Dar es Salaam Stock Exchange (DSE) Market Review October 2026 by Kadoo Securities: All Share Index Down 4.9%, Turnover TZS 96.93 Billion

The Dar es Salaam Stock Exchange (DSE) Market Review for October 2026 by Kadoo Securities shows the All Share Index down 4.9%. Equity turnover reached TZS 96.93 billion across 21 trading sessions, while total market capitalisation fell 4.9% to TZS 38.57 trillion.

Kadoo Securities Co. Limited is a Tanzanian securities brokerage and investment advisory firm whose research department publishes this Dar es Salaam Stock Exchange market review every month, covering equities, bonds, exchange-traded funds, and investor flows.

The October 2026 edition was prepared by analysts Gilbert Ouma and Erick Sindatuma using DSE daily market reports for 1 to 30 October 2026, and it follows the September 2026 edition of the series.

October at a Glance

The All Share Index (DSEI) closed October at 4,424, down 4.9% from 4,654.42 at the 30 September close, while total market capitalisation fell 4.9% to TZS 38.57 trillion over the same period.

Equity turnover totalled TZS 96.93 billion across 75,315 deals and 42.43 million shares in the 21 trading sessions of October, an average of TZS 4.62 billion a session.

Government bonds traded on the exchange during October amounted to TZS 644.27 billion, equal to a face value of TZS 539.85 billion.

Market Performance

Index Performance

The DSEI fell from 4,654 to 4,424 between 30 September and 30 October, while the Tanzania Share Index (TSI) fell from 10,340 to 9,836, a decline of 4.9% for each index.

The DSEI closed lower in 16 of the 21 sessions, and half of its 230-point loss came in the final week of the month.

Kadoo links the loss in the final week to block trades in NMB Bank Plc (DSE: NMB) and foreign selling, which together weighed on bank share prices across the market.

Sector Indices

The Banks, Finance and Investment (BI) index fell 8.4% from 23,382.10 to 21,428.71 between 30 September and 30 October, and the Commercial Services (CS) index fell 3.1% from 3,587.32 to 3,476.20.

The Industrial and Allied (IA) index was the only sector index to rise in October, gaining 4.9% from 5,079.55 to 5,329.55.

Kadoo notes that NMB and CRDB Bank Plc (DSE: CRDB) carry 77% of turnover, so the banks’ fall set the market’s direction, and it reads the split as money rotating out of bank stocks toward manufacturers.

Equity Turnover

Daily equity turnover averaged TZS 4.62 billion a session, with the five sessions from 26 to 30 October accounting for 43% of the month’s total and 26 October the busiest day at TZS 14.03 billion.

Excluding 26 to 29 October, sessions averaged TZS 3.47 billion, against a combined TZS 37.89 billion traded over those four sessions.

Kadoo attributes that jump mainly to 8.94 million NMB shares crossed in blocks, not to a broad pick-up in retail deals.

The distribution of October equity turnover by counter, with each counter’s share of the TZS 96.93 billion total, is set out below.

• NMB: TZS 39.12 billion, 40.3%
• CRDB: TZS 35.54 billion, 36.7%
• Vodacom Tanzania Plc (DSE: VODA): TZS 5.07 billion, 5.2%
• Tanzania Breweries Plc (DSE: TBL): TZS 4.94 billion, 5.1%
• Tanzania Cigarette Company Plc (DSE: TCC): TZS 4.80 billion, 5.0%
• Tanga Cement Plc (DSE: TCCL): TZS 2.16 billion, 2.2%
• National Investment Company Limited (DSE: NICO): TZS 1.48 billion, 1.5%
• TOL Gases Limited (DSE: TOL): TZS 0.69 billion, 0.7%
• Other counters: TZS 3.13 billion, 3.3%

NMB and CRDB together took 77% of equity turnover and the top eight counters 97%, a concentration that Kadoo says makes moves in the two banks dominate both turnover and index swings.

CRDB and NMB

CRDB’s share price fell 4.4% from TZS 2,970 to TZS 2,840 between 1 and 30 October on turnover of TZS 35.54 billion, of which 21% was traded in blocks.

NMB’s share price fell 10.8% from TZS 2,040 to TZS 1,820 on turnover of TZS 39.12 billion, of which 53% was traded in blocks.

Kadoo notes that NMB fell more than twice as far as CRDB although both banks traded similar value, with 11.07 million NMB shares crossed in blocks against 2.60 million for CRDB.

CRDB held a trading band of TZS 2,830 to TZS 2,900 after 13 October, while NMB’s price slid steadily through the rest of the month.

Gainers and Losers

Kadoo measures share price changes from the 1 October close to the 30 October close, and only four of the 28 counters closed higher, all of them in the Industrial and Allied segment.

The four gainers were as follows, and Kadoo says block buying in TCCL and TCC helped lift those two counters.

• TCCL: +10.4%
• TCC: +6.7%
• TBL: +4.8%
• Tanzania Portland Cement Plc (DSE: TPCC): +1.8%

The six weakest counters shown on the chart, listed here from the smallest decline to the steepest, were as follows.

