Equities rise as liquidity returns

DAR ES SALAAM: THE Dar es Salaam Stock Exchange (DSE) closed the week with market activity showing an increase in activity compared to the previous trading week.

Total turnover for the week increased to 16.005bn/- from 5.487bn/-, representing a 191.68 per cent increase.

CRDB emerged as the dominant player, contributing 32.9 per cent of the total market turnover.

Close behind was NMB, which accounted for 28.92 per cent, TBL contributed 19.32 per cent of the total turnover, reinforcing their positions as notable movers in the week’s trading session.

On the price movement front, DCB stood out as the week’s top gainer.

Its share price appreciated by 11.11 per cent, closing at 250/- per share. SWISS followed, recording a 5.96 per cent increase, closing the week at 1,600/- per share.

On the loser’s side MKCB recorded a decline, with its share price falling by 13.04 per cent to 2,000/- .

It was followed by MCB, which shed 2.91 per cent to close at 500/- per share and NICO which shed 2.88 per cent to close at 1,350/- per share.

In terms of market valuation, the exchange registered an increase in both total and domestic market capitalisation.

Total market capitalisation is up by 1.37 per cent to 22.312tri/-.

Similarly, domestic market capitalisation is up by 2.21 per cent, closing the week at 13.897tri/-.

Key benchmark indices

All Share Index (DSEI) closed at 2,568.20 points up by 0.01 per cent Tanzania Share Index (TSI) closed at 5,137.35 points up by 0.02 per cent.

Sector Indices Industrial & Allied Index (IA) closed at 4,124.00 points up by 1.64 per cent.

Bank, Finance & Investment Index closed at 9,307.76 points, down by 1.07 per cent.

Commercial Services Index closed at 1,654.63 points, up by 0.23 per cent.

Market news round

BOT reassures market as appetite for govt securities hits record high The Bank of Tanzania (BoT) has downplayed fears of crowding out credit to the private sector as appetite for government securities has surged to record high.

The latest Monthly Economic Review shows the country’s domestic debt stock increased by 0.9 per cent to 37.46tri/- by the end of September 2025, driven largely by strong uptake of longterm Treasury bonds.

Government securities now account for 86.8 per cent of total domestic debt, comprising 2.05tri/- in Treasury bills, 135.7bn/- in government stocks and a dominant 30.3tri/- in Treasury bonds.

BoT data indicates that the market remains highly concentrated among institutional investors.

Commercial banks hold the largest share at 28.7 per cent, equivalent to 10.75tri/-, followed by the central bank at 27.4 per cent (10.28tri/- ).

Pension funds account for a further 18 per cent, or 6.75tri/-, underscoring the continued dominance of institutional players in the securities market.

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Highlights: Debt Market

12.75 per cent -5-year Treasury bond no: 689 On Wednesday 26th November 2025, the central bank was in the market offering 157bn/- to investors for the 5-Year Treasury bond offering a 10.75 per cent coupon rate annually.

The auction was oversubscribed receiving a rate of 133.10 per cent the auction received bids totalling 208.968bn/- and accepted bids worth 135.745bn/-.

In this auction, the 5-year Treasury bond recorded a further decline in its coupon rate from 12.75 per cent in the previous auction to 10.75 per cent aligning with the broader downward trend in coupons across all maturities.

Despite this reduction, investor appetite remained solid, with the bond achieving an oversubscription rate of 133.10 per cent.

The Bank of Tanzania lowered the cut-off price from 101/2452 in September to 98 in this auction.

Consequently, the weighted average yield declined by 194.13 basis points, dropping from 12.4838 per cent in September to 10.5425 per cent, reflecting the combined effect of reduced coupons and discounted pricing.

Total bids submitted amounted to 208.968bn/-, out of which the Bank accepted 135.745bn/-, an acceptance rate of 64.96 per cent.

Meanwhile, inflation for October 2025 stood at 3.5 per cent.

Secondary Market Activity

The secondary bond market posted a turnover of 74.6193bn/- down from 100.6438bn/- in the previous week, a decrease of 25.86 per cent.

Activity was primarily concentrated in the mediumterm papers and long-term papers; 15 years bond and 20-year bond.

Market Outlook Equity activity has improved this week with significant selective liquidity from several banking sector and industrial counters, with investor participation improving and market sentiment returning back to normal with high turnovers and volumes, while the bond market activity has slightly decreased significantly during the week.

Looking ahead, we expect a period of mild improvement in both the equity and debt market, as investors still maintain a selective sentiment towards certain counters in the stock market and investors seeking better yield options in the secondary debt market.