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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 27 2025: Equity Turnover Up +94.48%, NMG Gains +16.67%, MCB Down −4.17%

Week 27 of 2025 saw equity turnover on the Dar es Salaam Stock Exchange jump 94.48% week-on-week to TZS 27.13 bn on 17.70 m shares, driven by 13.68 m CRDB shares and a 1.81 m TBL block, while bond turnover rose 45.25% to TZS 310.77 bn and total market capitalisation gained 3.09% to TZS 20,082.90 bn. The Banks, Finance & Investment Index led with a 4.60% advance, the Industrial & Allied Index lagged at −0.98%, NMG rallied 16.67% and MCB fell −4.17%.
July 5, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 26 2025: Equity Turnover Down −55% TCCL Gains 15.43% PAL Down −13.89%

Week 26 of 2025 saw equity turnover on the Dar es Salaam Stock Exchange fall -55.39% week-on-week to TZS 13.95 bn on 14.90 m shares, driven by 13.32 m CRDB shares, while bond turnover rose 44.31% to TZS 213.96 bn and total market capitalisation increased 0.80% to TZS 19,481.40 bn. The Banks, Finance & Investment Index led with a 1.21% gain while the Industrial & Allied Index slipped −0.46%; the All-Share Index added 0.80% and the Commercial Services Index rose 1.10%. TCCL advanced 15.43% and PAL declined −13.89%.
June 28, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 25 2025: Equity Turnover Up +141%, JHL Gains 8.06%, MCB Down −10.71%

Week 25 of 2025 saw equity turnover on the Dar es Salaam Stock Exchange surge 141.46 % week-on-week to TZS 31.27 bn on 38.75 m shares, driven by 34.97 m CRDB shares, while bond turnover fell -41 % to TZS 148.26 bn and total market capitalisation inched up 0.5 % to TZS 19,327.41 bn. The All-Share and Banks, Finance & Investment indices gained 0.50 % and 0.40 % respectively, the Commercial Services index dropped 5.31 %, JHL advanced 8.06 %, and MCB declined -10.71 %.
June 24, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 24 2025: Equity Turnover Up +63%, MKCB Gains 7.45%, VODA Down −20%

Week 24 of 2025 saw DSE equity turnover surge 63% week-on-week to TZS 12.95 bn on 10.52 m shares, driven mainly by 8.57 m CRDB shares, while bond turnover reached TZS 252.57 bn and total market capitalisation slipped −1.9% to TZS 19,231.68 bn. The Banks, Finance & Investment Index was the only riser at +0.38%, whereas the Commercial Services Index plunged −18.50%. Among individual counters, MKCB led gainers at +7.45% while VODA slumped −20%.
June 14, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 23 2025: Turnover Up +193.10%, MKCB Up +18.99%

During Week 23 of 2025, equity turnover at the Dar es Salaam Stock Exchange jumped 193.10 % to TZS 7.924 bn and share volume rose 81.75 % to 5.484 m shares, with MKCB up 18.99 %, the Banks, Finance & Investment Index gaining 2.07 %, and the Commercial Services Index falling -13.87 %. Bond turnover surged 91.19 % to TZS 240.00 bn, powered by heavy trading in long-dated government issues, while corporate bonds added TZS 0.404 bn.
June 8, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 22 2025: Turnover Down -92.80%, KA Up +18.75%

During Week 22, the Dar es Salaam Stock Exchange (DSE) recorded a total equity turnover of TZS 2,703.55 million, down -92.80% from Week 21’s TZS 37,549.45 million. The DSEI index fell by -0.03%, while the Banks Index (BI) was the best performer, rising by +2.92%. KA led the gainers, increasing by +18.75%.
June 1, 2025