Tanzania Share Index 10,419.49USD / TZS 2,646.23BoT rate 6.25% Week to 2026-09-25 · verified close
Tanzania Intelligence

The Brief

Vol. I · No. 267
Saturday, 26 September 2026
Verified closeDSE · BoT · frozen to the covered session25 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 25 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

2026-09-25 close · change ON THE WEEK · DSE · BoT · NBS
DSE All-Share
4,682.13
▲ +1.74%
DSEI · 25 Sep close
Tanzania Share Index
10,419.49
▲ +2.49%
TSI · 25 Sep close
USD / TZS
2,646.23
▲ +0.16%
BoT mean · hard-currency lens
BoT rate
6.25%
policy
CBR · policy anchor
91-day T-bill
3.49%
▼ -3bp
BoT WAR · vs prior auction
364-day T-bill
6.28%
▼ -18bp
BoT WAR · vs prior auction

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 2026-09-25
Sessions
5
verified DSE closes
Weekly turnover
TZS 27.5bn
sum of the week's value traded
Breadth
0 up / 0 down
0 unchanged · counters that moved across the week
Best session
+0.69%
2026-09-21
Worst session
-0.45%
2026-09-23
Peak concentration
71%
CRDB carried 2026-09-22
Concentration by session; the top name’s share of each session’s turnover
2026-09-21 · KCB
33%
2026-09-22 · CRDB
71%
2026-09-23 · NMB
60%
2026-09-24 · CRDB
47%
2026-09-25 · NMB
50%

What the index hid: highly concentrated; the single heaviest name took 71% 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

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 25 Sep
DSEI +1.74% · TSI +2.49% · USD/TZS +0.16% on the week
Read: Headline and domestic agreed, the shilling gave ground.
Weekly moves computed from verified closes · 2026-09-25kanzacapitalpartners.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. Domestic shares rose faster than the wider market
  2. Domestic share prices rose faster than the all-share index
  3. The 364-day Treasury bill yield fell at the latest auction
WatchNext verified share closeNext official DSE session; date not yet published
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 2026-09-25 covered session

+2.46 ppCurrent spread+2.91 ppHighest spread-0.01 ppLowest spread
Coverage 2026-06-29 → 2026-09-25 Vintage 2026-09-25 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateRelationshipCumulative gap (pp)
2026-06-29Cumulative TSI minus DSEI0
2026-06-30Cumulative TSI minus DSEI0.27
2026-07-01Cumulative TSI minus DSEI0.99
2026-07-02Cumulative TSI minus DSEI0.78
2026-07-03Cumulative TSI minus DSEI1.09
2026-07-06Cumulative TSI minus DSEI1.25
2026-07-08Cumulative TSI minus DSEI1.02
2026-07-09Cumulative TSI minus DSEI1.04
2026-07-10Cumulative TSI minus DSEI1.05
2026-07-13Cumulative TSI minus DSEI1.03
2026-07-14Cumulative TSI minus DSEI0.83
2026-07-15Cumulative TSI minus DSEI0.99
2026-07-16Cumulative TSI minus DSEI0.79
2026-07-17Cumulative TSI minus DSEI0.9
2026-07-20Cumulative TSI minus DSEI0.93
2026-07-21Cumulative TSI minus DSEI1.09
2026-07-22Cumulative TSI minus DSEI1.18
2026-07-23Cumulative TSI minus DSEI1.28
2026-07-24Cumulative TSI minus DSEI0.18
2026-07-27Cumulative TSI minus DSEI1.17
2026-07-28Cumulative TSI minus DSEI1.57
2026-07-29Cumulative TSI minus DSEI1.66
2026-07-30Cumulative TSI minus DSEI1.64
2026-07-31Cumulative TSI minus DSEI1.71
2026-08-03Cumulative TSI minus DSEI1.63
2026-08-04Cumulative TSI minus DSEI1.51
2026-08-05Cumulative TSI minus DSEI1.29
2026-08-06Cumulative TSI minus DSEIN/A
2026-08-07Cumulative TSI minus DSEI0.95
2026-08-10Cumulative TSI minus DSEI1.33
2026-08-11Cumulative TSI minus DSEI1.56
2026-08-12Cumulative TSI minus DSEI1.36
2026-08-13Cumulative TSI minus DSEI1.28
2026-08-14Cumulative TSI minus DSEI1.53
2026-08-17Cumulative TSI minus DSEI1.34
2026-08-18Cumulative TSI minus DSEI1.23
2026-08-19Cumulative TSI minus DSEI0.95
2026-08-20Cumulative TSI minus DSEI1.08
2026-08-21Cumulative TSI minus DSEI1.01
2026-08-24Cumulative TSI minus DSEI1.39
2026-08-26Cumulative TSI minus DSEI1.91
2026-08-27Cumulative TSI minus DSEIN/A
2026-08-28Cumulative TSI minus DSEI2.56
2026-08-31Cumulative TSI minus DSEIN/A
2026-09-01Cumulative TSI minus DSEI2.16
2026-09-02Cumulative TSI minus DSEI1.11
2026-09-03Cumulative TSI minus DSEI0.03
2026-09-04Cumulative TSI minus DSEI-0.01
2026-09-07Cumulative TSI minus DSEI1.42
2026-09-08Cumulative TSI minus DSEI1.97
2026-09-09Cumulative TSI minus DSEI2.02
2026-09-10Cumulative TSI minus DSEI2.91
2026-09-11Cumulative TSI minus DSEI2.77
2026-09-14Cumulative TSI minus DSEI2.54
2026-09-15Cumulative TSI minus DSEI2.33
2026-09-16Cumulative TSI minus DSEI2.48
2026-09-17Cumulative TSI minus DSEI1.6
2026-09-18Cumulative TSI minus DSEI1.71
2026-09-21Cumulative TSI minus DSEI2.35
2026-09-22Cumulative TSI minus DSEI2.38
2026-09-23Cumulative TSI minus DSEI2.34
2026-09-24Cumulative TSI minus DSEI2.42
2026-09-25Cumulative TSI minus DSEI2.46

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

Domestic shares rose faster than the wider market

Signal

Tanzania’s share-price measures rose this week. Domestic companies gained more than the wider market.

