DSE All-Share
4,190.41
As at DSEI · 31 Jul close · latest verified
Weekly visual edition · Vol. I · No. 213
The Weekly Brief
Saturday, 1 August 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.
Tanzania Share Index
9,215.18
As at TSI · 31 Jul close · domestic board
USD / TZS
2,649.75
As at BoT mean · 31 Jul sheet
BoT rate
6.25%
As at CBR · Q3 2026
Inflation
4.0%
As at NBS · June 2026 headline
This edition in 90 seconds
- 01Domestic shares outran the headline index; but two concentrated sessions supplied most of the money
- 02The domestic board led the week; Commercial Services did most of the acceleration
- 03TZS 64.53bn traded across five sessions; with Friday dominated by one brewer
The week in review
Domestic shares outran the headline index; but two concentrated sessions supplied most of the money
Signal
4,190.41 rose 0.97% Friday-to-Friday while 9,215.18 gained 2.53%; five verified sessions carried TZS 64.53bn of equity turnover.
Why it matters
The domestic advance was real but uneven: Commercial Services rose 19.91%, while 62 declining session-counts exceeded 37 advancing counts. Monday and Friday supplied 69.5% of the week's value, and Friday alone was 78.1% TBL.
What to watch
Whether wider participation follows the results-led moves in NMB, Vodacom and TCCL, or the next week again depends on a few counters and block-sized prints.
The visual flagship · seven linked lenses
One week. One market story. Seven ways to test it.
Start with DSEI versus TSI, then test the money, breadth, rates, currency, hypothetical model-book terrain and household transmission chain. Every lens stays frozen to this edition's stated observations.
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 31 Jul 2026 · Source: Dar es Salaam Stock Exchange. Exact values and method remain in the static evidence table below.
02 · Turnover concentration
How much traded, and how much did one counter carry?
The week’s money had 5 very different shapes.
As at 2026-07-31
Source: Dar es Salaam Stock Exchange ↗
TZS 14.38bn
MonNMB · 28.3%TZS 5.07bn
TueNMB · 69.0%TZS 8.18bn
WedNMB · 78.9%TZS 6.45bn
ThuNMB · 64.1%TZS 30.46bn
FriTBL · 78.1% Session turnover Leading counter shareExplainTurnover concentrationShare of turnover in the leading counterTurnover concentration is the share of total traded value accounted for by one counter or a stated group of counters.How it is calculatedSelected counter turnover ÷ total session turnover × 100.What it does not meanA high share does not establish unusual demand, fair value or repeatable liquidity.Source or method: KCP calculation from DSE traded valueSee it in context →Open the full glossary →Definition only · information and education, not advice
64.53bn shillings traded across 5 sessions, but the darker segment shows why activity and breadth are different questions.
03 · Breadth map
Did the board move with the headline?
5 advanced. 14 declined. The index hid the split.
As at 2026-07-31
Source: DSE verified close history ↗
▲ 5 upExplainDirectional breadthShare of moving counters that advancedDirectional breadth is the share of counters with a price move that advanced rather than declined.How it is calculatedAdvancers ÷ (advancers + decliners). Unchanged and non-trading counters are excluded.What it does not meanIt is not the share of all listed counters, and it says nothing about how much money traded in each name.Source or method: KCP calculation from DSE close countsSee it in context →Open the full glossary →Definition only · information and education, not advice▼ 14 down= 0 unchanged
Only counters with a close inside the weekly window and a prior comparable close enter this map. Names without an in-window print are excluded, not labelled unchanged.
04 · Rates hurdle
What did safe local-currency paper yield?
The short end sat below policy; the 364-day point cleared it.
As at 2026-07-15
Source: Bank of Tanzania ↗
Central Bank Rate6.25%
2026-07-0291D3.35%
2026-07-15182D4.78%
2026-07-15364D7.03%
2026-07-15The comparison is a hurdle-rate lens, not a ranking or recommendation. Tenor, duration, liquidity and reinvestment remain different across the instruments shown.
05 · Local vs hard currency
What remained after translating the week through USD/TZS?
