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. 247
Sunday, 6 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.

Week ahead; frozen at Sunday’s publication, framing the week to come off the 4 Sep 2026 verified close (the 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. Index direction, trading breadth and Wednesday's bill auction set the next tests
  2. Monday first tests whether DSEI and TSI return to the same direction
  3. The next five sessions test whether trading value becomes more evenly spread
WatchDSE index directionMonday, 7 September and the next 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 ahead

Index direction, trading breadth and Wednesday's bill auction set the next tests

Signal

DSEI enters Monday 1.78% above 28 August, while TSI starts 0.98% below it. Five verified sessions carried TZS 86.391bn in equity turnover.

Why it matters

The index split and uneven daily turnover show that last week was not a single market-wide move.

What to watch

Confirmation would be common index direction and broader trading value. Weakening evidence would be continued divergence or another week dependent on one large session.

Source: Dar es Salaam Stock Exchange · Bank of Tanzania · Edition 6 Sep 2026
Go deeper →
Index test

Monday first tests whether DSEI and TSI return to the same direction

Signal

DSEI ended 1.78% above 28 August, while TSI ended 0.98% below it. Both enter the week as official 4 September levels.

Why it matters

The indices cover different groups of shares, so their split is evidence that the prior week was not uniform.

What to watch

Confirmation: both indices move in the same direction on verified closes. Weakening evidence: the split persists through the next complete week.

Source: DSE official index history, 28 August and 4 September 2026 · Edition 6 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.
Liquidity test

The next five sessions test whether trading value becomes more evenly spread

Signal

Equity turnover totalled TZS 86.391bn last week, but Thursday alone supplied 49.7% of that value.

Why it matters

The weekly total is complete, yet one large session means activity was not evenly distributed across time.

What to watch

Confirmation: the week to 11 September records broader daily turnover. Weakening evidence: another single session supplies close to half of the total.

Source: DSE verified session history, 31 August to 4 September 2026 · Edition 6 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Breadth test

Advances start ahead, but the next week must pair breadth with trading value

Signal

Five sessions recorded 45 advancing, 37 declining and 18 unchanged executed-counter observations.

Why it matters

Market breadth counts how many traded counters moved. It does not show how much money traded in each one.

What to watch

Confirmation: advances remain ahead while turnover spreads across more counters. Weakening evidence: breadth improves without meaningful traded value.

Source: DSE executed-counter history, 31 August to 4 September 2026 · Edition 6 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Company test

Large company endpoint moves need fresh trading support

Signal

Nation Media Group (NMG) rose 23.64% and KCB Group rose 11.56% last week. Precision Air (PAL) fell 12.86% and Maendeleo Bank (MBP) fell 6.94%.

Why it matters

Friday-to-Friday price changes show direction, not how easily each share could be traded.

What to watch

Confirmation: the largest moves retain visible volume in new verified sessions. Weakening evidence: the endpoints persist without trading support.

Source: DSE official close history, 28 August and 4 September 2026 · Edition 6 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Rates catalyst

Wednesday's Treasury-bill auction is the week's dated rates test

Signal

BoT scheduled a Treasury-bill auction for 9 September. At the prior 26 August auction, 91-day, 182-day and 364-day yields were 3.40%, 5.05% and 6.65%.

Why it matters

A yield is the annual rate implied by the auction price. The prior results are context, not a forecast of the new auction.

What to watch

Confirmation or weakening comes only from the official 9 September result, including yields and dated demand evidence.

Source: Bank of Tanzania Government Securities Issuance Calendar; Treasury-bill auction results · Edition 6 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
FX and gold test

The next official readings test a slightly firmer shilling and lower gold

Signal

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

Why it matters

The two changes use separate official source series and do not establish a shared cause.

What to watch

Confirmation: subsequent official readings extend either move. Weakening evidence: the corresponding source series reverses it.

Source: Bank of Tanzania; Tanzania Mining Commission, 28 August and 4 September 2026 · Edition 6 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 ahead tests participation and dated rate evidence, not a predicted market direction.

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
KCB Group
▲ +11.56%
The week’s biggest gain among covered names.
did not trade on the session · 2026-09-04
Go deeper →
NMB Bank
▼ -5.16%
The week’s steepest fall among covered names.
did not trade on the session · 2026-09-04
Go deeper →
East African Breweries
▲ +5.79%
One of the week’s largest moves among covered names.
did not trade on the session · 2026-09-04
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 and TSI enter the week after moving in opposite directions.
Common index direction, broader daily turnover and supported company moves.
Fixed income
The 9 September Treasury-bill auction is the next dated rates test.
Official yields and demand evidence on the result date.
FX
The BoT USD/TZS mean fell 0.09% from Friday to Friday.
Whether official sheets extend or reverse the small move.
Commodities
The Mining Commission gold reference fell 2.34% over the same dates.
Whether same-source readings hold the lower level.
The Book
The evidence terrain starts with split indices, uneven turnover and one dated auction.
Broader and 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
Monday, 7 September and the next verified sessionsDSE index directionTest whether DSEI and TSI return to the same direction.
Wednesday, 9 SeptemberTreasury-bill auctionRead the official yields and demand evidence without forecasting the result.
Friday, 11 SeptemberWeekly turnover and breadthTest whether trading value broadens while advances retain support.
Next official dated observationsFX and gold markersTest each prior move on its own authority series.
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 Week-ahead Brief is frozen to the verified DSE close (4 Sep 2026) and frames observable tests for the week of 7 to 11 Sep 2026. Weekly turnover and executed-breadth figures are complete for 31 Aug to 4 Sep; future outcomes remain unknown. 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 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 2026