DSE All-Share
4,111.98
As at DSEI · 17 Jul close · latest verified
Weekly visual edition · Vol. I · No. 199
The Weekly Brief
Saturday, 18 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 · 17 Jul sheet · ~flat on the week
Gold · $/oz
$4,023
As at Tume ya Madini world ref · 17 Jul mark
BoT rate
6.25%
As at CBR · Q3 2026
Inflation
4.0%
As at NBS · June 2026 headline
This edition in 90 seconds
- 01The DSE claws back its early-July dip; up 0.72% on three straight gains, back within a whisker of its record
- 02The index rose 0.72%; but more names fell than rose
- 03The mid-week auction pushed the front end further from policy, not toward it
The week in review
The DSE claws back its early-July dip; up 0.72% on three straight gains, back within a whisker of its record
Signal
4,111.98 ended the week up 0.72% and 8,969.32 up 0.57%; two soft sessions on Monday and Tuesday, then three straight gains into Friday.
Why it matters
It recovers almost all of the pullback from the 3 Jul record of 4,116.73; Friday's close sits just 0.12% below it. But the advance outran its own breadth: over the week 8 counters rose against 11 that fell, so the large banks carried an index the wider board did not.
What to watch
Whether the All-Share retakes the record on ordinary two-sided breadth rather than another CRDB crossing, and whether the front-end bill rate keeps drifting away from the 6.25% policy rate.
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 17 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
Equities
The index rose 0.72%; but more names fell than rose
Signal
Friday-to-Friday breadth was negative: 8 counters up, 11 down, 9 unchanged across the 28-name board. TCCL (+7.21%) and TBL (+2.82%) led; SWIS (−9.89%) and DCB (−9.09%) lagged.
Why it matters
A bank-and-brewer tape. NMB (+0.30%) printed a fresh 52-week high at 16,750 and the two large banks held the index up while the broader board drifted lower.
What to watch
What carries forward: whether next week's gains broaden beyond the large caps, or the record is retaken on another one-name crossing.
Rates
The mid-week auction pushed the front end further from policy, not toward it
Signal
Auction 1203 (15 Jul) set the 91-day WAR at 3.35%, −10bp from the 2 Jul auction; the 364-day eased 9bp to 7.03% and the 182-day firmed 8bp to 4.78%. The CBR held at 6.25%.
Why it matters
Last week's open question was whether the mid-July auction would drag the front end toward the 6.25% policy rate. It did the opposite; the 91-day now sits roughly 290bp BELOW the CBR.
What to watch
What carries forward: whether the gap between policy and the bill curve narrows, or short bills stay pinned into August.
FX / Gold
Shilling effectively flat; gold's world reference softer
Signal
USD/TZS eased about 0.08% to 2,636.63 by Friday; flat in practice. The Tume ya Madini world gold reference fell to $4,023/oz, down ~2.9% on the week from $4,145.
Why it matters
The currency did nothing to change the hard-currency arithmetic; gold's softer week sits against the Bank of Tanzania's continued gold-reserve accumulation, which it frames as reinforcing stability.
What to watch
What carries forward: whether gold steadies above the prior month's range and whether the shilling's slow drift resumes.
Source: BoT · first seen 2026-07-12
Go deeper →Policy
Vision 2050 launched; and the first follow-through is statutory, not financial
Signal
Dira 2050 launched Friday 17 Jul in Dodoma. Weekend reporting already carries the follow-through: a call for NGOs to align portfolios to the framework, and more than 1,000 laws flagged for review to fit the statute book to it.
Why it matters
The launch was the week's set-piece; the immediate signals are governance and legal alignment, not yet named financing vehicles; which remain the market's real question.
What to watch
What carries forward: which flagship projects; LNG-Lindi foremost; get named financing vehicles and co-investors.
Source: Open-source reporting · first seen 2026-07-12
Go deeper →Macro
June inflation eased to 4.0%; the band test passed
Signal
June headline CPI eased to 4.0% y/y from May's 4.2%, inside the 3 to 5% band. Food fell 0.7% m/m while transport rose 1.6% m/m (+13.6% y/y).
Why it matters
It is the first full month in which both the fuel-subsidy exit and the 2 Jul 50bp hike could show through; and transport, not food, is carrying the pressure.
What to watch
What carries forward: whether transport pass-through keeps building, and whether a contained print keeps the policy rate on hold.
Source: NBS · first seen 2026-07-12
Go deeper →The Ghost · edition context
The model-book allocation read
The Ghost's hypothetical TZS 500m model book is +4.31% since inception, its largest equity allocation a bank; so a week in which NMB reached a fresh 52-week high while broader breadth stayed negative is the terrain it reads most closely.
Open the current Ghost tracker →What this edition watched
T-bill auction follow-through
After 1203 pushed the 91-day to 3.35% (~290bp below the CBR), the next auction tests whether the front end reconnects to the 6.25% policy rate.
next auction ~29 Jul 2026
Vision 2050 financing vehicles
Post-launch, the market's question is which flagship projects get named financing vehicles and co-investors; LNG-Lindi foremost.
week of 20 Jul 2026
CRDB tape concentration
CRDB was 97% of Tuesday's board and 93% of Thursday's; whether ordinary two-sided turnover returns, or the crossings continue.
Mon 20 Jul 2026
All-Share vs the 3 Jul record
Friday closed just 0.12% below the 4,116.73 record; whether it retakes it on broad breadth or stalls.
week of 20 Jul 2026
Weekly edition; covers verified DSE sessions Monday to Friday, frozen to the Friday official close. 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 (17 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. Figures are as reported and require refresh against official data.