• Maendeleo Bank Plc (DSE: MBP): -5.4%
• NICO: -5.8%
• Dar es Salaam Stock Exchange (DSE: DSE): -7.3%
• TATEPA Limited (DSE: TTP): -9.3%
• NMB: -10.8%
• TOL: -16.5%

Kadoo notes that losses were wider than gains and were led by TOL and NMB, where block selling met thin demand.

Four thinly traded counters are excluded from the chart because each had fewer than 20 deals in October, and their price changes were as follows.

• Jatu Plc (DSE: JATU): -25.9%
• Uchumi Supermarkets Limited (DSE: USL): -16.7%
• Nation Media Group (DSE: NMG): -9.7%
• East African Breweries Limited (DSE: EABL): -7.5%

Jubilee Holdings Limited (DSE: JHL), Swala Gas and Oil (DSE: SWALA), and Yetu Microfinance Bank (DSE: YETU) closed October unchanged at TZS 8,700, TZS 450, and TZS 510 respectively.

Foreign Investor Participation

Foreign investors accounted for 7.2% of buy value and 45.5% of sell value in October, selling TZS 44.08 billion and buying TZS 6.94 billion for net foreign selling of TZS 37.1 billion.

The foreign share of daily sell value peaked at 85.1% on 26 October, and outflows averaged 69.5% of sell value across 26 to 29 October, the same sessions as NMB’s largest block trades.

Foreign selling outweighed foreign buying by more than six to one over the month, while local investors absorbed 93% of all purchases on the exchange.

Government and Corporate Bonds

Government bonds traded in October totalled TZS 644.27 billion, a face value of TZS 539.85 billion across 524 deals, with daily activity peaking at above TZS 53 billion on 16 and 22 October.

Outstanding government bonds stood at TZS 34.29 trillion at the end of October, up TZS 826 billion following listings on 2 and 20 October.

Corporate bonds traded totalled TZS 676.5 million during the month, and outstanding corporate bonds rose by TZS 100 billion to TZS 613.15 billion.

Kadoo notes that bonds changed hands at an average of 119% of face value, which it reads as strong demand for older high-coupon government bonds.

At the mid-October auction for 25-year Treasury Bond No. 722, 2,547 bids were received and 1,673 were successful, with TZS 414.2 billion offered and a weighted average yield to maturity of 10.84%.

The weighted average price was 116.31 against a cut-off price of 115.50, with bids spanning a range of 85.40 to 118.88 per 100.

Kadoo notes that only 10% of competitive bids, 99 of 973, cleared the cut-off, while all non-competitive bids were filled in full.

The 28 October auction for 20-year Treasury Bond No. 710, which carries a 12.25% coupon and matures on 9 July 2046, offered TZS 363.0 billion and drew bids of TZS 1,033.1 billion.

The government accepted TZS 336.6 billion, 93% of the offer, at a weighted average yield to maturity of 10.52% and a weighted average price of 114.21 against a cut-off of 111.81.

Bid cover was 2.8 times, with 1,356 bids received and 861 successful, and non-competitive demand reached 2.7 times its allocation.

Kadoo notes that demand was less than half that at the 25-year auction and that the 20-year bond cleared 32 basis points below the 25-year yield.

Exchange-Traded Funds

The review covers two exchange-traded funds, the iTrust East African Community Large Cap Exchange Traded Fund (DSE: IEACLC-ETF) and the Vertex Exchange Traded Fund (DSE: VERTEX-ETF), with ETF turnover of TZS 5.01 billion in October.

ETF market capitalisation stood at TZS 239.12 billion, and the month’s turnover total includes block trades as well as trades on the daily price tables.

IEACLC-ETF fell 4.1% from TZS 1,450 to TZS 1,390, with TZS 3.11 billion traded in the price tables across 1,191 deals.

VERTEX-ETF fell 3.1% from TZS 325 to TZS 315, with TZS 263 million traded in the price tables across 2,276 deals.

Kadoo notes that IEACLC-ETF took 92% of ETF value in the daily price tables while VERTEX-ETF had nearly twice as many deals.

In Kadoo’s reading that means larger tickets in IEACLC-ETF and retail-sized trades in VERTEX-ETF, and buyers of both funds were 99% local.

Monthly Counter Gainers

Kadoo’s counter gainers section profiles the three best performers of the month, TCCL, TCC, and TBL, each of which it says was supported by block buying.

Tanga Cement Plc

TCCL rose 10.4% from TZS 3,940 to TZS 4,350 between 1 and 30 October, with turnover of TZS 2.16 billion on 522,075 shares.

The share price fell to a month low of TZS 3,800 on 8 October and then climbed 16.1% to a high of TZS 4,410 on 27 October.

Kadoo says the blocks of 5 to 7 October were followed by a dip to TZS 3,800 and then a climb on very small volumes, as buyers lifted the price with little stock on offer.

