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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

DSE Weekly Report Week 20, 2025: Turnover Up +10.98%, NMG Leads Gains with +18.18%

Week 20 at the Dar es Salaam Stock Exchange (DSE) saw increased activity: overall equity turnover rose by +10.98%, while key indexes showed positive performance with the DSEI up by 2.74% as of 16th May 2025. NMG was the top-performing stock, surging by +18.18%. Notably, bond turnover also increased significantly, rising by +592.52%.
May 19, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

DSE Weekly Report Week 19, 2025: Turnover Down -0.54%, TPCC Leads Gains with +22.22%

The trading week ending Friday, 9th May 2025, at the Dar es Salaam Stock Exchange (DSE) saw a total equity turnover of TZS 3,955.69 million from 3,180,356 shares traded, a decrease of -0.54% compared to the previous week. The bond market recorded a turnover of TZS 20.58 billion, a -65.12% decrease from the previous week. The DSE All Share Index (DSEI) saw a 0.74% increase (as of 7th May 2025), while TPCC was the top-performing stock, rising by 22.22%.
May 11, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

DSE Weekly Report Week 18, 2025: Turnover Up 11.38%, TPCC Leads Gains with 10.84%

The four-day trading week ending Friday, 2nd May 2025, at the Dar es Salaam Stock Exchange (DSE) saw a total equity turnover of TZS 3,977.04 million from 5,010,895 shares traded, an increase of 11.38% compared to the previous week. The bond market recorded a substantial turnover of TZS 59.01 billion, a 399.66% increase from the previous week. The DSE All Share Index (DSEI) led the gains with a 1.27% increase, while TPCC was the top-performing stock, rising by 10.84%.  
May 3, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

DSE Weekly Report: Week 17, 2025: Turnover Down -49.03%, AFRIPRISE Leads Gains with 4.26%

The four-day trading week ending Friday, 25th April 2025, at the Dar es Salaam Stock Exchange (DSE) saw a total turnover of TZS 3,570.64 million from 4,456,445 shares traded, a decrease of -49.03% compared to the previous week. AFRIPRISE led the gainers with a 4.26% increase, while MKCB was the biggest loser, falling by -5.17%.
April 26, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 16, 2025: Turnover Climbs 45.53%, MKCB Top Gainer with 7.41% Increase

The Dar es Salaam Stock Exchange (DSE) recorded a strong rebound in Week 16 of 2025, with turnover rising 45.53% to TZS 7.00 billion on a four-day trading week affected by Good Friday. Trading volume surged to over 18.7 million shares, but only three stocks—MKCB, MBP, and NICO—posted gains, reflecting cautious investor sentiment. The bond market remained active, with turnover increasing 33.86% to TZS 186.28 billion, driven by government and corporate bond trading. Market capitalization dipped slightly by 0.83%, indicating mixed confidence amid ongoing market fluctuations.
April 21, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 15, 2025: Turnover Drops 63.25%, AFRIPRISE Gains 4.35%

The four-day trading week ending 11th April 2025 at the Dar es Salaam Stock Exchange (DSE) saw turnover drop by 63.25% to TZS 4,813.16 million from 2,373,651 shares traded. Only two stocks gained value, with AFRIPRISE leading at 4.35%, while many stocks, including MKCB and JHL, lost value. Bond market turnover surged by 186.87% to TZS 139.15 billion.
April 13, 2025