DSE All-Share
4,150.14
As at DSEI · 24 Jul close · latest verified
Weekly visual edition · Vol. I · No. 206
The Weekly Brief
Saturday, 25 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 · 24 Jul sheet · flat on the week
Gold · $/oz
$4,105
As at Tume ya Madini world ref · 24 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
- 01A record with an asterisk; the All-Share closes at an all-time high in a week more names fell than rose
- 02An all-time high the banks didn't attend
- 03Roughly TZS 25bn traded; and most of it was three prints
The week in review
A record with an asterisk; the All-Share closes at an all-time high in a week more names fell than rose
Signal
4,150.14 rose 0.93% Friday-to-Friday to a record close, clearing the 3 Jul peak by 0.81%; while 8,988.01 added just 0.21% and fell on Friday itself.
Why it matters
The high was not bank-made: NMB was flat all week at 16,750 and CRDB slipped 0.37%. Friday's push came largely from cross-listed KA (+56.5%) and USL (+20.0%), both marked up on zero reported volume, with TBL (+3.35%) and VODA (+3.12%) the genuine domestic gainers. Friday-to-Friday breadth was negative: 6 counters up, 12 down.
What to watch
Whether the record is confirmed next week by domestic breadth and ordinary two-sided turnover; or fades with the no-volume marks that set it.
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 24 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
Equities
An all-time high the banks didn't attend
Signal
4,150.14 set its record on a week of down-then-up sessions: −0.22% Mon, −0.26% Tue, +0.24% Wed, +0.26% Thu, then +0.91% Friday. 8,988.01; the domestic board; actually fell 0.19% on record day.
Why it matters
Friday's largest marks were cross-listed: KA +56.5% to 180 and USL +20.0% to 30, both on zero reported volume per the DSE sheet. The week's real domestic movers were TBL (+3.35%), VODA (+3.12%), TTP (+5.62%) and DCB (+5.56%) up; MCB (−20.5%), PAL (−7.7%) and TCCL (−5.0%) down.
What to watch
What carries forward: whether the high holds when the domestic board, not cross-listed marks, does the pricing.
Tape
Roughly TZS 25bn traded; and most of it was three prints
Signal
Session tapes ran TZS 4.6bn Mon, 1.72bn Tue, 9.75bn Wed, 5.57bn Thu and 3.61bn Fri. Wednesday's total was ~74% a single TZS 7.19bn TBL cross; CRDB carried 55.8% of Thursday; NMB and CRDB together were 70.1% of Friday.
Why it matters
A week of block-and-cross concentration, not broad participation; the turnover recovered from Tuesday's TZS 1.72bn trough, but through negotiated prints rather than two-sided flow.
What to watch
What carries forward: whether ordinary distributed turnover returns, or the tape stays a handful of institutional prints.
Rates
A no-auction week leaves the ~290bp policy gap untested; the long end reprices to 10.87%
Signal
No bill auction fell in the window, so the front end still reads auction 1203: 91-day 3.35%, 182-day 4.78%, 364-day 7.03% against the 6.25% CBR. The 10-year point refreshed at 10.87% mid-week.
Why it matters
The 91-day sits roughly 290bp below policy; the gap the 15 Jul auction widened rather than closed; and nothing this week tested it. The next test is auction No. 1204, expected around 29 Jul on cadence.
What to watch
What carries forward: whether 1204's yields and bid-to-cover start reconnecting the bill curve to the policy rate.
FX / Gold
Shilling flat into an FOMC week; gold's world reference recovers to $4,105
Signal
USD/TZS ended the week at 2,637.46, +0.03% Friday-to-Friday; flat in practice. The Tume ya Madini world gold reference rebounded ~2.0% to $4,105/oz, recovering most of the prior week's ~2.9% dip.
Why it matters
The currency again subtracted nothing from local returns; gold's rebound restores the backdrop to the Bank of Tanzania's continued gold-reserve accumulation. The 28 to 29 Jul FOMC is the nearest dated external event for the dollar side.
What to watch
What carries forward: whether the FOMC shifts the dollar backdrop, and whether gold holds above $4,000.
Source: BoT · first seen 2026-07-19
Go deeper →Policy
The financing story hardens: a $2.7bn rail contract, an IFC shilling bond in London, and sovereign outreach
Signal
Press reported a US$2.7bn Chinese contract for the Tabora to Kigoma SGR; the IFC issued its first Tanzanian-shilling bond listed on the London Stock Exchange; and the Finance Minister courted investors ahead of a planned London sovereign listing. Vision 2050's first five-year plan carries TZS 12.50tn from 1 July.
Why it matters
Launch week's open question; who finances Vision 2050; began getting answers: signed capex (still awaiting primary confirmation), an offshore TZS benchmark, and early sovereign-bond outreach.
What to watch
What carries forward: primary confirmation and financing terms of the SGR award, and timing of the sovereign issue.
Source: Open-source reporting · first seen 2026-07-19
Go deeper →Macro
June's 4.0% print is a food story; core at 3.7% and transport at 13.6% run underneath
Signal
The week traded on June's confirmed CPI mix: headline 4.0% y/y inside the 3 to 5% band, but core rose to 3.7% and transport ran +13.6% y/y. Press reporting framed factory-sector growth as export-led rather than domestic.
Why it matters
Disinflation is being delivered by food while the fuel-subsidy exit leans on transport; the divergence that decides whether the headline holds through the second half.
What to watch
What carries forward: the July CPI print and the next EWURA fuel-cap round, both due early August.
Source: NBS · first seen 2026-07-21
Go deeper →The Ghost · edition context
The model-book allocation read
The Ghost's hypothetical TZS 500m model book is +4.65% since inception at its 24 Jul mark. A week in which the index set a record while the book's banks sat still; NMB flat at 16,750, CRDB −0.37%; is exactly the gap between headline and holdings the model book exists to teach.
Open the current Ghost tracker →What this edition watched
T-bill auction No. 1204 (expected)
The 91-day WAR sits ~290bp below the 6.25% CBR; the next yields and bid-to-cover test whether the gap persists into August.
~29 Jul 2026 (inferred cadence, not an official BoT date)
US FOMC decision
The nearest dated external event for the dollar backdrop to USD/TZS, which held near 2,637 all week.
28 to 29 Jul 2026
The record's follow-through
Friday's all-time high rode zero-volume cross-listed marks on negative weekly breadth; domestic breadth and turnover decide whether it is confirmed.
week of 27 Jul 2026
US$2.7bn Tabora to Kigoma SGR award; primary confirmation
The contract remains press-reported; primary confirmation and financing terms are required before it counts as verified capex.
coming weeks (unscheduled)
NBS July CPI · EWURA fuel cap
June's 4.0% headline against 13.6% y/y transport is the divergence the next releases test.
early Aug 2026
Weekly edition; covers verified DSE sessions Monday to Friday (20 to 24 Jul 2026), 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 (24 Jul 2026); rates, FX and gold to the Bank of Tanzania and Tume ya Madini; inflation to the NBS. Figures are as reported and require refresh against official data.