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DSE CORE SecuritiesTanzania’s Capital Market Executive Summary

There are 27 companies listed on the Dar es Salaam Stock Exchange (DSE) with a total market capitalization of TZS 15,300.82 billion as of 26th July 2023.

The outstanding Treasury bonds reached TZS 17,088 billion as of 31st December 2022, while the outstanding Corporate bonds reached TZS 155 billion.

Tanzania Capital Markets History

Tanzania’s Stock Exchange, the Dar es Salaam Stock Exchange (DSE), was established in 1996 as part of the government’s broader economic reforms aimed at stimulating a dynamic private sector to be the primary engine for economic growth in Tanzania.

The DSE started business on April 15th, 1998 to support the Tanzanian Government to privatize parastatal entities in order to boost economic growth, reduce the number of non-performing parastatal enterprises and eliminate budgetary support to them.

Tanzania Oxygen Limited (DSE:TOL) was the first state-owned company selected for privatization through the DSE.

After TOL’s initial public offering (IPO) at DSE on April 15th, 1998 Tanzania Breweries Limited (DSE:TBL) followed on September 28th of the same year.

Tanzania Cigarette Company (DSE:TCC), Swissport (DSE:SWIS), Tanzania Portland Cement Company (DSE:TPCC), Tanga Cement Company Limited (DSE:TCCL) and National Microfinance Bank (NMB) completed the list of 7 companies out of 330 shortlisted to be privatized.

Following these first state-driven listings, other private companies decided to list in DSE as a part of their corporate growth strategy to raise capital.

TATEPA, CRDB Bank, Precision Air, Maendeleo Bank, Swala Gas & Oil, MKOMBOZI Commercial Bank, and DCB Commercial Bank listed respectively on December 17th, 1999, June 17th, 2009, December 21st, 2011, November 4th, 2013, August 11th, 2014, December 29th, 2014, and September 16th, 2008.

DSE also counts with six cross listed companies: Kenya Airways (DSE:KA), East African Breweries (DSE:EABL), Jubilee Holdings (JHL), Kenya Commercial Bank (DSE:KCB), National Media Group (DSE:NMG), and Uchumi Supermarket (DSE:USL) from Kenya.

These companies decided to cross list mainly to earn a higher visibility and name recognition in the Sub-Saharan region and to access potential investors in different markets for future plans to raise capital, as it was declared by the companies’ CEOs at the listing moment.

The DSE has also managed to diversify financial instruments on the market with equities, derivatives, government and corporate bonds and Real Estate Investment Trusts (REITs) with the Watumishi Housing Company (WHC-REIT) which was the first REIT in East Africa.

The DSE launched its own IPO of 15m ordinary shares at TZS 500 per share on 16th May 2016. As of 9th September 2020, the DSE trades at TZS 890, an increase of 78%.

Tanzania Capital Markets Regulation

The Capital Markets and Securities Authority (CMSA) is a government agency established to promote and regulate securities business in Tanzania that has been established under the Capital Markets and Securities Act, 1994.

The Act sought to establish the legal framework for the regulation of the securities industry that is supplemented by regulations promulgated by the Tanzanian Ministry of Finance.

Tanzania Capital Market Players

The Tanzanian capital market is composed of 27 listed equity, 16 licensed brokers, and 6 custodian banks.

Last Updated: 31st July 2023

DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 35 of 2025: Equity Turnover Soars +89.45%, NICO +40.15%, DSE +21.14%, MKCB -5.96%

Week 35 of 2025 at the DSE recorded equity turnover of TZS 17.77 billion, up +89.45% week-on-week. Total bond turnover fell to TZS 63.98 billion (-75.15%). Total market capitalisation increased +0.50%. Four of five indices advanced, led by the Commercial Services Index (+1.35%); top gaining stocks included NICO (+40.15%), DSE (+21.14%), and TTP (+14.81%), while the greatest losses were recorded by MKCB (-5.96%), SWIS (-4.74%), and AFRIPRISE (-4.72%).
August 30, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 34 of 2025: Equity Turnover Down -74.58%, DCB +39.02%, NICO -32.65%