Why it matters

From 18 to 25 September, the domestic index gained 2.49% and the all-share index gained 1.74%. Friday close: DSEI 4,682.13, TSI 10,419.49.

What to watch

Industrial shares fell, so the rise was uneven. Trading participation needs a separate measure.

Source: Dar es Salaam Stock Exchange, official index endpoints, 18 and 25 September · Edition 26 Sep 2026
Go deeper →
Share prices

Domestic share prices rose faster than the all-share index

Signal

Tanzania’s two main share-price measures rose this week. Domestic-company prices rose faster.

Why it matters

From 18 to 25 September, the domestic index gained 2.49% and the all-share index gained 1.74%. Banks and services also rose; industrial shares fell.

What to watch

The next verified close can test whether the difference persists. Index gains do not show how many people traded.

Source: Dar es Salaam Stock Exchange, official index endpoints, 18 and 25 September; change = last divided by first minus one. · Edition 26 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.
Government borrowing

The 364-day Treasury bill yield fell at the latest auction

Signal

The government borrowed for 364 days at a lower implied annual rate in the latest auction.

Why it matters

The 23 September auction yielded 6.29%, against 6.47% on 9 September. A bill yield describes the auction price, not a guaranteed saver result after costs.

What to watch

The next published auction can show whether the same maturity changes again. No result is assumed.

Source: Bank of Tanzania, auctions 1206 and 1207, 9 and 23 September; weighted average yields rounded in prose. · Edition 26 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Currency context

The official dollar mean moved slightly in shilling terms

Signal

One US dollar cost slightly more shillings in the official Friday currency sheet than a week earlier.

Why it matters

The Bank of Tanzania mean was TZS 2,645.45 on 25 September, versus TZS 2,641.34 on 18 September. Customer rates and fees differ.

What to watch

The next dated official sheet can show whether that small move persists. It cannot explain a share-price move by itself.

Source: Bank of Tanzania indicative USD/TZS means, 18 and 25 September; rounded to two decimals in prose. · Edition 26 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Opportunity Wire

Kenya guarantee offers a regional cold-storage example

Signal

A report describes a loan guarantee for solar cold storage in Kenya. It does not provide funding for Tanzania.

Why it matters

Absa Bank Kenya, UNCDF and UNDP are named. A guarantee shares lending risk, but the report gives no Tanzanian facility or local borrower.

What to watch

A named Tanzanian agreement would establish a direct local link. None is announced in this report.

Source: foodbusinessmea.com · Edition 26 Sep 2026 · Data as reported · interpretation: Low confidence
Go deeper →
The Ghost

The model book

The Ghost hypothetical model book was +19.00% since inception at its 25 September mark. Contributions are separate from performance; this is not a real portfolio.

Ghost relevance: Five verified sessions to 25 September lifted the domestic Tanzania Share Index 2.49% and the banking index 3.44%, while equity turnover fell 48.2% to TZS 27.471bn; the board rose on roughly half the money it used the week before. Read against the model book, that arithmetic is a record and a caution in the same five days: the hypothetical NAV marked TSh 620.28m on 22 September, its highest reading, and closed the week at TSh 617.96m for a money-weighted +19.00% since inception, with contributed capital unchanged. What the tape changes is the risk map rather than the holdings: the largest model-book equity allocation is back to 19.3% of the book and the top two are 36.5%, so the single-name cap dated for 1 October reads as more relevant than it did a week ago, and the 364-day bill rung falling for a fifth consecutive auction puts a duration question alongside it. Educational only; not advice.

Open the Ghost tracker → The terrain it reads →

Companies of the week

DSE · weekly move & tape weight to 2026-09-25 · covered names
Afriprise Investment Plc
▲ +5.41%
The week’s biggest gain among covered names.
did not trade on the session · 2026-09-25
Go deeper →
Swissport Tanzania
▼ -3.03%
The week’s steepest fall among covered names.
did not trade on the session · 2026-09-25
Go deeper →
Vodacom Tanzania
▲ +4.92%
One of the week’s largest moves among covered names.
did not trade on the session · 2026-09-25
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.

Week ahead; what to watch
WhenEventWhy it matters
Next official DSE session; date not yet publishedNext verified share closeTests whether the domestic and all-share index gap persists. It does not count investors.
Date not stated in the current recordNext Treasury bill resultCompares the 364-day yield with the 23 September result at the same maturity.
No date announcedTanzanian cold-storage financing evidenceA named local agreement would turn a Kenyan comparison into a direct Tanzanian development.
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, not advice or a solicitation. DSE close: 25 September 2026. Weekly index endpoints: 18 and 25 September. BoT bill auction: 23 September. Official currency sheet: 25 September. Regional press article: 25 September, included in Opportunity Wire on 26 September. Full-week equity turnover is unavailable from the current verified daily report set. Live updates: 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 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 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