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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 41 of 2025: Bond Turnover Surges +148.34%, Equity Turnover Rises +32.38%, TTP +60.98%, CRDB +12.28%

During week 41 of 2025, total bond turnover at the Dar es Salaam Stock Exchange (DSE) saw a substantial surge of +148.34% to TZS 409.14 billion, while equity turnover rose significantly by +32.38% to TZS 15.66 billion. The total market capitalisation rose slightly by +2.16% to TZS 21,757.85 billion. Four of the five DSE benchmarks advanced, with the Banks, Finance & Investment Index (BI) seeing the largest gain at +5.37%. Top-gaining stocks were TTP (+60.98%), CRDB (+12.28%), and MUCOBA (+11.76%), while the largest losses were recorded by TCCL (-13.56%), TCC (-5.75%), and MCB (-2.70%).
October 12, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 40 of 2025: Bond Turnover Surges +254.52%, Equity Turnover Falls -28.22%, TTP +20.59%, DSE +16.00%

During week 40 of 2025, total bond turnover at the Dar es Salaam Stock Exchange (DSE) saw a massive surge of +254.52% to TZS 164.75 billion, while equity turnover fell significantly by -28.22% to TZS 11.83 billion. The total market capitalisation slightly fell by -0.56% to TZS 21,297.59 billion. Only one of the five DSE benchmarks advanced, the Commercial Services Index (CS) at +0.38%. Top-gaining stocks were TTP (+20.59%), DSE (+16.00%), and MKCB (+3.65%), while the largest losses were recorded by MCB (-11.90%), TCCL (-8.88%), and SWIS (-7.27%).
October 5, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 39 of 2025: Equity Turnover Rises +9.28%, Bond Turnover Plunges -66.23%, AFRIPRISE +5.38%, DSE -14.97%

During week 39 of 2025, equity turnover at the Dar es Salaam Stock Exchange (DSE) reached TZS 16.48 billion, reflecting a week-on-week increase of +9.28%. Total bond turnover fell significantly by -66.23% to TZS 46.47 billion. The total market capitalisation slightly fell by -0.43% to TZS 21,418.13 billion. Only one of the five DSE benchmarks advanced, the Industrial & Allied Index (IA) at +0.64%. Top-gaining stocks were AFRIPRISE (+5.38%), DCB (+4.08%), and TTP (+3.03%), while the largest losses were recorded by DSE (-14.97%), SWIS (-14.95%), and MCB (-14.29%).
September 28, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 38 of 2025 Report: Equity Turnover Rises to TZS 15.08 Billion (+159.15%), Bond Turnover Rises +39.81%, TTP +6.45%, MKCB -15.32%

Week 38 of 2025 at the Dar es Salaam Stock Exchange (DSE) saw a massive increase in trading activity compared to Week 37. Equity turnover reached TZS 15.08 billion, marking a surge of approximately +159.15% from Week 37's TZS 5.82 billion. Share volume also increased substantially to 7.75 million shares. Furthermore, total bond turnover increased by +39.81% to TZS 137.58 billion. The total market capitalisation decreased slightly by -0.61%. Of the five DSE benchmarks, the Banks, Finance & Investment Index (BI) experienced the greatest fall at -2.13%. The top-gaining stock was TTP (+6.45%), while the largest loss was recorded by MKCB (-15.32%).
September 22, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 37 of 2025 Report: Equity Turnover Falls -8.11%, Bond Turnover Declines -60.69%, MCB +17.50%, MUCOBA -15.00%

Week 37 of 2025 at the Dar es Salaam Stock Exchange (DSE) was a full 5-day trading week, in contrast to Week 36, which was shortened to 4 days. Despite this longer trading period, equity turnover reached TZS 5.82 billion, marking an -8.11% decrease week-on-week. Share volume also fell, by -16.60% to 4.33 million shares. Furthermore, total bond turnover decreased significantly to TZS 98.41 billion, a decline of -60.69% from Week 36. Total market capitalisation decreased by -1.69% to TZS 21,643.70 billion. All five DSE benchmarks declined this week, with the Banks, Finance & Investment Index (BI) experiencing the greatest fall at -3.81%. The top-gaining stock was MCB (+17.50%), while the largest loss was recorded by MUCOBA (-15.00%).
September 15, 2025
DSE Dar es Salaam Stock Exchange & TanzaniaInvest Report
2 minute read

Dar es Salaam Stock Exchange Week 36 of 2025: Equity Turnover Falls -64.32%, Bond Turnover Soars +291.20%, MBP +7.83%, NICO -9.19%

Week 36 of 2025 at the Dar es Salaam Stock Exchange (DSE) was a 4-day trading week. Equity turnover reached TZS 6.34 billion, down -64.32% week-on-week. Total bond turnover rose to TZS 250.28 billion, an increase of +291.20%. Total market capitalisation fell -0.43% to TZS 22,014.81 billion. Only two of the five DSE benchmarks advanced, with the Commercial Services Index (CS) leading at +0.94%, followed by the Banks, Finance & Investment Index (BI) at +0.40%. Top-gaining stocks were MBP (+7.83%), DSE (+7.55%), and MCB (+5.26%), while the largest losses were recorded by NICO (-9.19%), MKCB (-8.58%), and TPCC (-6.73%).
September 6, 2025
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