The Dar es Salaam Stock Exchange (DSE) Market Review for October 2026, prepared by Kadoo Securities, reveals that the All Share Index (DSEI) closed at 4,424, down 4.9% from 4,654.42 at the end of September 2026. The decline was attributed to block trades in NMB Bank Plc and foreign selling, which weighed on bank share prices across the market. The DSEI fell in 16 of the 21 trading sessions, with half of its 230-point loss occurring in the final week of the month.
Equity turnover on the DSE reached TZS 96.93 billion across 75,315 deals and 42.43 million shares in October, averaging TZS 4.62 billion per session. The top two counters, NMB Bank Plc and CRDB Bank Plc, dominated trading, accounting for 77% of equity turnover. NMB's share price fell 10.8% to TZS 1,820, while CRDB's share price declined 4.4% to TZS 2,840. The Banks, Finance and Investment (BI) index fell 8.4% to 21,428.71, and the Commercial Services (CS) index dropped 3.1% to 3,476.20.
The Industrial and Allied (IA) index was the only sector index to rise in October, gaining 4.9% to 5,329.55. Four counters in the Industrial and Allied segment closed higher, including Tanga Cement Plc (TCCL), which rose 10.4%, and Tanzania Cigarette Company Plc (TCC), which gained 6.7%. TCCL and TCC were supported by block buying, according to Kadoo Securities. In contrast, six counters recorded significant losses, led by TOL Gases Limited, which fell 16.5%.
Foreign investors accounted for 7.2% of buy value and 45.5% of sell value in October, resulting in net foreign selling of TZS 37.1 billion. Local investors absorbed 93% of all purchases on the exchange. Government bonds traded on the DSE totalled TZS 644.27 billion, with a face value of TZS 539.85 billion across 524 deals. Outstanding government bonds stood at TZS 34.29 trillion at the end of October, up TZS 826 billion following new listings.
Corporate bonds traded on the DSE totalled TZS 676.5 million during the month, and outstanding corporate bonds rose by TZS 100 billion to TZS 613.15 billion. Kadoo Securities notes that bonds changed hands at an average of 119% of face value, indicating strong demand for older high-coupon government bonds. At the mid-October auction for 25-year Treasury Bond No. 722, 2,547 bids were received, and 1,673 were successful, with a weighted average yield to maturity of 10.84%.
The DSE's market review also highlights the performance of individual counters. NMB Bank Plc and CRDB Bank Plc together accounted for 77% of equity turnover, with their share price movements dominating the market. The four weakest counters, listed from the smallest decline to the steepest, were Maendeleo Bank Plc, National Investment Company Limited, Dar es Salaam Stock Exchange, and TATEPA Limited.
Kadoo Securities' market review provides valuable insights into the performance of the DSE in October 2026. The review highlights the decline in the All Share Index and total market capitalisation, as well as the dominance of NMB Bank Plc and CRDB Bank Plc in trading. The review also notes the strong demand for government bonds and the performance of individual counters.
Key points
- The Dar es Salaam Stock Exchange's All Share Index fell 4.9% to 4,424 in October 2026.
- Equity turnover on the DSE reached TZS 96.93 billion across 75,315 deals and 42.43 million shares in October.
- Foreign investors accounted for 7.2% of buy value and 45.5% of sell value in October, resulting in net foreign selling of TZS 37.1 billion.
