By Costantine Muganyizi
Tanzania’s equities market continued its strong 2026 performance this week, with the Dar es Salaam Stock Exchange (DSE) All Share Index gaining 1.74 percent and total market capitalisation rising to almost TSh41 trillion by September 25.
The latest increase came despite a sharp slowdown in trading activity. Equity turnover fell 48.2 percent week-on-week to TSh27.47 billion, while 12.78 million shares changed hands through 17,855 deals.
The divergence between rising market value and lower turnover suggests that this week’s gains were driven mainly by price appreciation in selected counters rather than increased trading activity across the market.
The DSE’s market capitalisation crossed the TSh40 trillion mark in September, reaching about TSh40.3 trillion on September 10 before rising to TSh40.8 trillion by September 25.
This represents an increase of roughly TSh500 billion, or 1.3 percent, in two weeks, adding to the exchange’s strong performance in 2026. The domestic segment accounted for about TSh28.1 trillion on September 10, highlighting the growing weight of locally listed companies and domestic investment in the market.
The NMB factor
NMB Bank has been one of the key contributors to this expansion. Its market capitalisation rose from TSh1.2 trillion in 2020 to TSh7.4 trillion by June 2026, while its share price increased from TSh2,000 in 2021 to TSh15,170 by June 10, 2026.
ISpeaking at this year’s annual general meeting on June 10, Manging Director anf CEO Ruth Zaipuna said: “NMB’s market capitalisation rose from TSh1.2 trillion in 2020 to TSh7.4 trillion in 2026, while its share price increased from TSh2,000 in 2021 to TSh15,170 as of June 10, 2026.”
Following the bank’s 10-for-1 share split, NMB’s market capitalisation reached about TSh10.65 trillion by late August and remained at that level on September 25. At that valuation, NMB accounted for roughly a quarter of the DSE’s TSh40.8 trillion market capitalisation, underscoring the bank’s growing weight in Tanzania’s equities market.
Stock market analysts said its growth illustrates how the rising value of major listed companies is helping to lift the overall size of Tanzania’s equities market. The lender’s growing market weight also means movements in the bank’s share price can have a meaningful effect on overall DSE market capitalisation.
Domestic capital gains ground
The expansion of domestic market value points to the growing role of Tanzanian investors, institutions and other local pools of capital in the exchange.
Foreign investors, meanwhile, remain important for liquidity, price discovery and international visibility. A combination of deeper domestic participation and sustained foreign investment can broaden the pool of capital available to listed companies.
For the DSE, the next challenge is therefore not simply to increase market capitalisation, but to translate the growth in value into a deeper and more liquid market. The challenge is also one of market breadth.
The bourse currently has 28 listed companies – 22 domestic and six cross-listed – meaning that the TSh40.8 trillion market valuation is concentrated among a relatively small number of counters.
The performance of large companies such as NMB can therefore have a significant influence on the exchange’s overall market value, underscoring the importance of attracting more quality listings and broadening investment opportunities.
Stronger prices, weaker turnover
This week’s market movements underline that challenge. The Commercial Services Index gained 4.6 percent, leading the sectoral indices.
Among individual counters, MUCOBA was the strongest gainer, rising 11.11 percent, followed by AFRIPRISE, up 5.41 percent, and VODA, which gained 4.92 percent. On the losing side, DCB fell 5.62 percent, MCB declined 3.85 percent, while NMG dropped 3.33 percent. The DSE therefore enters the final stretch of 2026 with market capitalisation firmly above the TSh40 trillion threshold, even as weekly liquidity remains uneven.
