Tanzania Share Index 9,924.23USD / TZS 2,639.88BoT rate 6.25%Inflation 4.2% Week to 2026-08-28 · verified close
Tanzania Intelligence

The Brief

Vol. I · No. 239
Saturday, 29 August 2026
Verified closeDSE · BoT · frozen to the covered session28 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 28 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

2026-08-28 close · change ON THE WEEK · DSE · BoT · NBS
DSE All-Share
4,444.48
▲ +4.58%
DSEI · 28 Aug close · daily move
Tanzania Share Index
9,924.23
▲ +6.47%
TSI · 28 Aug close · daily move
USD / TZS
2,639.88
▼ -0.04%
BoT mean · hard-currency lens
BoT rate
6.25%
policy
CBR · policy anchor
91-day T-bill
3.49%
▼ -4bp
BoT WAR · vs prior auction
364-day T-bill
6.28%
▼ -9bp
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 · 4 verified sessions to 2026-08-28 · Tue 25 Aug; no verified DSE session
Sessions
4
verified DSE closes
Weekly turnover
TZS 52.4bn
sum of the week's value traded
Breadth
0 up / 0 down
0 unchanged · counters that moved across the week
Best session
+217.95%
2026-08-27
Worst session
+1.11%
2026-08-26
Peak concentration
90%
NMB carried 2026-08-27
Concentration by session; the top name’s share of each session’s turnover
2026-08-24 · NMB
55%
2026-08-26 · CRDB
33%
2026-08-27 · NMB
90%
2026-08-28 · NMB
84%

What the index hid: highly concentrated; the single heaviest name took 90% 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 28 Aug
DSEI +4.58% · TSI +6.47% · USD/TZS -0.04% on the week
Read: Headline and domestic agreed.
Weekly moves computed from verified closes · 2026-08-28kanzacapitalpartners.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. Index returns stayed unavailable as Friday liquidity remained concentrated
  2. Official levels survived the week, but a cross-break return did not
  3. NMB carried 83.8% of Friday turnover
WatchDSE index methodologyNext official notice
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 2026-08-28 covered session

-0.64 ppCurrent spread+0.38 ppHighest spread-3.20 ppLowest spread
Coverage 2026-06-01 → 2026-08-28 Vintage 2026-08-28 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-06-01Cumulative TSI minus DSEI0
2026-06-02Cumulative TSI minus DSEI0.34
2026-06-03Cumulative TSI minus DSEI0.09
2026-06-04Cumulative TSI minus DSEI0.2
2026-06-05Cumulative TSI minus DSEI0.38
2026-06-08Cumulative TSI minus DSEI0.23
2026-06-09Cumulative TSI minus DSEI-0.06
2026-06-10Cumulative TSI minus DSEI-0.45
2026-06-11Cumulative TSI minus DSEI-0.64
2026-06-12Cumulative TSI minus DSEI-0.97
2026-06-15Cumulative TSI minus DSEI-1.36
2026-06-16Cumulative TSI minus DSEI-1.21
2026-06-17Cumulative TSI minus DSEI-1.3
2026-06-18Cumulative TSI minus DSEI-1.8
2026-06-19Cumulative TSI minus DSEI-1.67
2026-06-22Cumulative TSI minus DSEI-1.29
2026-06-23Cumulative TSI minus DSEI-1.5
2026-06-24Cumulative TSI minus DSEI-1.6
2026-06-25Cumulative TSI minus DSEI-2.57
2026-06-26Cumulative TSI minus DSEI-3.13
2026-06-29Cumulative TSI minus DSEI-3.2
2026-06-30Cumulative TSI minus DSEI-2.92
2026-07-01Cumulative TSI minus DSEI-2.2
2026-07-02Cumulative TSI minus DSEI-2.41
2026-07-03Cumulative TSI minus DSEI-2.11
2026-07-06Cumulative TSI minus DSEI-1.94
2026-07-08Cumulative TSI minus DSEI-2.17
2026-07-09Cumulative TSI minus DSEI-2.16
2026-07-10Cumulative TSI minus DSEI-2.15
2026-07-13Cumulative TSI minus DSEI-2.17
2026-07-14Cumulative TSI minus DSEI-2.37
2026-07-15Cumulative TSI minus DSEI-2.2
2026-07-16Cumulative TSI minus DSEI-2.4
2026-07-17Cumulative TSI minus DSEI-2.3
2026-07-20Cumulative TSI minus DSEI-2.27
2026-07-21Cumulative TSI minus DSEI-2.11
2026-07-22Cumulative TSI minus DSEI-2.02
2026-07-23Cumulative TSI minus DSEI-1.91
2026-07-24Cumulative TSI minus DSEI-3.02
2026-07-27Cumulative TSI minus DSEI-2.02
2026-07-28Cumulative TSI minus DSEI-1.62
2026-07-29Cumulative TSI minus DSEI-1.53
2026-07-30Cumulative TSI minus DSEI-1.55
2026-07-31Cumulative TSI minus DSEI-1.48
2026-08-03Cumulative TSI minus DSEI-1.57
2026-08-04Cumulative TSI minus DSEI-1.69
2026-08-05Cumulative TSI minus DSEI-1.91
2026-08-06Cumulative TSI minus DSEIN/A
2026-08-07Cumulative TSI minus DSEI-2.24
2026-08-10Cumulative TSI minus DSEI-1.87
2026-08-11Cumulative TSI minus DSEI-1.63
2026-08-12Cumulative TSI minus DSEI-1.84
2026-08-13Cumulative TSI minus DSEI-1.92
2026-08-14Cumulative TSI minus DSEI-1.67
2026-08-17Cumulative TSI minus DSEI-1.86
2026-08-18Cumulative TSI minus DSEI-1.97
2026-08-19Cumulative TSI minus DSEI-2.24
2026-08-20Cumulative TSI minus DSEI-2.11
2026-08-21Cumulative TSI minus DSEI-2.19
2026-08-24Cumulative TSI minus DSEI-1.8
2026-08-26Cumulative TSI minus DSEI-1.29
2026-08-27Cumulative TSI minus DSEIN/A
2026-08-28Cumulative TSI minus DSEI-0.64

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

Index returns stayed unavailable as Friday liquidity remained concentrated

Signal

4,444.48 and 9,924.23 are official Friday levels, but weekly returns are unavailable; NMB carried 83.8% of Friday turnover.

