During Week 38 of 2026, which spanned from September 14th to September 18th, the Dar es Salaam Stock Exchange experienced a significant decline in equity turnover. The total turnover fell to TZS 53.05 billion, representing a sharp decline of 13.12% compared to Week 37 of 2026. This decrease was accompanied by a drop in trading volume, with a total of 24,596,396 shares changing hands across 19,032 deals, a decline of 8.92% versus the previous week.
The National Microfinance Bank (NMB) dominated the market in terms of volume and turnover, with 15,625,181 shares traded and generating TZS 35.01 billion. NMB, CRDB, VODA, and TBL have consistently been among the top five turnover counters in recent weeks. The bank's strong performance was a notable exception in an otherwise subdued market.
Exchange-Traded Fund (ETF) trading also experienced a decline, with combined turnover of TZS 1.31 billion on a volume of 1,205,229 units, representing a 46.09% decline compared to Week 37 of 2026. Local investors accounted for 86.15% of buying and 75.73% of selling, while foreign investors accounted for 13.85% and 24.27%, respectively. This resulted in a net foreign selling position of USD 2,093,502 for the week.
The market capitalization of the exchange also declined, with the total market capitalization closing Week 38 of 2026 at TZS 40,118.89 billion, a 1.20% change versus Week 37 of 2026. The domestic market capitalization settled at TZS 27,640.05 billion, representing a 2.25% change against the previous week. However, the ETF segment ended the week on a positive note, with a 1.84% gain to TZS 235.24 billion.
In terms of stock performance, AFRIPRISE emerged as the top gainer, surging 22.31% during the week. Other notable gainers included VODA, which advanced 9.91%, and KCB, which rose 3.30%. On the losing side, MUCOBA fell 11.96%, NMG declined 7.69%, and TTP dropped 6.67%. DSE and TTP have now posted losses for three or more consecutive weeks, indicating persistent selling pressure on both counters.
The bond market, however, experienced a strong increase in turnover, with a total of TZS 104.05 billion across 87 deals, representing a 28.44% increase compared to Week 37 of 2026. The yield curve flattened over the week, with the 5-year tenor rising 677.4 basis points, while the 25-year end saw a more modest 203.0 basis point gain. The 5-year yield was the most dramatic mover, surging to 17.1520%.
The decline in equity turnover and market capitalization was reflected in the performance of the DSE indices, with four out of five indices retreating from Week 37 of 2026 levels. The Banks, Finance & Investment index posted the steepest decline, while Commercial Services delivered the week's standout gain of 9.22%. The All Share Index (DSEI) fell 1.20%, the Tanzania Share Index (TSI) dropped 2.25%, Industrial & Allied (IA) eased 0.71%, and Banks, Finance & Investment (BI) slid 4.32%.
Key points
- Equity turnover on the Dar es Salaam Stock Exchange fell 13.12% to TZS 53.05 billion in Week 38 of 2026.
- AFRIPRISE emerged as the top-performing stock with a 22.31% gain during the week.
- The bond market experienced a strong increase in turnover, with a total of TZS 104.05 billion across 87 deals.