Kadoo identifies three drivers behind the move: block accumulation, limited supply of stock on offer, and a rotation into industrial counters.

Blocks of 200,000 shares on 5 October and 240,000 shares on 7 October accounted for over TZS 2.0 billion of the TZS 2.16 billion turnover.

With about 2,000 shares trading a session after the blocks, limited supply let bids lift the price 16.1% from the 8 October low.

The Industrial and Allied index rose 4.9% while the banks index fell 8.4%, and industrial peers TCC and TBL also gained over the month.

Tanzania Cigarette Company Plc

TCC rose 6.7% from TZS 13,350 to TZS 14,250 between 1 and 30 October, with turnover of TZS 4.80 billion on 343,445 shares.

The price rose from a month low of TZS 13,120 on 5 October to a high of TZS 14,280 on 27 October, a gain of 8.8%.

Kadoo says TCC rose on normal-board buying before any block, climbing from TZS 13,120 to TZS 14,000 by 23 October on about 1,000 shares a session.

A block of 316,391 shares then crossed on 26 October at about TZS 14,000, which Kadoo says confirmed the new price level.

Kadoo’s three drivers for TCC are steady demand on the normal board, large block trades, and scarce supply of shares on offer.

TCC closed higher in 11 of 20 sessions and lower in only 3, and the price was already up 6.7% from the 5 October low before the block.

The 26 October block made up 92.1% of the counter’s volume and TZS 4.52 billion of its TZS 4.80 billion turnover.

Outside the block, about 1,040 shares traded a session, so modest bids were enough to move the TCC share price higher.

Tanzania Breweries Plc

TBL rose 4.8% from TZS 9,790 to TZS 10,260 between 1 and 30 October, with turnover of TZS 4.94 billion on 498,113 shares.

The price drifted to a month low of TZS 9,680 on 9 October and then climbed 6.4% to a high of TZS 10,300 on 23 October.

Kadoo says the block of 28 October crossed at about TZS 10,000, around 2% above the block of 7 October at about TZS 9,800, so buyers paid more for size.

Kadoo identifies two drivers behind the TBL rise, two large blocks and second-half momentum as industrial counters outperformed the banks.

A block of 200,000 shares on 7 October and one of 250,000 shares on 28 October accounted for 90.3% of the counter’s volume and TZS 4.56 billion of its TZS 4.94 billion turnover.

The weekly average close rose from TZS 9,748 in the week of 12 to 16 October to TZS 10,078 and then TZS 10,202 in the last two weeks of the month.

Gainers Comparison

Rebased to 100 on 1 October, TCCL finished the month at 110.4, TCC at 106.7, and TBL at 104.8, against 95.4 for the DSEI.

Kadoo notes that all three are industrial counters that each had block buying, and that the gains mirror the sector split of industrials up and banks down.

October Summary

Kadoo’s October summary highlights three points: a broad, bank-led decline, block trades and foreign exits, and industrials leading the gainers.

The DSEI and total market capitalisation each fell 4.9%, and the banks index fell 8.4%, led by a 10.8% fall in NMB.

Net foreign selling reached TZS 37.1 billion, concentrated in block trades in NMB during the final week of the month.

Industrial counters led the gainers, with TCCL up 10.4%, TCC up 6.7%, and TBL up 4.8%, each supported by block buying.

What to Expect from the Big Banks

Kadoo’s outlook draws on the Q3 2026 financial statements of the two largest banks, covering the nine months to 30 September and measured year on year.

CRDB Bank Group’s profit after tax grew 29.1% to TZS 672.1 billion, with net loans up 43.7% to TZS 18.44 trillion, total assets of TZS 27.45 trillion, and a non-performing loan ratio of 2.27%.

NMB Bank’s profit after tax grew 17% to TZS 634.6 billion, with loans up 27% to TZS 12.06 trillion, total assets of TZS 19.3 trillion, and a non-performing loan ratio of 2.5%.

Kadoo expects both banks to post record profits for 2026 on the nine-month pace, with run-rate estimates of about 30% profit growth for CRDB and over 20% for NMB for the full financial year.

In Kadoo’s view higher profits point to larger final dividends and both stocks could recover once block selling eases, though loan quality needs watching as lending grows fast.

Download the Report

The complete Dar es Salaam Stock Exchange Market Review for October 2026 by Kadoo Securities, including all charts and data tables, is available to download here.

Disclaimer

This report was prepared by Kadoo Securities Co. Limited for general information and research purposes only, and does not constitute investment, legal, tax or accounting advice or a solicitation to buy, sell or hold any security. Kadoo Securities Research obtained the information from sources it considers reliable but does not guarantee its accuracy, completeness or timeliness.

Kadoo Securities Co. Limited
Website: kadoosecurities.co.tz
General inquiries: info@kadoosecurities.co.tz
Telephone: +255 763 889 000, +255 765 152 031

Research Department

Erick Sindatuma, Analyst
Email: ericksindatuma@kadoosecurities.co.tz
WhatsApp: +255 769 904 379