DSE All-Share
4,101.87
As at DSEI · 22 Jul close · latest verified
Permanent edition · Vol. I · No. 204
The Brief
Thursday, 23 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 · 22 Jul · flat on the week
Gold · $/oz
$4,057
As at BoT reference · 22 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
- 01The give-back reverses on the heaviest tape in weeks; but three-quarters of it is one Breweries block
- 02Small-caps top the board as the index turns: SWIS +12.9% and MCB +9.7% on a TBL-swollen tape
- 03NMB reported extending a TZS 224bn facility to Geita Gold Mine as local-content policy tightens
Verified close
The give-back reverses on the heaviest tape in weeks; but three-quarters of it is one Breweries block
Signal
Wednesday closed at 4,101.87 (+0.24%) on TZS 9.75bn; ~5.7x Tuesday; with TZS 7.19bn of it a single TBL cross at 9,980 (+1.8%).
Why it matters
A negotiated block widens the tape without testing it: Banks added 56.5 points and NMB held 16,750, but breadth at ordinary turnover is still unproven.
What to watch
Advancers vs decliners once the block washes out, and whether Banks extend their 56.5-point gain at ordinary turnover.
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 22 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
Equities
Small-caps top the board as the index turns: SWIS +12.9% and MCB +9.7% on a TBL-swollen tape
Signal
4,101.87 +0.24% and 8,972.55 +0.33% Wednesday on TZS 9.75bn; SWIS +12.9% and MCB +9.7% led; KA −4.35% and MKCB −3.6% fell.
Why it matters
The reversal came on the widest tape in weeks, yet the headline gain leaned on one TZS 7.19bn TBL cross; the internals carry the news, not the index.
What to watch
Whether SWIS and MCB hold their marks in two-sided trade, and whether Industrial & Allied (+28.8pts) extends without the block.
Banking
NMB reported extending a TZS 224bn facility to Geita Gold Mine as local-content policy tightens
Signal
Press reports NMB extending a TZS 224bn facility to Geita Gold Mine; local commercial capital in space held by offshore syndication.
Why it matters
Coherent with the local-content procurement push and Vision 2050's 70% private-sector arithmetic; single-name concentration is the open question.
What to watch
Primary confirmation from NMB or Geita, the facility's terms, and whether other listed banks follow into extractive-sector lending.
Source: Open-source reporting · first seen 2026-07-23
Go deeper →Capital markets
The exchange leans into 'market-based financing' as a state broker pairing widens the origination pipe
Signal
Press frames a DSE expansion toward market-based financing; TIB Rasilimali and Orbit Securities pair on capital-raising.
Why it matters
Positioning backed by the H1 print; market cap +47% to TZS 35.18tn on record TZS 1.07tn half-year turnover; but no committed issuance yet.
What to watch
Concrete IPO or bond pipeline announcements, and any CMSA rule changes that convert the narrative into actual issuance volume.
Source: Open-source reporting · first seen 2026-07-23
Go deeper →Rates
The front end eases through the hike: both bill tenors fell again at auction No. 1203
Signal
91-day WAR 3.3472% (−10.8bp) and 364-day 7.0258% (−9.2bp) at the 15 Jul auction; every tenor oversubscribed, 2.9x at the year bill.
Why it matters
Three weeks after the 50bp hike to 6.25%, bills price ~290bp below the CBR; liquidity parked in paper and the transmission gap widening, not closing.
What to watch
Auction No. 1204 (~29 Jul, inferred cadence): a third straight 91-day fall would confirm the hike never reached the market.
The Ghost · edition context
The model-book allocation read
The Ghost's hypothetical TZS 500m model book is +4.29% since inception at its 22 Jul mark and bank-weighted; Wednesday's index gain leaned on a TBL block the book doesn't hold, while its largest allocations, NMB and the banks index, simply held their ground.
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)
US FOMC decision
The ECB's hold at 2.25% is in; the Fed's dollar path is the backdrop for the shilling's balance-sheet defence with Brent near $94.
28 to 29 Jul 2026
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 after the TBL block
Wednesday's +0.24% came ~74% from one TZS 7.19bn cross; the test is advancers vs decliners at ordinary turnover.
this week
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 (22 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. The NMB to Geita facility and the US$2.7bn Tabora to Kigoma SGR award remain press-reported; candidates 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.