Equities hold amid mixed trading

DAR ES SALAAM: THE Dar es Salaam Stock Exchange (DSE) continued to register elevated activity in the equities market, albeit with a slower turnover compared to the previous week.

Equity turnover amounted to 54.6bn/-. On a week-onweek basis, total market turnover declined by 34 per cent, easing from 82.9bn/- recorded in the prior week.

Trading activity was largely driven by CRDB, which accounted for 61.16 per cent of total market turnover. NMB followed with a 15.82 per cent contribution, while TCCL and TCC represented 5.26 per cent and 5.19 per cent of total turnover, respectively.

On the price performance front, MUCOBA emerged as the week’s top gainer, with its share price rising by 16.67 per cent to close at 630/- per share.

PAL followed with a 10.77 per cent increase, ending the week at 360/-. MCB advanced by 9.49 per cent to close at 750/-, while NMB recorded a strong gain of 8.79 per cent. TCC also posted a positive performance, appreciating by 4.56 per cent to close at 11,930/- per share.

Conversely, MBP was the week’s top laggard, shedding 36.18 per cent to close at 1,940/- per share. TOL declined by 25.62 per cent to 900/-, while MKCB fell by 24.75 per cent to close at 3,710/-.

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NICO also recorded a notable decline of 20.9 per cent, ending the week at 2,990/- per share. From a valuation perspective, the exchange recorded declines in both total and domestic market capitalisation.

Total market capitalisation edged down by 0.24 per cent to 28.3tri/-, while domestic market capitalisation decreased by 0.66 per cent to close the week at 19.3tri/-.

Key benchmark indices

All Share Index (DSEI) closed at 3,259.49 points down by 0.24 per cent. Tanzania Share Index (TSI) closed at 7,162 points down by 0.66 per cent.

Sector indices

Industrial &Allied Index (IA) closed at 4,831.66 points up by 0.61 per cent. Bank, Finance & Investment Index closed at 14,178.66 points, up by 1.05 per cent. Commercial Services Index closed at 2,504 points, down by 11.76 per cent.

Highlights: Debt market Treasury bill auction no: 1191

On January 21, 2026, Central Bank was in the market offering treasury bills to investors.

The offerings included 29.9bn/- for the 35-day maturity Treasury bill, 39.9bn/- for the 91-day T-bill, 59.9bn/- for the 182-day T-bill and 85.2bn/- for the 364-day T-bill. In this auction, investor demand was relatively weak across most maturities, with several Treasury bills recording undersubscription.

The 35- day bill achieved a subscription rate of 70.23 per cent, the 91-day bill 62.80 per cent and the 364-day bill 95.66 per cent. In contrast, the 182-day bill attracted stronger interest and was oversubscribed, recording a subscription rate of 130.22 per cent.

Despite an increase in the amount offered across all maturities, acceptance rates were generally slightly lower. The Bank of Tanzania accepted 92 per cent of the bids received for the 364-day bill, while the 35-day bill recorded a full acceptance rate of 100 per cent.

The 364-day Treasury bill registered an increase in its weighted average yield, rising from 6.1904 per cent in the early January auction to 6.2321 per cent in this auction an increase of 4.17 basis points. This rise in yield is associated with a slight decline in the minimum successful price, which fell to 93.3033 from 94.1328 in the previous auction. Inflation rate for December 2025 stood at 3.6 per cent.

Secondary market activity

The secondary bond market posted a turnover of 85bn/- from 24.52bn/- in the previous week an increase of 246 per cent.

Activity was primarily concentrated on 15-year and 25-year bonds, this dampened activity in fixed income was attributed to a shift towards equities in the mid-week.

Market outlook:

The equities market is expected to maintain moderate trading activity, following the slowdown in turnover observed in the previous week. While overall market sentiment remains cautious, selective buying interest is likely to persist, particularly in fundamentally strong counters within the banking and industrial sectors, which continued to outperform broader market indices.

The Bank, Finance and Investment Index, which posted a weekly gain of 1.05 per cent, is expected to remain in focus, supported by sustained interest in tier-one banking stocks.

Counters such as CRDB and NMB are likely to continue anchoring market activity, given their dominant contribution to turnover and positive price momentum. However, investors may adopt a more selective approach following recent price run-ups.

On the macroeconomic front, the Bank of Tanzania’s decision to maintain the Central Bank Rate at 5.75 per cent is expected to provide a supportive backdrop for both equities and fixed income markets.

Stable inflation and positive growth projections should help underpin investor confidence, even as global uncertainties persist. In the fixed income market, activity is expected to remain skewed toward the secondary market, particularly in medium- to long-term government bonds, following the sharp increase in secondary market turnover recorded in the previous week.

Treasury bill yields may remain broadly stable in the near term, although recent undersubscription in shorter tenors suggests investors may continue to prefer longer-dated instruments offering relatively attractive real returns.

Overall, the market is expected to trade within a narrow range, with stockspecific movements driving performance. Investors are likely to balance short-term profit-taking with medium- to long-term positioning, particularly in counters supported by strong fundamentals and dividend prospects.