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 Dar es Salaam Stock Exchange (DSE) recorded a 24.87% increase in turnover during Week 7 of 2025, reaching TZS 8,661.39 million from 14,271,140 shares traded. Market indexes saw mixed movements, with the All Share Index (DSEI) declining, while NMG led stock gains with a +6.74% increase.
The Dar es Salaam Stock Exchange (DSE) recorded a -16.11% drop in turnover during Week 6 of 2025, reaching TZS 5,800.99 million from 6,668,263 shares traded. Market indexes saw positive movements, with the All Share Index (DSEI) rising by +2.39%, while KCB led stock gains with a +9.76% increase.
The Dar es Salaam Stock Exchange (DSE) recorded a total turnover of TZS 6,918.55 million in Week 5, 2025, marking a 13% drop from the previous week. The All Share Index (DSEI) fell by -0.75%, while the Tanzania Share Index (TSI) increased by 1.43%. The Banks, Finance & Investment Index (BI) led sectoral gains, rising by 3.72%, driven by strong performances from NMB (+4.46%) and CRDB (+2.99%), while KCB posted the largest decline at -6.82%.
The Tanzanian government has established the Capital Markets Tribunal to resolve disputes in the securities market, protect investors, and enhance financial market integrity.
The Dar es Salaam Stock Exchange (DSE) recorded a turnover of TZS 7,953.60 million in Week 4 of 2025, a +263.33% increase from the previous week. The All Share Index rose by +2.90%, with KCB leading gains.
Azania Bank’s "Bondi Yangu" bond raised TZS 63.3 billion, surpassing the TZS 30 billion target. Now listed on the DSE, the bond aims to fund strategic projects, including affordable loans for women, youth, and people with disabilities.
The Dar es Salaam Stock Exchange (DSE) wrapped up the third week of 2025 with a turnover of TZS 3.92 billion, driven by 4.92 million shares traded across 590 deals. Key stocks like TPCC and JHL led the gains, while DCB saw the largest decline, reflecting a mixed week for the market.
The Dar es Salaam Stock Exchange (DSE) recorded a 22.23% growth in 2024, led by the banking and financial sectors. This positions the DSE among Africa's top-performing stock markets, with notable performances from CRDB Bank (+45.65%) and DSE Plc (+31.11%). Despite mixed sectoral results, the market saw a total capitalization increase of 22.29%.
The Dar es Salaam Stock Exchange (DSE) recorded a turnover of TZS 8,190.81 million from 8.82 million shares traded during Week 2, 2025. The All Share Index (DSEI) gained 0.82%, while the Tanzania Share Index (TSI) dropped by 0.24%. EABL led stock gains with a 4.31% increase, while SWIS posted the largest loss, declining by 9.09%. Bond market activity fell sharply, with turnover decreasing by 81.40% compared to the previous week.
The Dar es Salaam Stock Exchange (DSE) recorded a turnover of TZS 3.55 billion during the first week of 2025, spanning four trading days. The All Share Index gained 2.04%, while TPCC led stock gains with an 18.42% increase. Bond market activity also saw a slight rise in turnover and deals compared to the previous week.
January 4, 2025
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