Tanzania Share Index 9,826.80USD / TZS 2,637.53BoT rate 6.25%Inflation 4.2% Week to 2026-09-04 · verified close
Tanzania Intelligence

The Brief

Vol. I · No. 246
Saturday, 5 September 2026
Verified closeDSE · BoT · frozen to the covered session4 Sep 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 4 Sep 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

2026-09-04 close · change ON THE WEEK · DSE · BoT · NBS
DSE All-Share
4,523.81
▲ +1.78%
DSEI · 4 Sep close · daily move
Tanzania Share Index
9,826.80
▼ -0.98%
TSI · 4 Sep close · daily move
USD / TZS
2,637.53
▼ -0.16%
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 · 5 verified sessions to 2026-09-04
Sessions
5
verified DSE closes
Weekly turnover
TZS 86.4bn
sum of the week's value traded
Breadth
0 up / 0 down
0 unchanged · counters that moved across the week
Best session
+1.83%
2026-09-04
Worst session
-1.00%
2026-09-01
Peak concentration
86%
NMB carried 2026-08-31
Concentration by session; the top name’s share of each session’s turnover
2026-08-31 · NMB
86%
2026-09-01 · NMB
81%
2026-09-02 · NMB
49%
2026-09-03 · CRDB
77%
2026-09-04 · CRDB
55%

What the index hid: highly concentrated; the single heaviest name took 86% 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
▼ -0.16%
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 4 Sep
DSEI +1.78% · TSI -0.98% · USD/TZS -0.16% on the week
Read: Headline and domestic split, the shilling firmed.
Weekly moves computed from verified closes · 2026-09-04kanzacapitalpartners.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 broad market rose while Tanzania-listed shares ended lower
  2. DSEI gained 1.78% while TSI lost 0.98%
  3. Five sessions carried TZS 86.391bn in equity turnover
WatchDSE index directionNext verified sessions
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 2026-09-04 covered session

-3.43 ppCurrent spread+0.00 ppHighest spread-3.43 ppLowest spread
Coverage 2026-06-08 → 2026-09-04 Vintage 2026-09-04 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-06-08Cumulative TSI minus DSEI0
2026-06-09Cumulative TSI minus DSEI-0.29
2026-06-10Cumulative TSI minus DSEI-0.67
2026-06-11Cumulative TSI minus DSEI-0.87
2026-06-12Cumulative TSI minus DSEI-1.19
2026-06-15Cumulative TSI minus DSEI-1.59
2026-06-16Cumulative TSI minus DSEI-1.43
2026-06-17Cumulative TSI minus DSEI-1.52
2026-06-18Cumulative TSI minus DSEI-2.02
2026-06-19Cumulative TSI minus DSEI-1.9
2026-06-22Cumulative TSI minus DSEI-1.52
2026-06-23Cumulative TSI minus DSEI-1.72
2026-06-24Cumulative TSI minus DSEI-1.82
2026-06-25Cumulative TSI minus DSEI-2.8
2026-06-26Cumulative TSI minus DSEI-3.36
2026-06-29Cumulative TSI minus DSEI-3.42
2026-06-30Cumulative TSI minus DSEI-3.15
2026-07-01Cumulative TSI minus DSEI-2.43
2026-07-02Cumulative TSI minus DSEI-2.64
2026-07-03Cumulative TSI minus DSEI-2.33
2026-07-06Cumulative TSI minus DSEI-2.17
2026-07-08Cumulative TSI minus DSEI-2.4
2026-07-09Cumulative TSI minus DSEI-2.38
2026-07-10Cumulative TSI minus DSEI-2.38
2026-07-13Cumulative TSI minus DSEI-2.4
2026-07-14Cumulative TSI minus DSEI-2.59
2026-07-15Cumulative TSI minus DSEI-2.43
2026-07-16Cumulative TSI minus DSEI-2.63
2026-07-17Cumulative TSI minus DSEI-2.52
2026-07-20Cumulative TSI minus DSEI-2.49
2026-07-21Cumulative TSI minus DSEI-2.33
2026-07-22Cumulative TSI minus DSEI-2.24
2026-07-23Cumulative TSI minus DSEI-2.14
2026-07-24Cumulative TSI minus DSEI-3.24
2026-07-27Cumulative TSI minus DSEI-2.25
2026-07-28Cumulative TSI minus DSEI-1.85
2026-07-29Cumulative TSI minus DSEI-1.76
2026-07-30Cumulative TSI minus DSEI-1.78
2026-07-31Cumulative TSI minus DSEI-1.71
2026-08-03Cumulative TSI minus DSEI-1.79
2026-08-04Cumulative TSI minus DSEI-1.91
2026-08-05Cumulative TSI minus DSEI-2.13
2026-08-06Cumulative TSI minus DSEIN/A
2026-08-07Cumulative TSI minus DSEI-2.47
2026-08-10Cumulative TSI minus DSEI-2.09
2026-08-11Cumulative TSI minus DSEI-1.86
2026-08-12Cumulative TSI minus DSEI-2.06
2026-08-13Cumulative TSI minus DSEI-2.14
2026-08-14Cumulative TSI minus DSEI-1.89
2026-08-17Cumulative TSI minus DSEI-2.08
2026-08-18Cumulative TSI minus DSEI-2.19
2026-08-19Cumulative TSI minus DSEI-2.47
2026-08-20Cumulative TSI minus DSEI-2.34
2026-08-21Cumulative TSI minus DSEI-2.41
2026-08-24Cumulative TSI minus DSEI-2.03
2026-08-26Cumulative TSI minus DSEI-1.51
2026-08-27Cumulative TSI minus DSEIN/A
2026-08-28Cumulative TSI minus DSEI-0.86
2026-08-31Cumulative TSI minus DSEIN/A
2026-09-01Cumulative TSI minus DSEI-1.26
2026-09-02Cumulative TSI minus DSEI-2.31
2026-09-03Cumulative TSI minus DSEI-3.39
2026-09-04Cumulative TSI minus DSEI-3.43

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.

