Tanzania Capital Markets Value Jumps 46% to TZS 75.5 Trillion in Q2 2026

Tanzania’s capital markets grew 46.09% year-on-year to TZS 75,496.86 billion in the quarter ended 30 June 2026, up from TZS 51,679.11 billion a year earlier, according to the Capital Markets and Securities Authority (CMSA).

The regulator released the figures in its Capital Markets Quarterly Report for the period ended 30 June 2026, published in August 2026, covering the fourth quarter of the 2025/26 financial year.

Total market capitalization on the Dar es Salaam Stock Exchange (DSE) rose 79.11% to TZS 35,175.40 billion, compared with TZS 19,638.79 billion recorded at the end of June 2025.

Domestic market capitalization, which strips out cross-listed foreign counters, climbed 84.85% to TZS 23,744.32 billion from TZS 12,845.46 billion, indicating the gains were driven mainly by locally listed firms.

The DSE All Share Index (DSEI) advanced 72.0% to close at 4,048.80 points, while the Tanzania Share Index (TSI), which tracks only domestic counters, gained 80.19% to reach 8,777.10 points over the same twelve months.

Banking counters led the rally, with the Banks, Finance and Investment Index (BI) surging 174.05% to 19,676.07 points, whereas the Industrial and Allied Index (IA) slipped 3.51% to 4,957.64 points.

Equity market turnover jumped 227.3% to TZS 496.8 billion from TZS 151.8 billion a year earlier, and the number of deals rose 317.40% to 528,031 from 126,506, signalling far broader retail participation.

The volume of shares traded, however, fell by 59.2% to 104.8 million from 256.9 million, meaning the turnover surge reflects higher prices and small-ticket deals rather than larger blocks changing hands.

NMB Bank Plc (DSE: NMB) accounted for 54.99% of total equity turnover and CRDB Bank Plc (DSE: CRDB) for 35.38%, leaving the two lenders responsible for more than nine-tenths of all trading activity in the quarter.

Foreign investors were net sellers during the period, contributing 13.8% of turnover on the buy side against just 0.8% on the sell side, pointing to net portfolio outflows even as local demand pushed prices higher.

The primary market was unusually active, with CMSA approving four of six issuance applications received, double its planned two approvals for the quarter.

The first tranche of iTrust Finance Limited’s TZS 100 billion Medium-Term Note, the iTrust Bond, raised TZS 114.12 billion against a target of TZS 15 billion, a subscription rate of 760.8% that alone exceeded the entire programme size, and listed on the DSE on 8 July 2026.

The first NYUMBA Bond tranche from Tanzania Mortgage Refinance Company Limited (TMRC) raised TZS 30.24 billion against a TZS 20 billion target, a 151.18% success rate, and listed on the DSE on 6 July 2026 to expand mortgage refinancing capacity.

A Shariah-compliant Sukuk from iTrust Finance raised TZS 14.86 billion against a TZS 5 billion plan, a subscription level of 297.2%, while CORE Securities Limited launched the Foresight Private Retirement Fund comprising three age-tiered sub-funds.

In the secondary bond market, Treasury bond turnover rose 2.5% to TZS 1,755.25 billion, while corporate bond turnover more than doubled, up 100.7% to TZS 6,052.04 million from TZS 3,090.83 million a year earlier.

The Exchange Traded Fund (ETF) segment recorded the sharpest expansion, with market capitalization rising 1,678.9% to TZS 187.5 billion from TZS 10.54 billion at the end of December 2025, spread across the iTrust EAC Large Cap ETF and the Vertex ETF.

Collective Investment Schemes grew their combined Net Asset Value 74.82% to TZS 6,021.17 billion from TZS 3,444.16 billion, with schemes managed by UTT AMIS accounting for 86.2% of the total and iTrust Finance for a further 8.0%.

On the commodities side, the Tanzania Mercantile Exchange (TMX) facilitated trades worth TZS 396.2 billion, down slightly from TZS 406.2 billion a year earlier, as volume fell 8.9% to 141.4 million kilograms despite the number of traded products expanding from three to ten.

Sesame remained the dominant commodity at TZS 323.6 billion of value, joined during the quarter by newly listed products including cocoa, robusta and arabica coffee, tea and gemstones.

CMSA approved ten new intermediary licenses against a plan of five and fifteen license renewals across the securities industry, and ran a six-week certification programme with the Chartered Institute for Securities and Investment (CISI).