DSE 2025 Market Performance Report: Capitalization Rises 34% to TZS 23,995.45 billion as Turnover Jumps 190%, Turnover Triples

Tanzania’s Dar es Salaam Stock Exchange (DSE) closed 2025 with a 34.3% increase in market capitalization from TZS 17,868.17 billion (approximately USD 7 billion) in 2024 to TZS 23,995.45 billion (approximately USD 9.42 billion), with the banking sector leading the growth.

This announcement was made on 9th January 2026 by the Chief Executive Officer of DSE, Peter Nalitolela, during a press conference held in Dar es Salaam.

Mr. Nalitolela attributed the growth to mobile trading, regulatory reforms, strong banking sector performance, rising retail participation, and rapid growth in debt and Islamic finance instruments.

Nalitolela commented: “This record clearly shows growing confidence among investors and confirms that capital markets are becoming an increasingly attractive destination for both local and international investment.”

He added that over 40% of new investors were aged between 21 and 30, driven largely by digital access through mobile trading.

According to the Dar es Salaam Stock Exchange 2025 Market Performance Report, Tanzania’s capital markets recorded strong growth across equities, fixed income, and investor participation during the year.

Macroeconomic Stability Supports Market Growth

Tanzania’s macroeconomic environment remained broadly stable throughout 2025, providing a solid foundation for capital market expansion.

The economy recorded an estimated GDP growth of 5.9%, with inflation contained at 3.5% by the fourth quarter.

Public debt remained manageable at 40.6% of GDP, while the central bank rate stood at 5.75%, supporting credit growth and investment activity.

Equity Market Capitalization Jumps 34%

By the end of 2025, total equity market capitalization reached TZS 23,995.45 billion, up from TZS 17,868.17 billion in 2024, where domestic companies accounted for TZS 15.56 trillion, reflecting a 27.1% annual increase.

The banking sector emerged as the dominant force behind the rally, with NMB Bank becoming the largest listed company by market capitalization at TZS 4.2 trillion, overtaking Tanzania Breweries Limited (TBL).

Overall, eight companies closed the year with market capitalization exceeding TZS 1 trillion, six of which are domestic firms.

Market Indices Delivered Robust Returns

• DSE All Share Index (DSEI): up 29.1% year-on-year;
• Tanzania Share Index (TSI): up 24.7%;
• Banks, Finance & Investment Index: surged 88.5%, driven by CRDB, NMB, regional
  banks, and DSE Plc itself.
  

Liquidity Soars After Trading Rule Reforms

One of the exchange’s developments in 2025 was the implementation of new DSE trading rules in June, including the adoption of Volume Weighted Average Price (VWAP) for closing prices and revised price variation caps.

As a result, equity turnover nearly tripled, rising 190.3% to TZS 663.75 billion, while total shares traded increased by 109.6% to 477.8 million shares.

Liquidity improved notably in previously illiquid counters such as TBL, TCC, and VODA, confirming the effectiveness of the reforms.

Retail Investors Drive Digital Trading Boom

Retail participation reached new highs, supported by the rapid adoption of the DSE’s mobile trading platform known as “Hisa Kiganjani.”

• 123,547 new CDS accounts were opened in 2025 (+316% YoY);
• Total CDS accounts reached 740,639;
• Mobile trading turnover jumped 656% to TZS 106.7 billion;
• Nearly 95,000 new mobile trading accounts were added, mostly among investors aged
  20–39.

Debt, Infrastructure Bonds and Sukuk Gain Momentum

The fixed income market also recorded strong growth. Government securities trading rose 86% to TZS 5.85 trillion, while corporate and sub-national bond turnover increased 174%.

A major highlight was the rapid expansion of Islamic finance instruments, with Sukuk capitalisation growing by over 2,500%, driven by new issuances from Zanzibar Sukuk and CRDB Al Barakah Sukuk.

Additionally, CRDB listed Tanzania’s first-ever infrastructure bond, financing road development through TARURA.

First ETF Launched on the DSE

2025 also marked a milestone with the launch of Tanzania’s first Exchange Traded Fund (ETF) by Vertex International Securities.

The ETF raised TZS 6.8 billion, exceeding its target by 36%, and closed the year with a market capitalization of TZS 21.3 billion, signaling ga rowing appetite for diversified investment products.