Tanzania Share Index 10,419.49 ▲ 0.55%USD / TZS 2,646.23Equity turnover TZS 3.78bn 25 Sep 2026 verified close
Tanzania Intelligence

The Brief

Vol. I · No. 269
Monday, 28 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.

The Brief is written the morning after the market closes. This edition analyses Friday, 25 September 2026; the most recent verified session. Its figures are frozen to that close; for today’s live moves see Markets.

DSE All-Share
4,682.13▲ 0.51%
DSEI · 25 Sep close · daily move
Tanzania Share Index
10,419.49
TSI · 25 Sep · domestic
USD / TZS
2,646.23
BoT mean · 28 Sep sheet
91-day T-bill
3.49%
BoT WAR · latest auction
364-day T-bill
6.28%
BoT WAR · latest auction
Today in 60 seconds
  1. Share prices rose, but two banks carried most trading value
  2. NMB and CRDB carried 83.8% of Friday’s share trading
  3. The Bank of Tanzania’s dated dollar mean edged higher
WatchNext DSE share-trading reportNext official 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.

DSE Tape Check

Market breadth
Broad advance
10 rose, 5 fell
Advancers against decliners on the verified DSE close.
Turnover concentration
Concentrated
One name carried the tape
NMB Bank was 49% of turnover; index moves overstate how broad the day really was.

Descriptive flags from the verified DSE close; not signals, predictions, or advice. The official close, fully broken down; After the Bell →

Friday’s verified close

Share prices rose, but two banks carried most trading value

Signal

Share-price measures rose on Friday. NMB Bank and CRDB Bank handled more than eight in every ten shillings traded in shares.

Why it matters

DSE All-Share 4,682.13 (+0.51%); Tanzania Share Index 10,419.49 (+0.55%). The two banks carried 83.8% of TZS 3.78 billion in share trading. Trading value measures money exchanged, not investors.

What to watch

The next DSE report can show whether trading spreads across more companies. One session cannot establish a trend.

Source: Dar es Salaam Stock Exchange, 25 September daily market report and index endpoint · Edition 28 Sep 2026
Go deeper →
Share trading

NMB and CRDB carried 83.8% of Friday’s share trading

Signal

The two banks accounted for 83.8% of the TZS 3.78 billion traded in shares on 25 September.

Why it matters

NMB carried TZS 1.90 billion and CRDB TZS 1.27 billion. These amounts count trading money, not investors or future demand.

What to watch

The next DSE report can test whether trading spreads to other companies.

Source: Dar es Salaam Stock Exchange, 25 September Daily Market Report · Edition 28 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
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Currency

The Bank of Tanzania’s dated dollar mean edged higher

Signal

The Bank of Tanzania lists TZS 2,646.23 per US dollar on 28 September, against TZS 2,645.45 on 25 September.

Why it matters

The figure is a published reference mean, not a customer conversion price. The 28 September observation is provisional.

What to watch

A later dated sheet can test whether the small change continues; none is available yet.

Source: Bank of Tanzania, daily indicative exchange-rate sheets dated 25 and 28 September · Edition 28 Sep 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Urban infrastructure

Land and housing plan listed for Dar es Salaam project; funding unconfirmed

Signal

A World Bank Group listing describes a plan for people who may lose land or housing in a Dar es Salaam project.

Why it matters

The plan addresses people who could lose land or housing to planned works. The cited notice gives no financing approval, compensation amount or works contract.

What to watch

A financing decision, compensation budget or works award would show whether the project has moved beyond preparation.

Source: documents.worldbank.org · Edition 28 Sep 2026 · Data open-source · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

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

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 →
Week ahead; what to watch
WhenEventWhy it matters
Next official session; date not yet publishedNext DSE share-trading reportTests whether the two-bank concentration persists.
Next dated sheet; timing not confirmedNext Bank of Tanzania currency sheetShows whether the indicative USD/TZS mean changes from 28 September.
No date in the cited noticeUrban-project financing and contractsA financing approval, compensation budget or works award would clarify implementation.
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Information and education only, not advice or a forecast. DSE close: 25 September 2026. Other observations retain their own source dates.

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 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 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