The week in review

The broad market rose while Tanzania-listed shares ended lower

Signal

DSEI ended at 4,523.81, 1.78% above 28 August. TSI ended at 9,826.80, 0.98% below 28 August. Five verified sessions recorded TZS 86.391bn in equity turnover.

Why it matters

The two indices cover different groups of shares, so the opposite moves show that the week was not uniform across the market.

What to watch

The next verified sessions will test whether domestic shares recover and whether trading value remains concentrated in a few counters.

Source: Dar es Salaam Stock Exchange · Edition 5 Sep 2026
Go deeper →
Index direction

DSEI gained 1.78% while TSI lost 0.98%

Signal

DSEI ended at 4,523.81, 1.78% above 28 August. TSI ended at 9,826.80, 0.98% below 28 August.

Why it matters

DSEI includes the broader exchange, while TSI tracks Tanzania-listed shares. Their split means one headline could not describe every market segment.

What to watch

What carries forward: whether the two official indices move back in the same direction during the next complete week.

Source: DSE official index history, 28 August and 4 September 2026 · Edition 5 Sep 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.

Choose Daily, Weekly, or both; they are separate subscriptions. Information and education only. No advice. No noise. Unsubscribe anytime.
Weekly trading value

Five sessions carried TZS 86.391bn in equity turnover

Signal

Equity turnover, the value of shares traded, totalled TZS 86.391bn across five verified sessions. Thursday supplied TZS 42.930bn of that amount.

Why it matters

One session supplied almost half of the week's value. The complete total is valid, but it does not show evenly distributed activity.

What to watch

What carries forward: whether the next week keeps a similar total without depending on one unusually large session.

Source: DSE verified session history, 31 August to 4 September 2026 · Edition 5 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Trading participation

Advancing observations outnumbered declines across the week

Signal

Market breadth counts how many traded counters rose, fell or stayed unchanged. The five sessions recorded 45 advances, 37 declines and 18 unchanged observations.

Why it matters

These are session observations, not 100 different companies. They show the balance of daily participation without implying that every rising counter traded heavily.

What to watch

What carries forward: whether advances continue to outnumber declines and whether turnover becomes broader at the same time.

Source: DSE executed-counter history, 31 August to 4 September 2026 · Edition 5 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Company endpoints

NMG led gains while PAL recorded the largest decline

Signal

NMG rose 23.64% and KCB rose 11.56% from Friday to Friday. PAL fell 12.86% and MBP fell 6.94%.

Why it matters

Endpoint price changes show direction, not how easily each share traded. Volume and order-book depth must be checked separately.

What to watch

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

Source: DSE official close history, 28 August and 4 September 2026 · Edition 5 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Government securities

The 10-year Treasury bond auction yield reached 10.69%

Signal

The 10-year auction yield was 10.69% on 2 September. That was 0.30 percentage points above the prior same-tenor auction.

Why it matters

The yield is the annual rate implied by the auction price. It does not guarantee every saver the same result after access rules, fees or tax.

What to watch

What carries forward: the next official 10-year auction result and its dated demand evidence.

Source: Bank of Tanzania 10-year Treasury bond auction results, 10 June and 2 September 2026 · Edition 5 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
FX and gold

The shilling strengthened slightly while gold ended lower

Signal

The BoT USD/TZS mean fell 0.09% from 28 August to 4 September. The Mining Commission gold reference fell 2.34% over the same dates.

Why it matters

A lower USD/TZS mean indicates a slightly stronger shilling. The two source-price changes use different markets and do not prove a shared cause.

What to watch

What carries forward: whether the next official observations extend either move on the same source basis.

Source: Bank of Tanzania; Tanzania Mining Commission, 28 August and 4 September 2026 · Edition 5 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

The Ghost remains a hypothetical education layer at +12.68% since inception. The week changed the evidence terrain through split index direction, uneven turnover and a higher 10-year auction yield, not through a uniform market 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 2026-09-04 · 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
Next verified sessionsDSE index directionTest whether DSEI and TSI return to the same direction.
Friday, 11 SeptemberWeekly turnover distributionTest whether trading value remains dependent on one large session.
Next complete weekExecuted market breadthCheck whether advances keep outnumbering declines alongside broader trading value.
Next official auctionBoT 10-year bond auctionCompare the next same-tenor yield and demand evidence on their own dates.
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 five verified DSE sessions from 31 Aug to 4 Sep 2026 and is frozen to the verified close (4 Sep 2026). Weekly turnover and executed-breadth figures are complete for that window; Friday concentration remains session-only. 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 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 2026