus DSEI0.04
2026-06-11Cumulative TSI minus DSEI-0.16
2026-06-12Cumulative TSI minus DSEI-0.49
2026-06-15Cumulative TSI minus DSEI-0.88
2026-06-16Cumulative TSI minus DSEI-0.73
2026-06-17Cumulative TSI minus DSEI-0.82
2026-06-18Cumulative TSI minus DSEI-1.32
2026-06-19Cumulative TSI minus DSEI-1.19
2026-06-22Cumulative TSI minus DSEI-0.81
2026-06-23Cumulative TSI minus DSEI-1.02
2026-06-24Cumulative TSI minus DSEI-1.12
2026-06-25Cumulative TSI minus DSEI-2.09
2026-06-26Cumulative TSI minus DSEI-2.65
2026-06-29Cumulative TSI minus DSEI-2.71
2026-06-30Cumulative TSI minus DSEI-2.44
2026-07-01Cumulative TSI minus DSEI-1.72
2026-07-02Cumulative TSI minus DSEI-1.93
2026-07-03Cumulative TSI minus DSEI-1.63
2026-07-06Cumulative TSI minus DSEI-1.46
2026-07-08Cumulative TSI minus DSEI-1.69
2026-07-09Cumulative TSI minus DSEI-1.68
2026-07-10Cumulative TSI minus DSEI-1.67
2026-07-13Cumulative TSI minus DSEI-1.69
2026-07-14Cumulative TSI minus DSEI-1.89
2026-07-15Cumulative TSI minus DSEI-1.72
2026-07-16Cumulative TSI minus DSEI-1.92
2026-07-17Cumulative TSI minus DSEI-1.82
2026-07-20Cumulative TSI minus DSEI-1.79
2026-07-21Cumulative TSI minus DSEI-1.62
2026-07-22Cumulative TSI minus DSEI-1.54
2026-07-23Cumulative TSI minus DSEI-1.43
2026-07-24Cumulative TSI minus DSEI-2.54
2026-07-27Cumulative TSI minus DSEI-1.54
2026-07-28Cumulative TSI minus DSEI-1.14
2026-07-29Cumulative TSI minus DSEI-1.05
2026-07-30Cumulative TSI minus DSEI-1.07
2026-07-31Cumulative TSI minus DSEI-1
2026-08-03Cumulative TSI minus DSEI-1.09
2026-08-04Cumulative TSI minus DSEI-1.21
2026-08-05Cumulative TSI minus DSEI-1.42
2026-08-06Cumulative TSI minus DSEIN/A
2026-08-07Cumulative TSI minus DSEI-1.76
2026-08-10Cumulative TSI minus DSEI-1.39
2026-08-11Cumulative TSI minus DSEI-1.15
2026-08-12Cumulative TSI minus DSEI-1.36
2026-08-13Cumulative TSI minus DSEI-1.44
2026-08-14Cumulative TSI minus DSEI-1.18
2026-08-17Cumulative TSI minus DSEI-1.38
2026-08-18Cumulative TSI minus DSEI-1.49
2026-08-19Cumulative TSI minus DSEI-1.76
2026-08-20Cumulative TSI minus DSEI-1.63
2026-08-21Cumulative TSI minus DSEI-1.71

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 in review

The All-Share rose, the domestic tape slipped and liquidity thinned into Friday

Signal

4,250.04 rose 0.41% Friday-to-Friday while 9,321.17 fell 0.12%; five verified sessions carried TZS 23.30bn of turnover.

Why it matters

The week was not a broad risk-on tape: banks dominated money flow, Friday was the lightest session and single-name dispersion stayed wide.

What to watch

Whether next week reconnects index direction, turnover depth and broader participation after the split weekly close.

Source: DSE · Edition 22 Aug 2026
Go deeper →
Equities

DSEI edged higher while the domestic index slipped

Signal

4,250.04 rose 0.41% Friday-to-Friday, while 9,321.17 fell 0.12%; Banks, Industrials and Services all ended slightly lower.

Why it matters

The headline index held up better than the domestic board, so the week was more about composition than broad acceleration.

What to watch

What carries forward: whether next week reconnects the domestic index with the All-Share or keeps a split tape.

Source: DSE · Edition 22 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
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.

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Liquidity

Verified turnover totaled TZS 23.30bn, then Friday closed as the lightest session

Signal

Across the five verified sessions, DSE tape history records TZS 23.30bn of turnover; Friday contributed TZS 1.38bn.

Why it matters

NMB led the first three sessions and CRDB led the last two, keeping the money map concentrated even as total weekly value remained measurable.

What to watch

What carries forward: whether value returns after Friday's lighter close or remains dependent on one banking counter per session.

Source: DSE · Edition 22 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Breadth

Fourteen counters rose, nine fell and seven were unchanged from Friday to Friday

Signal

Among 30 comparable histories, 14 counters rose, nine fell and seven were unchanged; TOL led gains and PAL led declines.

