DSE All-Share
4,080.66
As at DSEI · 13 Jul close · latest verified
Permanent edition · Vol. I · No. 195
The Brief
Tuesday, 14 July 2026
A frozen reading of Tanzania's markets, capital and policy. Figures remain bound to their stated observations; this archive never inherits a newer market tape.
USD / TZS
2,637
As at BoT mean · 13 Jul sheet · −7.6% YTD
Gold · $/oz
$4,092
As at BoT ref · 13 Jul mark ≈TZS 10.79m/oz
BoT rate
6.25%
As at CBR · Q3 2026
Inflation
4.0%
As at NBS · Jun 2026 headline · full release pending
This edition in 60 seconds
- 01Inflation eases to 4.0% in June; the first read after the fuel-subsidy exit and the 50bp hike passes the band test
- 02A fifth session of drift leaves the All-Share easing on a board that traded about TZS 5bn without blocks
- 03The pass-through test is due: 91-day bills at 3.45% still sit ~280bp below the 6.25% CBR ahead of Auction No. 1203
Macro
Inflation eases to 4.0% in June; the first read after the fuel-subsidy exit and the 50bp hike passes the band test
Signal
June headline CPI eased to 4.0% y/y from May's 4.2% per the flash read; food fell 0.7% m/m while transport rose 1.6% m/m (+13.6% y/y).
Why it matters
The print lands inside the 3 to 5% band in the first month both the subsidy exit and the 2 Jul hike could show up; transport, not food, carries the pressure.
What to watch
The full NBS release confirming the flash, and whether this week's bill auction moves the 91-day toward the 6.25% CBR.
Did the domestic market and the headline index move together or apart over the covered quarter?
The domestic market against the headline index
As at 13 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
Markets
A fifth session of drift leaves the All-Share easing on a board that traded about TZS 5bn without blocks
Signal
The All-Share closed 13 Jul at 4,080.66 (−0.04%), a fifth straight easing session; ex-block turnover ≈TZS 5.2bn by board approximation.
Why it matters
The drift since the 3 Jul peak stays orderly; TCCL's 8.8% volume bid ran against SWIS and DSE plc retracements while the banks held flat to soft.
What to watch
Whether breadth in CRDB and NMB reasserts at ordinary turnover before Thursday's Vision 2050 launch, and whether TCCL's bid extends.
Rates
The pass-through test is due: 91-day bills at 3.45% still sit ~280bp below the 6.25% CBR ahead of Auction No. 1203
Signal
The BoT register re-checked 14 Jul still shows Auction No. 1202 (2 Jul); 91-day WAR 3.4549%, 364-day 7.1175%; No. 1203 expected ~15 to 16 Jul.
Why it matters
A policy rate the short bill ignores is a policy rate that isn't transmitting; the 364-day already clears the CBR, the 91-day does not.
What to watch
Whether the 91-day WAR steps toward 6.25% at No. 1203, and whether the 364-day holds above 7%.
Capital markets
A regional East Africa ETF's weekly disclosure puts Tanzania at 34.7% of the book, with NMB its largest DSE constituent
Signal
The week-ended-10-Jul disclosure weights Kenya 50.5%, Tanzania 34.7%; DSE names held: NMB 11.2%, TCC 8.4%, TCCL 4.7%, TPCC 4.6%, CRDB 3.0%.
Why it matters
Regional passive flow tilts to Nairobi's float depth; within the Tanzania sleeve it concentrates in NMB and cement/consumer names rather than breadth.
What to watch
Week-over-week drift in the Tanzania weight, the banking-vs-cement split, and any new DSE constituent that widens the sleeve.
Policy
Vision 2050 launches Thursday in Dodoma as Tanzania presents its Voluntary National Review at the UN today
Signal
Dira 2050; a $1tn-economy plan across nine sectors; launches 17 Jul; the VNR goes to the UN today with the IMF exit in hand.
Why it matters
With donor grants set to fall ~39%, delivery leans on private and external capital; the market test is named financing vehicles, LNG-Lindi foremost.
What to watch
Named vehicles and MoUs around the launch, and any listed-sector read-through in banks, cement and energy.
Source: Open-source reporting · first seen 2026-07-02
Go deeper →The Ghost · edition context
The model-book allocation read
The Ghost's hypothetical TZS 500m model book is +4.05% since inception at the 13 Jul mark, with NMB Bank its largest equity allocation.
Tape read: A 4.0% June CPI and an unresolved bill-auction gap frame the week for a bank-weighted model book: the risk-free hurdle is set mid-week, the credit-demand story on Thursday; educational, not advice.
Open the current Ghost tracker →What this edition watched
T-bill auction No. 1203; 91-day pass-through
Decides whether the 50bp hike transmits; sets the deposit-vs-bill switch maths
~15 to 16 Jul 2026
Full NBS June CPI release
Confirms the 4.0% flash and the food-vs-transport split behind it
mid-Jul 2026
Vision 2050 launch, Dodoma
Named financing vehicles vs restated targets; IMF exit and 4.0% CPI as podium credentials
Thu 17 Jul 2026
Fed Chair Warsh congressional testimony
Hawkish confirmation would tighten EM risk conditions and the import-bill arithmetic
14 to 15 Jul 2026
DSE breadth & block follow-through
Whether the five-session drift bottoms and TCCL's volume bid extends
This week
Compiled from open-source reporting for information and education only; not investment advice. Equity and index figures reconcile to the Dar es Salaam Stock Exchange verified close (13 Jul 2026); rates to the Bank of Tanzania; FX and gold to the BoT 13 Jul indicative sheet; inflation to the NBS. Figures are as reported and require refresh against official data.