DSE All-Share
4,190.41
As at DSEI · 31 Jul close · latest verified
Permanent edition · Vol. I · No. 214
The Brief
Sunday, 2 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 strength enters a breadth test while the next policy and issuer evidence waits on the calendar
- 02Breadth is the first test of last week's domestic outperformance
- 03TZS 64.53bn sets the liquidity baseline — distribution is the next test
The week ahead
Domestic strength enters a breadth test while the next policy and issuer evidence waits on the calendar
Signal
The market reopens Monday off 4,190.41 after 9,215.18 gained 2.53% Friday-to-Friday; five verified sessions carried TZS 64.53bn of equity turnover.
Why it matters
The domestic advance was established but concentrated: Commercial Services rose 19.91%, Monday and Friday supplied 69.5% of weekly turnover, and Friday alone was 78.1% TBL. NMB and Vodacom added issuer evidence, but their next questions are funding costs and cash conversion rather than price direction.
What to watch
Whether ordinary two-sided turnover broadens the index move; whether the next official BoT and NBS releases change the rates and inflation baselines; and how the tape develops before NMB's verified 19–24 August subdivision sequence.
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
Breadth is the first test of last week's domestic outperformance
Signal
4,190.41 added 0.97% Friday-to-Friday and 9,215.18 2.53%; Commercial Services rose 19.91%, Industrial & Allied 1.70% and Banks 0.72%.
Why it matters
The sector gains were real, but five sessions produced more declining than advancing counts. A stronger index and narrow participation can coexist.
What to watch
The next verified closes test whether more domestic counters participate at ordinary two-sided turnover, rather than whether any one index level is retained.
Tape
TZS 64.53bn sets the liquidity baseline — distribution is the next test
Signal
Verified 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
Monday and Friday supplied 69.5% of the week's value, while TBL supplied 78.1% of Friday. Printed turnover and distributed liquidity are different evidence.
What to watch
Whether the new week replaces block-and-counter concentration with value spread across more sessions and names.
Banking
NMB's operating baseline now sits ahead of a fully dated subdivision sequence
Signal
Issuer-reported H1 profit after tax rose 13.2% to TZS 405.766bn, while interest expense grew 36.0%; the one-for-ten subdivision is scheduled to become effective 24 August.
Why it matters
The operating evidence and corporate action answer different questions. Funding costs test earnings quality; the subdivision changes share count and unit-price basis mechanically, not aggregate equity value or proportional ownership.
What to watch
Funding-cost growth and deposit formation remain the operating tests; the verified 19–24 August milestones provide the next dated market-structure observations.
Source: NMB Bank Plc · first seen 2026-08-02
Go deeper →Telecoms
Vodacom's next evidence test is cash conversion after the investment step-up
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. Operating growth and cash conversion moved in different directions.
What to watch
The next issuer result tests whether data and M-Pesa growth translate into stronger free cash flow after the network-investment step-up; no date is asserted.
Source: Vodacom Tanzania Plc · first seen 2026-08-02
Go deeper →Rates
The front end remains below policy until an official auction supplies new evidence
Signal
BoT auction No. 1203 remains 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 is about 290bp below policy. No later official result or verified auction date is available, so the gap is a baseline rather than an outcome call.
What to watch
The next published BoT bill result tests whether the short end begins reconnecting with the policy setting; cadence is not substituted for a calendar date.
Macro
The next CPI print tests an uneven inflation mix, not a directional forecast
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 transport and services stayed above it. One aggregate does not describe every household or logistics exposure.
What to watch
The next NBS release tests whether transport and services converge toward the headline rate; no publication date is asserted until an official calendar supplies one.
Source: NBS · first seen 2026-08-02
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. It enters the week with NMB and Vodacom operating evidence in view, while concentration, funding costs and cash conversion remain the observable terrain — not trading signals.
Open the current Ghost tracker →What this edition watched
DSE breadth and turnover distribution
TSI gained 2.53% last week, but session breadth counts remained decline-heavy and Monday plus Friday supplied 69.5% of turnover; 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 official 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 sit below transport and services inflation.
date not announced
NMB share-subdivision sequence
The final cum-split day, suspension, register close and restart are verified issuer milestones; they provide observable order-count, spread and depth evidence after the mechanical unit-price change.
19–24 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
Week-ahead edition — a forward framing of Monday 3 through Friday 7 August 2026, frozen to the Friday verified close (31 Jul 2026). 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. Rates and FX use Bank of Tanzania data; inflation uses NBS; company results and the NMB subdivision calendar use issuer-native disclosures. The current Wire hand-off was read first; it contained no new primary-source card, and press candidates without independent primary corroboration were omitted. Undated checkpoints remain explicitly undated, and no foreign-flow split is inferred. For live levels, see Markets.