Why it matters

The index basis broke during the week, and no verified 25 August row exists for a complete weekly turnover aggregate.

What to watch

An official DSE methodology notice and complete session evidence are required before weekly comparisons resume.

Source: Dar es Salaam Stock Exchange · Edition 29 Aug 2026
Go deeper →
Index integrity

Official levels survived the week, but a cross-break return did not

Signal

4,444.48 and 9,924.23 are the official 28 August levels; returns across the 26 August scale discontinuity remain unavailable.

Why it matters

Keeping official levels while withholding a non-comparable return prevents a measurement break from becoming a false market move.

What to watch

What carries forward: an official DSE methodology notice or a clean comparable series before return calculations resume.

Source: DSE · Edition 29 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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Friday liquidity

NMB carried 83.8% of Friday turnover

Signal

Friday equity turnover was TZS 10.200bn; NMB supplied TZS 8.543bn and CRDB supplied TZS 1.304bn.

Why it matters

Twenty counters traded, but the two banks supplied 96.5% of value, so the session was liquid in headline size and narrow in distribution.

What to watch

What carries forward: whether the next verified session spreads value beyond NMB and CRDB.

Source: DSE · Edition 29 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Comparable companies

MBP led comparable weekly gains while MCB led declines

Signal

Excluding NMB's subdivision break, 10 of 27 comparable counters rose, 11 fell and six were unchanged Friday-to-Friday.

Why it matters

The company tape stayed dispersed even though index-level weekly returns were unavailable; comparability was preserved ticker by ticker.

What to watch

What carries forward: whether the largest endpoint moves retain trading support in the next verified sessions.

Source: DSE official close history · Edition 29 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Sovereign rates

Every Treasury bill tenor cleared below the preceding auction

Signal

Auction 1205 yields fell by 3.56 to 12.57 basis points across the 35-day, 91-day, 182-day and 364-day tenors.

Why it matters

The 364-day yield closed at 6.6492%, 39.9 basis points above the 6.25% CBR; one auction does not establish a lasting cycle.

What to watch

What carries forward: the next dated BoT bill auction tests whether the all-tenor decline persists.

Source: Bank of Tanzania Treasury bill auctions 1204 and 1205 · Edition 29 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
FX and gold

The shilling strengthened slightly while gold ended higher

Signal

BoT USD/TZS fell 0.16% from 21 to 29 August; Mining Commission world gold rose 1.34% from 21 to 28 August.

Why it matters

Both moves were modest and source-dated; neither overrides the unresolved comparability problem in the equity indices.

What to watch

What carries forward: whether the next official FX and mineral-price observations extend either move.

Source: Bank of Tanzania; Mining Commission · Edition 29 Aug 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Port throughput

Dar port carried a measurable operating gain into the weekend

Signal

TPA reported 30.8mn tonnes in the first 11 months of FY2025/26, above 27.7mn tonnes in all of FY2024/25.

Why it matters

The achieved volume is evidence of higher throughput, while the 33.7mn-tonne full-year figure remains a projection.

What to watch

What carries forward: final full-year tonnage, cargo mix, dwell time and rail share on their own official dates.

Source: Tanzania Ports Authority · Edition 29 Aug 2026 · Data as reported · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

The Ghost remains a hypothetical education layer at +13.35% since inception. The week changed the evidence terrain through an index-basis break, concentrated Friday liquidity and lower auction yields, not through a clean cross-asset signal.

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 2026-08-28 · covered names
TOL Gases
▲ +5.71%
The week’s biggest gain among covered names.
did not trade on the session · 2026-08-28
Go deeper →
NMB Bank
▼ -87.97%
The week’s steepest fall among covered names.
did not trade on the session · 2026-08-28
Go deeper →
Tanga Cement
▼ -7.00%
One of the week’s largest moves among covered names.
did not trade on the session · 2026-08-28
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
Friday levels were official, but the weekly index return stayed unavailable across the basis break.
An official methodology notice and broader session liquidity.
Fixed income
Auction 1205 yields fell across all four bill tenors while CBR remained 6.25%.
The next BoT auction on its own official date.
FX
The BoT USD/TZS mean moved 0.16% lower from 21 to 29 August.
Whether the next sheets extend the small move.
Commodities
The Mining Commission world-gold reference ended 1.34% above 21 August.
Whether same-source readings hold the higher level.
The Book
The week rewarded measurement discipline: unavailable comparisons stayed unavailable.
Comparable evidence 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 official noticeDSE index methodologyRestore weekly index returns only after the basis discontinuity is resolved.
Next verified sessionDSE turnover distributionTest whether value spreads beyond the two banks that supplied 96.5% on Friday.
Next official auctionBoT bill auctionTest whether lower yields persist before treating one auction as a durable change.
Next official TPA releaseDar port final outturnSeparate achieved full-year throughput from the current projection.
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 the verified DSE window from 24 Aug to 28 Aug 2026 and is frozen to the verified close (28 Aug 2026). A complete weekly turnover aggregate and cross-break index returns are unavailable. 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 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 2026