Week 34 of 2025 at the DSE recorded equity turnover of TZS 9.38 billion (-74.58% WoW) on 7.83 million shares traded (-63.75%) as bond turnover rose to TZS 257.51 billion (+28.50%). Total market capitalisation declined -2.73%. All five indices closed lower, led by the Banks, Finance & Investment Index (-7.93%); top-gaining stocks included DCB (+39.02%) and MKCB (+28.38%), while NICO fell -32.65%.
August 25, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 33 of 2025: Equity Turnover Up +48.71%, MKCB +37.04%, TBL −9.29%

Week 33 of 2025 at the DSE recorded equity turnover of TZS 36.90 billion (+48.71% WoW) on 20.45 million shares traded as bond turnover rose to TZS 200.39 billion (+157.23%) and total market capitalisation increased 4.02%. The Banks, Finance & Investment Index led with +12.78%, while Industrial & Allied slipped −5.17%; top gainers included MKCB (+37.04%) and DCB (+32.26%), while TBL fell −9.29%.
August 16, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 32 of 2025: Equity Turnover Down −17.31%, MBP Up 28.57%, PAL Down −13.46%

Week 32 of 2025 was a four-day trading week at the DSE ending Thursday 7 August, with Friday closed for Nane Nane Day. Equity turnover fell by 17.31%, bond turnover rose by 401.93%, and total market capitalisation increased by 2.82%. The Banks, Finance & Investment Index gained 8.78% while the Industrial & Allied Index fell by -2.10%. TCCL led volumes with 8.45 million shares, followed by CRDB with 5.10 million shares, while top price gainers included MBP (+28.57%) and NICO (+27.44%), and top losers included PAL (−13.46%) and TBL (−5.70%).
August 9, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 30 of 2025: Equity Turnover Down -16.96%, DSE Gains 15.00%, PAL Down -14.75%

Week 30 of 2025 saw equity turnover on the Dar es Salaam Stock Exchange drop -16.96% week-on-week to TZS 20.63 bn on 16.67 m shares, driven by 13.09 m CRDB shares, while bond turnover jumped +77.03% to TZS 106.73 bn and total market capitalisation edged down -0.29% to TZS 20,733.93 bn. The Banks, Finance & Investment Index rose +0.26% as the Industrial & Allied Index fell -1.64%; DSE gained +15.00% and PAL fell -14.75%.
July 27, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 29 2025: Equity Turnover Up +33.84%, NICO Gains 19.51%, TPCC Down -11.97%

Week 29 of 2025 saw equity turnover on the Dar es Salaam Stock Exchange rise 33.84% week-on-week to TZS 24.84 bn on 9.32 m shares, driven by 5.43 m CRDB, 2.16 m TBL and 0.74 m KCB shares, while bond turnover edged up 3.24% to TZS 60.29 bn and total market capitalisation slipped 0.43% to TZS 20,794.18 bn. The Commercial Services Index advanced 3.53% and the Banks, Finance & Investment Index gained 2.08%, whereas the Industrial & Allied Index declined 3.78%; NICO rallied 19.51% and TPCC dropped -11.97%.
July 19, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 28 2025: Equity Turnover Down -31.58%, NICO Gains 23.62%, AFRIPRISE Down -2.86%

Week 28 of 2025, a four-day trading week due to the Saba Saba public holiday on Monday 7 July, saw equity turnover on the Dar es Salaam Stock Exchange fall 31.58% week-on-week to TZS 18.56 bn on 15.13 m shares, led by 12.96 m CRDB shares, while bond turnover dropped 81.21% to TZS 58.40 bn and total market capitalisation increased 3.99% to TZS 20,883.96 bn. The Banks, Finance & Investment Index advanced 8.27%, the Industrial & Allied Index lagged at 0.65%; NICO gained 23.62% and AFRIPRISE declined -2.86%.
July 12, 2025