DSE All-Share
4,150.14
As at DSEI · 24 Jul close · latest verified
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Permanent edition · Vol. I · No. 206
Saturday, 25 July 2026
A frozen reading of Tanzania's economy, markets and statecraft. Figures remain bound to their stated observations; this archive never inherits a newer market tape.
DSE All-Share
4,150.14
As at DSEI · 24 Jul close · latest verified
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 60 seconds
The week in review
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 tell the same story over the covered quarter?
As at 24 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
Equities
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
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
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
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 28–29 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
Signal
Press reported a US$2.7bn Chinese contract for the Tabora–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
Signal
The week traded on June's confirmed CPI mix: headline 4.0% y/y inside the 3–5% 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 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.
28–29 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–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–Friday (20–24 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.