Why it matters

A small positive All-Share week still hid wider single-name dispersion, especially outside the largest banks.

What to watch

What carries forward: whether the extreme moves keep trading support or settle back into the unchanged middle of the board.

Source: DSE · Edition 22 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Rates

The hurdle-rate picture stayed anchored by the August bill curve

Signal

BoT data show CBR at 6.25%, 91-day WAR at 3.44%, 182-day at 5.18% and 364-day at 6.74% on the latest bill record.

Why it matters

There was no need to manufacture a weekly rate move: the official auction series is event-dated, not daily market tape.

What to watch

What carries forward: the next official bill auction and the latest bond record on their own BoT dates.

Source: Bank of Tanzania · Edition 22 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
FX and gold

The shilling was near-flat while official gold references rose

Signal

BoT USD/TZS moved from 2,645.24 on 15 Aug to 2,643.56 on 22 Aug; Mining Commission world gold rose 3.25% from 15 Aug to 21 Aug.

Why it matters

The hard-currency lens was not driven by shilling stress this week; the larger same-source move sat in gold references.

What to watch

What carries forward: whether the next BoT sheets keep USD/TZS near this band and whether gold references hold the higher level.

Source: Bank of Tanzania; Mining Commission · Edition 22 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Policy

Fresh Wire items were procedural rather than new capital commitments

Signal

The Wire hand-off flagged public procurement regulations, port coordination and budget-process planning as official or operator-sourced items, but not new financing events.

Why it matters

The week added institutional context around execution risk, not a quantified project, tender award or listed-company cash-flow event.

What to watch

What carries forward: named tenders, budget figures, port operating metrics or clauses that turn process signals into measurable capital evidence.

Source: Wire hand-off verified to named sources · Edition 22 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

The Ghost remains a hypothetical education layer at +9.04% since inception. This week changed the terrain mainly through split equity direction and concentrated liquidity, not through a clean cross-asset signal.

Ghost relevance: For the hypothetical model book, the week argues for monitoring participation and source clocks before interpreting performance.

Open the Ghost tracker → The terrain it reads →

Companies of the week

DSE · weekly move & tape weight to 2026-08-21 · covered names
TOL Gases
▲ +17.45%
The week’s biggest gain among covered names.
did not trade on the session · 2026-08-21
Go deeper →
NICOL
▼ -1.57%
The week’s steepest fall among covered names.
did not trade on the session · 2026-08-21
Go deeper →
East African Breweries
▲ +2.15%
One of the week’s largest moves among covered names.
did not trade on the session · 2026-08-21
Go deeper →

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
Equities
DSEI rose 0.41% Friday-to-Friday while TSI fell 0.12%, leaving a split weekly tape.
Whether domestic breadth reconnects with the headline index next week.
Fixed income
CBR held at 6.25%; the latest bill curve still runs from 3.44% at 91 days to 6.74% at 364 days.
The next BoT auction on its own official date.
FX
The BoT USD/TZS mean was near-flat from 15 Aug to 22 Aug.
Whether the next sheets keep the same narrow band.
Commodities
Mining Commission world gold references rose 3.25% from 15 Aug to 21 Aug.
Whether same-source gold readings hold the higher level.
The Book
This terrain favours evidence discipline over action: split equities, concentrated liquidity and stable FX each tell a different story.
Whether broader participation appears before any model-book interpretation changes.

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
Next verified sessionsDSE turnover distributionTest whether Friday's lighter tape was temporary or the start of lower participation.
Next official auctionBoT bill auctionKeep the hurdle-rate read tied to auction-dated evidence, not inferred daily moves.
When source documents add figures or clausesWire policy signalsConvert procedural notices into measurable capital evidence only when the authority gives it.
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.

Information and education only. This Weekly Brief covers verified DSE sessions from 17 Aug to 21 Aug 2026 and is frozen to the verified close (21 Aug 2026). It is not investment advice, a recommendation or a solicitation. For live market updates, see Markets.

Archive; past editions59
Share-price measures fell; trading stayed concentratedWednesday, 14 October 2026Indices rose, with trading concentrated in two banksTuesday, 13 October 2026Share prices rose, but the gains were unevenMonday, 12 October 2026Friday’s rise left share prices lower for the weekSaturday, 10 October 2026Share-price measures fell on a quieter trading dayFriday, 9 October 2026Share-price measures fell as more money changed handsThursday, 8 October 2026Share-price measures rose as less money changed handsWednesday, 7 October 2026Share-price measures fell while trading value barely changedTuesday, 6 October 2026More money traded in shares as both price indices fellMonday, 5 October 2026Domestic shares fell faster than the wider marketSaturday, 3 October 2026Share trading slowed as both price indices fellFriday, 2 October 2026Share trading rose as both price indices edged higherThursday, 1 October 2026More money traded in shares while both indices fellWednesday, 30 September 2026Both 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 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 2026