A softer shilling reduced, but did not erase; the index gains.
As at 2026-07-31
Source: DSE and Bank of Tanzania
DSEI
Local-currency index change+0.97%
Mechanical USD translation+0.50%
TSI
Local-currency index change+2.53%
Mechanical USD translation+2.05%
USD/TZS weakened 0.47% over the matched weekly window. The hard-currency line is (1 + local index change) ÷ (1 + FX change) − 1; it is an index translation, not an investable portfolio return, and excludes dividends, costs and tax.
06 · Ghost terrain impact
Which evidence changed the hypothetical model-book risk map?
The week changed the terrain, not the mandate.
As at 2026-07-31
Source: KCP Weekly Brief and stated public authorities
01
Equities
TSI rose 2.53% for the week, ahead of DSEI's 0.97%, but session breadth counts remained decline-heavy and sector leadership was concentrated.
Next test · Whether domestic-board strength widens beyond the week's results-led names.02Fixed income
No new verified bill result reset the curve; the 91-day WAR remains 3.35%, about 290bp below the 6.25% CBR.
Next test · Whether the next official auction reconnects the front end with policy.03FX
USD/TZS moved 0.47% from 24 to 31 July in official BoT sheets; continued softening, but still a sub-half-percent weekly move.
Next test · Whether subsequent official sheets extend or interrupt the drift.04Commodities
BoT's 31 July gold and USD means implied about US$4,093.77/oz, keeping the same-day reference above $4,000 without mixing providers.
Next test · Whether the same-source cross remains above $4,000 on the next available sheet.05The Book
The model book's NMB and Vodacom exposures rose over the week while CRDB fell; return and concentration moved together rather than independently.
Next test · Whether future gains come with broader exposure and stronger issuer cash conversion.The Ghost is a hypothetical educational model book. This panel explains terrain impact on its model-book allocation; it is not a signal, instruction or recommendation.
07 · Cost-of-living chain
How can currency pressure travel toward the household basket?
Four clocks. One transmission chain. No forecast.
As at 2026-07-31
Source: BoT · EWURA · MIT · NBS
Each link keeps its own authority and observation clock. The layout shows plausible transmission channels; it does not claim that one observation caused the next.
Equities
The domestic board led the week; Commercial Services did most of the acceleration
Signal
4,190.41 added 0.97% for the week and 9,215.18 2.53%; Commercial Services rose 19.91%, Industrial & Allied 1.70% and Banks 0.72%.
Why it matters
Vodacom and TCCL repriced sharply after issuer disclosures, while Friday-to-Friday moves remained mixed: NMB +4.96%, CRDB −2.60% and TBL −1.57%.
What to watch
What carries forward: whether domestic breadth catches up with the sector-index gains after five sessions produced more declining than advancing counts.
Tape
TZS 64.53bn traded across five sessions; with Friday dominated by one brewer
Signal
Verified session turnover was TZS 14.38bn Mon, 5.07bn Tue, 8.18bn Wed, 6.45bn Thu and 30.46bn Fri, summing to TZS 64.53bn.
Why it matters
Friday's total was a session snapshot, not the weekly aggregate: TBL supplied 78.1% of that close. Monday and Friday together accounted for 69.5% of the week's value.
What to watch
What carries forward: whether ordinary distributed turnover replaces the block-and-counter concentration visible at both ends of the week.
Banking
NMB's half-year profit grew, but funding costs ran faster than income
Signal
Issuer-reported H1 profit after tax rose 13.2% to TZS 405.766bn; net interest income grew 16.7% and fee income 23.2%.
Why it matters
Interest expense rose 36.0%. Since March, net loans grew 8.6%, deposits 1.0% and the NPL ratio eased to 2.5%; Q1 plus Q2 PAT exceeds published H1 by TZS 8m.
What to watch
What carries forward: funding-cost growth, deposit formation, credit quality and the issuer's reconciliation of the small quarterly-to-half-year PAT difference.
Source: NMB Bank Plc · first seen 2026-07-31
Go deeper →Telecoms
Vodacom's operating engine accelerated; cash conversion absorbed the heavier investment year
Signal
FY2026 service revenue rose 21.8%, M-Pesa revenue 24.5%, EBITDA 38.8% and reported profit after tax 18.4%.
