By Costantine Muganyizi
The Dar es Salaam Stock Exchange (DSE) has broken through the TSh 40 trillion market-capitalisation barrier, with total market value reaching a record TSh40.3 trillion on September 10, 2026.9.11
Equity market experts say the historic milestone marks a significant expansion in the scale and importance of Tanzania’s capital markets, signalling deeper investor confidence and a growing capacity of the DSE to mobilise substantial long-term capital for listed companies and the wider economy.
One of the experts said the milestone signals a new era for Tanzania’s capital markets as the country begins implementing Dira 2050, placing a deeper and more dynamic equity market at the centre of long-term economic transformation.
New domestic market cap
Domestic market capitalisation also reached a record TSh 28.1 trillion, reinforcing the growing value of companies listed on the bourse and the increasing capacity of the DSE to mobilise investment capital.
The latest milestone came less than two weeks after the exchange broke the TSh 38.7 trillion barrier, with total market capitalisation reaching TSh 38.74 trillion on August 28. The market has since added about TSh 1.56 trillion, equivalent to roughly 4.0 per cent, to reach the new record.
The longer-term expansion is even more striking. Total DSE market capitalisation rose from TSh 21.73 trillion on September 10, 2025 to TSh 40.3 trillion on September 10, 2026, representing an increase of about 85.5 per cent in one year.
The latest surge has been driven significantly by the strong performance of major listed counters, particularly NMB Bank, whose market capitalisation has moved into a new valuation category.
NMB has become the first company listed on the DSE to cross the TSh 10 trillion valuation mark after its share price reached TSh2,130 on August 28, giving it a market capitalisation of TSh10.65 trillion.
By September 10, NMB shares had risen further to TSh2,190, pushing the bank’s market capitalisation to about TSh 10.95 trillion.
Nalitolela: NMB rally lifts DSE
DSE Chief Executive Officer Peter Nalitolela said the performance of the exchange and NMB Bank reflected growing investor confidence in listed Tanzanian companies and the increasing attractiveness of the domestic market.
He said NMB’s strong performance following its 1-for-10 share split had been a major contributor to the exchange’s historic increase in market capitalisation.
NMB’s market capitalisation rose from about TSh8.85 trillion to TSh10.65 trillion within one week following the share split, making a significant contribution to the rise in the overall value of the exchange.
“NMB had consequently become the second-highest-valued listed company in the East African Community after Safaricom and the first bank in the EAC to reach a valuation of about US$3.84 billion,” Mr Nalitolela said.
NMB’s subsequent rise to almost TSh11 trillion has further strengthened its contribution to the overall valuation of the exchange.
Kamugisha: milestone could encourage listings
Capital markets expert and Alpha Capital Chief Executive Gerase Kamugisha said the NMB and DSE milestones reflected growing investor confidence in the bank and Tanzania’s investment environment.
He said NMB’s achievement validated strategic decisions taken by the lender, including the share split, while demonstrating the credibility the bank had built among local and international investors.
For the wider market, Mr Kamugisha said the development could encourage more large Tanzanian companies to consider listing, particularly as the DSE seeks to deepen the market and increase the number and diversity of companies available to investors.
The emergence of a TSh10 trillion-plus listed company also changes the scale of the DSE by providing investors with a larger and potentially more liquid counter while strengthening the exchange’s attractiveness to institutional investors.
From TSh 21.7trn to TSh 40.3trn
The speed of the DSE’s expansion is illustrated by the succession of market-capitalisation records established over the past year.On September 10, 2025, total market capitalisation stood at TSh 21.73 trillion.
By August 28, 2026, it had reached TSh 38.74 trillion, breaking the TSh 38.7 trillion barrier. On September 10, 2026, it moved beyond the TSh 40 trillion threshold to reach TSh 40.3 trillion.
That represents an increase of about TSh 18.57 trillion in one year, or approximately 85.5 per cent.
Domestic market capitalisation has also expanded significantly, reaching TSh 28.1 trillion, underlining the increasing value of locally listed companies.
The progression from TSh 38.74 trillion to TSh 40.3 trillion in less than two weeks is particularly significant because it demonstrates the strength of the market’s current momentum.
NMB changes the scale
The experts said the NMB’s breakthrough is significant beyond the bank itself.
By entering the TSh 10 trillion-plus valuation category, NMB has demonstrated that a Tanzanian-listed company can attain a market value comparable with some of the largest corporations in the region.
The share split reduced the nominal price of NMB shares, potentially widening access to investors without changing the underlying value of shareholders’ holdings. Combined with strong corporate performance and investor demand, the move has helped make NMB one of the DSE’s most closely followed counters.
A stronger capital market
For the DSE, however, the TShb40.3 trillion milestone goes beyond NMB.
A larger and more valuable listed-company universe gives investors greater opportunities to deploy capital locally while providing Tanzanian businesses with an avenue for raising long-term financing.
This is increasingly important as Tanzania seeks to expand private-sector participation in economic development.
Under Dira 2050, implementation began on July 1, 2026, with Tanzania targeting a US$1 trillion economy, while the private sector is expected to provide about 70 per cent of financing for the transformation.
A deeper capital market can support that ambition by providing businesses with alternatives to conventional bank financing and enabling investors to participate directly in corporate growth. The DSE’s expansion therefore comes at an important time for Tanzania’s efforts to mobilise long-term private capital.
