Dar es Salaam Stock Exchange Q3 2026 Review: Vodacom up 62% as the index rose every month
How the Dar es Salaam Stock Exchange performed in Q3 2026: the DSE All-Share Index rose 15.0% (14.3% in dollars), led by Vodacom Tanzania, NMB Bank and CRDB Bank. Top gainers, biggest fallers and month-end levels.
Up in every month of the quarter
The DSE All-Share Index rose 3.5% in July, 6.0% in August and 4.8% in September, reaching a quarter high of 4,696.11 on 15 September and closing at 4,654.42. That is a 15.0% gain for the quarter. The shilling eased only slightly against the dollar, so the dollar return was 14.3%, the third best of the African markets we track. For the year to date the index is up 57.1% in dollars.
Vodacom Tanzania and the banks
Vodacom Tanzania was the standout, rising 62% from TZS 770 to TZS 1,250. The two largest banks also climbed. NMB Bank gained 29% after adjusting for its 10-for-1 share split on 24 August, and CRDB Bank rose 13% to TZS 2,930. CRDB was the most traded stock on the exchange, with about 177 million shares changing hands. TOL Gases (+23%) and Tanga Cement (+14%) also had strong quarters.
Mwalimu Commercial Bank's slide
The exception was Mwalimu Commercial Bank (MCB), which fell 58% from TZS 945 to TZS 395. Most of the drop came in late July, in six straight sessions that each fell close to the DSE's daily limit, on heavy volume: more than a million shares traded on 27 July alone. The bank had issued three new shares for every one held at TZS 110 each in a January rights issue. The price bottomed at TZS 285 on 4 August, bounced to TZS 525 a week later, and spent September between TZS 375 and TZS 400.
DCB Commercial Bank (−19%), Mkombozi Commercial Bank (−17%) and Precision Air (−14%) were the other main fallers. Overall, 10 stocks rose and 8 fell.
DSE All-Share Index: month by month
| Month end | Close | Change |
|---|---|---|
| 30 Jun 2026 | 4,048.80 | start of Q3 |
| 31 Jul 2026 | 4,190.41 | +3.5% |
| 31 Aug 2026 | 4,440.47 | +6.0% |
| 30 Sep 2026 | 4,654.42 | +4.8% |
Quarter high: 4,696.11 on 15 Sept. Quarter low: 4,048.80 on 30 Jun.
Top gainers and biggest fallers
| Top gainers | 30 Jun | 30 Sep | Q3 |
|---|---|---|---|
| Vodacom Tanzania VODA | TZS 770 | TZS 1,250 | +62.3% |
| NMB Bank NMB Adjusted for the 10-for-1 split on 24 August | TZS 1,616 | TZS 2,090 | +29.3% |
| TOL Gases TOL | TZS 1,450 | TZS 1,780 | +22.8% |
| Tanga Cement TCCL | TZS 3,300 | TZS 3,760 | +13.9% |
| CRDB Bank CRDB | TZS 2,590 | TZS 2,930 | +13.1% |
| KCB Group KCB | TZS 1,950 | TZS 2,190 | +12.3% |
| Biggest fallers | 30 Jun | 30 Sep | Q3 |
|---|---|---|---|
| Mwalimu Commercial Bank MCB Six limit-down sessions in late July | TZS 945 | TZS 395 | −58.2% |
| DCB Commercial Bank DCB | TZS 510 | TZS 415 | −18.6% |
| Mkombozi Commercial Bank MKCB | TZS 4,400 | TZS 3,670 | −16.6% |
| Precision Air PAL | TZS 355 | TZS 305 | −14.1% |
| Tanzania Portland Cement TPCC | TZS 6,490 | TZS 5,690 | −12.3% |
Most traded in Q3: CRDB Bank (about 177 million shares), NMB Bank (about 75 million shares), Vodacom Tanzania (about 17.3 million shares).
How Tanzania compares
In US dollars, Tanzania's +14.3% ranked #3 of the 15 African markets in our African Markets Q3 2026 Review. The S&P 500 returned +2.0% over the same period and the MSCI Emerging Markets benchmark −2.4%.
Frequently asked questions
How did the Dar es Salaam Stock Exchange perform in Q3 2026?
The DSE All-Share Index rose 15.0% in Q3 2026, from 4,048.80 on 30 June to 4,654.42 on 30 September, and gained in each of July, August and September. In US dollars the return was 14.3%, and the index is up 57.1% in dollars for 2026.
How did CRDB Bank shares perform in Q3 2026?
CRDB Bank rose 13.1%, from TZS 2,590 to TZS 2,930, and was the most traded stock on the DSE with about 177 million shares changing hands.
How did Vodacom Tanzania shares perform in Q3 2026?
Vodacom Tanzania rose 62%, from TZS 770 to TZS 1,250, the largest gain on the exchange. It was the third most traded stock after CRDB and NMB.