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.
The Bank of Tanzania introduces a market-aligned system for Treasury bond coupon rates starting January 2025. The new approach replaces the static fixed-rate system, ensuring rates reflect prevailing market conditions. The changes aim to enhance liquidity, improve price discovery, and foster efficiency in Tanzania’s financial markets.
The Dar es Salaam Stock Exchange (DSE) recorded a turnover of TZS 10.04 billion in Week 52, 2024, a 19.28% decline compared to the previous week. The Banks, Finance & Investment Index gained 0.58%, while the All Share Index dropped by 0.67%. DSE and JHL led stock price gains, while NMG and TPCC posted the largest losses.
The Dar es Salaam Stock Exchange (DSE) recorded a turnover of TZS 12.44 billion in Week 51, 2024, a significant increase of 221.03% compared to TZS 3.87 billion in Week 50. Trading volume also rose sharply by 92.78%, reaching 3.46 million shares. High-value trades in 15-year and 25-year bonds continued to dominate the bond market, with turnover increasing by 72.09% from the previous week. The All Share Index (DSEI) rose by 0.91%, driven by gains in cross-listed stocks, while all other indexes posted declines. NMG emerged as the top gainer with a 19.05% increase, while TPCC led losses, declining by 9.44%.
The Dar es Salaam Stock Exchange (DSE) recorded a turnover of TZS 3.87 billion in Week 50, 2024, across 1.79 million shares traded during a four-day week. High-value trades in 15-year and 25-year bonds dominated the bond market, while the All Share Index (DSEI) dropped by 2.24%, driven by declines in cross-listed stocks. TOL emerged as the top gainer, while NMG led losses.
The Dar es Salaam Stock Exchange (DSE) recorded a total turnover of TZS 19.07 billion in Week 49 of 2024, driven by significant block trades in CRDB and TBL. The All Share Index (DSEI) declined by -0.79%, while the Tanzania Share Index (TSI) gained +0.12%. NMG led weekly gains with a +2.08% increase, while DCB posted the largest loss at -12.90%.
The Dar es Salaam Stock Exchange (DSE) recorded a significant turnover of TZS 7,231.38 million in Week 48 of 2024, despite a shorter trading week. AFRIPRISE led gains with a +2.17% increase, while NMG saw the largest decline at -4.00%. Market capitalization and indexes posted slight declines, reflecting mixed market sentiment.
Tanzania is preparing to list STAMIGOLD on the Dar es Salaam Stock Exchange (DSE), allowing citizens to invest in the mining sector. This follows the sector’s growth, contributing US$ 3.1 billion in exports and TZS 2.1 trillion in tax revenue.
The Dar es Salaam Stock Exchange (DSE) recorded increased turnover of TZS 2,198.14 million from 1,975,819 shares traded during Week 47 of 2024. However, market indexes declined, with the All Share Index (DSEI) falling by -0.65%. CRDB led trading activity, while NMG posted the largest loss of the week at -12.28%.
The Dar es Salaam Stock Exchange (DSE) experienced mixed activity in Week 46 of 2024, with a total turnover of TZS 1,408.31 million from 1,170,765 shares traded. The All Share Index (DSEI) saw the largest decline at -0.87%, while MKCB led stock gains with a +3.70% increase. Bond market activity surged, recording a +157.91% increase in turnover, highlighting renewed investor interest in government securities.
November 16, 2024
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