DSE All-Share
4,092.17
As at DSEI · 21 Jul close · latest verified
Permanent edition · Vol. I · No. 203
The Brief
Wednesday, 22 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 · 21 Jul · ~flat on the week
Gold · $/oz
$4,064
As at BoT reference · 16 Jul sheet
BoT rate
6.25%
As at CBR · Q3 2026
Inflation
4.0%
As at NBS · June 2026 headline
This edition in 60 seconds
- 01A second thin give-back leaves the tape 25 points off the high; while the exchange's half-year numbers tell the opposite story
- 02Banks firm as the rail trade pauses: Industrial & Allied hands back 36 points on a TZS 1.72bn tape
- 03Vision 2050 is published; and its first five-year plan carries TZS 12.50tn from 1 July
Verified close
A second thin give-back leaves the tape 25 points off the high; while the exchange's half-year numbers tell the opposite story
Signal
Tuesday closed at 4,092.17 (−0.26%) on TZS 1.72bn turnover; a second thin give-back, ~25 points below the 3 Jul high.
Why it matters
Two thin down-days say little against H1's record: market cap +47% to TZS 35.18tn and TZS 1.07tn turnover; the structural trend under the drift.
What to watch
Whether breadth turns at ordinary turnover, and whether Industrial & Allied resumes leadership after TCCL's −4.7% rail-trade pause.
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 21 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
Equities
Banks firm as the rail trade pauses: Industrial & Allied hands back 36 points on a TZS 1.72bn tape
Signal
4,092.17 −0.26% and 8,943.44 −0.10% Tuesday on TZS 1.72bn; Banks +8.4pts, Industrial & Allied −36 with TCCL −4.7%. NMB held 16,750.
Why it matters
The rail trade paused before the US$2.7bn award earned a primary source; cement gave back while the financing banks held their ground.
What to watch
Whether Industrial & Allied resumes leadership at ordinary turnover, and whether NMB's 52-week high survives two-sided trade.
Policy
Vision 2050 is published; and its first five-year plan carries TZS 12.50tn from 1 July
Signal
The Planning Commission published the National Development Vision 2050; the first Five-Year Plan (2026/27) carries TZS 12.50tn.
Why it matters
A 25-year policy anchor, not a capital commitment; it codifies the 70% private-sector participation goal that the DSE's market-based financing push leans on.
What to watch
The plan's first budget-line allocations, and any listing or issuance pipeline framed against the Vision's financing targets.
Source: National Planning Commission · first seen 2026-07-22
Go deeper →Macro
June's disinflation is a food story: core rises to 3.7% and transport runs 13.6% underneath the 4.0% headline
Signal
June CPI: headline 4.0% (May 4.2%), food easing to 4.1% from 5.6%; but core rose to 3.7% and transport ran 13.6% y/y.
Why it matters
The headline eased on food while core and transport moved the other way; cost-push underneath, with Brent ≈US$91 leaning on the sticky component.
What to watch
July CPI and the early-Aug EWURA fuel cap; the pass-through tell for whether headline drifts back toward the top of the 3 to 5% band.
Source: National Bureau of Statistics · first seen 2026-07-22
Go deeper →Rates
A ~290bp policy gap waits on auction No. 1204, into an ECB to FOMC week
Signal
The 91-day WAR sits at 3.35% against the 6.25% CBR; ~290bp below policy; into the 23 Jul ECB and 28 to 29 Jul FOMC, holds expected.
Why it matters
The front end eased straight through July's hike; a third straight fall at No. 1204 would make the transmission gap the quarter's domestic rates fact.
What to watch
Auction No. 1204 (~29 Jul): the 91-day WAR and bid-to-cover; and the FOMC's oil framing as it reaches USD/TZS near 2,637.
The Ghost · edition context
The model-book allocation read
The Ghost's hypothetical TZS 500m model book is +4.45% since inception and bank-weighted; so a session where the banks index firmed while the rail trade paused (TCCL −4.7%) is terrain read through its largest allocations rather than a test of them.
Open the current Ghost tracker →What this edition watched
T-bill auction No. 1204 (expected)
A third straight fall in the 91-day WAR would confirm July's hike never reached the market; bid-to-cover matters as much as yield.
~29 Jul 2026 (inferred cadence, not an official BoT date)
ECB (23 Jul) and US FOMC (28 to 29 Jul)
Both expected to hold; the oil-inflation framing sets the dollar path against which the shilling's balance-sheet defence is tested.
this week and next
NBS July CPI · EWURA fuel cap
Whether transport; 13.6% y/y in June and the sticky component; pushes headline back toward the top of the 3 to 5% band.
early Aug 2026
DSE breadth & the rail read-through
Advancers vs decliners at ordinary turnover, and whether Industrial & Allied (TPCC, TCCL) resumes leadership after Tuesday's −36-point give-back.
week of 20 Jul 2026
US$2.7bn Tabora to Kigoma SGR award; primary confirmation
The contract is press-reported; a primary-source confirmation with financing terms would move it from candidate to counted capex.
coming weeks (unscheduled)
Compiled from public sources for information and education only; not investment advice, and not a forecast. Equity and index figures reconcile to the Dar es Salaam Stock Exchange verified close (21 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. The US$2.7bn Tabora to Kigoma SGR contract award remains press-reported; a candidate pending primary confirmation. Dated events are published only where the date is verified; the ~29 Jul auction is an inferred cadence, not an official BoT calendar entry. For live market updates see Markets.