Why it matters
Capital expenditure rose 85.1% to TZS 323.944bn, while free cash flow fell 26.8% to TZS 143.035bn. The counter still gained 21.21% Friday-to-Friday.
What to watch
What carries forward: whether data and M-Pesa growth convert into stronger free cash flow after the network-investment step-up.
Source: Vodacom Tanzania Plc · first seen 2026-07-29
Go deeper →Rates
The bill curve remained below policy; no new auction result reset the front end
Signal
BoT auction No. 1203 remained the latest verified bill result: 91-day 3.35%, 182-day 4.78% and 364-day 7.03% against a 6.25% CBR.
Why it matters
The 91-day yield remains about 290bp below policy. With no later official result in the weekly window, the transmission gap is observed rather than projected.
What to watch
What carries forward: the next published BoT bill result and whether the short end begins reconnecting with the policy setting.
FX / Gold
The shilling softened by less than half a percent; gold held above $4,000
Signal
BoT's 31 July USD mean was TZS 2,649.7472, 0.47% weaker than 24 July; its same-day gold mean implied about US$4,093.77/oz.
Why it matters
The currency move was gradual rather than a break. Using the same BoT sheet for gold and FX avoids mixing observation times or providers.
What to watch
What carries forward: whether the next official sheets extend the sub-half-percent currency drift and keep the same-day gold cross above $4,000.
Source: BoT · first seen 2026-07-31
Go deeper →Macro
Headline inflation eased, but transport and services kept the composition uneven
Signal
NBS June headline inflation was 4.0% and food 4.1%; verified release detail put core at 3.7%, services at 5.4% and transport at 13.6%.
Why it matters
The headline remained inside the 3 to 5% band, but the mix shows why one aggregate cannot stand in for the household or logistics experience.
What to watch
What carries forward: the next NBS CPI release and whether transport and services converge toward the headline rate.
Source: NBS · first seen 2026-07-30
Go deeper →The Ghost · edition context
The model-book allocation read
The Ghost's hypothetical TZS 500m model book is +8.16% since inception at its 31 Jul mark. NMB rose 4.96% and Vodacom 21.21% Friday-to-Friday while CRDB fell 2.60%; the week is a concentration and cash-conversion lesson, not a trading signal.
Open the current Ghost tracker →What this edition watched
DSE breadth after the Friday block
Friday's TZS 30.46bn was 78.1% TBL, while the five-session breadth count remained decline-heavy; the next closes test whether participation spreads.
week of 3 Aug 2026
Next verified BoT Treasury-bill result
Auction No. 1203 remains the latest verified result; the next print tests the roughly 290bp gap between the 91-day yield and the 6.25% CBR.
date not announced
Next NBS CPI release
The next print tests whether June's 4.0% headline continues to mask materially higher transport and services inflation.
date not announced
NMB share-subdivision window
The scheduled pause, record date and restart provide an observable test of order count, spreads and trading depth after the mechanical unit-price change.
20 to 24 Aug 2026
Vodacom cash conversion
FY2026 operating growth came with an 85.1% capex increase and a 26.8% free-cash-flow decline; the next disclosure tests conversion after the investment step-up.
next issuer result · date not announced
Weekly edition; covers all five verified DSE sessions from Monday 27 July through Friday 31 July 2026 and is frozen to Friday's official close. Compiled from public sources for information and education only; not investment advice, a forecast or a recommendation. Equity and index figures reconcile to DSE authority files; the TZS 64.53bn weekly turnover is the sum of five verified session tapes, while Friday's TZS 30.46bn and 78.1% TBL share are explicitly session-only. Rates, FX and the same-day gold cross use Bank of Tanzania data; inflation uses NBS; company results use issuer-native NMB and Vodacom disclosures. The current Wire hand-off was read first: its primary-grade NMB result is included. Press candidates without independent primary corroboration were deliberately omitted. A verified foreign-flow split was unavailable and is not inferred. For live levels, see Markets.