DSE All-Share
4,190.41
As at DSEI · 31 Jul close · latest verified
Permanent edition · Vol. I · No. 213
The Brief
Saturday, 1 August 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.
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 60 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.
Did the domestic market and the headline index tell the same story 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.
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 3–5% 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 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.
20–24 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.