At a Glance
- NMB and KCB lead the DSE with strong valuations anchored by steady earnings.
- Financial, telecom, and industrial giants shape DSE activity through resilient performance and investor interest.
- Breweries and telecoms sustain demand with premium brands and expanding digital services nationwide.
The Dar es Salaam Stock Exchange (DSE) is Tanzania’s premier securities market, facilitating capital growth for businesses and wealth creation for investors.
Since its inception in 1996, it has become one of Africa’s emerging stock markets, reflecting the country’s economic expansion and investor confidence.
With a market capitalization of Tsh22.02 trillion($9 billion), the DSE remains a key player in East Africa’s financial ecosystem. It closed the session with a flurry of activity across equities, ETFs and government bonds, underscoring sustained investor interest in Tanzania’s capital markets.
Total turnover reached Tsh332.36 million from 268,452 shares traded on the equities board, complemented by Tsh23.41 million from 75,882 VERTEX-ETF units changing hands. Bond trading remained the dominant driver of market liquidity, with government securities posting a solid Tsh23.74 billion in turnover across multiple maturities.
Heavyweight counters such as CRDB, NMB and TCC continued to anchor activity on the Normal Board. CRDB led the day with 206,187 shares traded at an average price of TZS 1,160, reflecting consistent retail and institutional demand.
NMB followed with 2,345 shares exchanged at TZS 8,140, while brewer TBL and tobacco producer TCC maintained their premium valuations at TZS 7,800 and TZS 9,800 per share respectively.
As Tanzania continues on a journey of economic growth and regulatory reforms, the DSE is poised for further expansion, solidifying its position as a prime investment hub in the region.
Shore Africa profiles the top 10 most valuable stocks on the DSE based on market capitalization, sector impact, and financial performance (Data profiled as of the close of market on November 21, 2025).
1. NMB Bank Plc:
Market Cap. as of Nov. 21: Tsh4.07 trillion ($1.66 billion)
Market Cap. as of March 6 2025: Tsh3.216 trillion($1.23 billion)
NMB Bank Plc. is one of Tanzania’s leading financial institutions, offering banking services across retail, corporate, and SME sectors. The bank’s robust loan portfolio, increasing digital banking adoption, and strategic expansion have driven its growth and market valuation of Tsh4.07 trillion ($1.66 billion)
2. KCB Bank Tanzania Limited
Market Cap. as of Nov. 21: Tsh4.01 trillion ($1.64 billion)
Market Cap. as of March 6 2025: Tsh2.673 trillion($1.02 billion)
A subsidiary of Kenya Commercial Bank (KCB) Group, KCB Tanzania has carved a niche in the banking sector. With a strong digital banking platform and diversified product offerings, KCB, with a market valuation of Tsh4.01 trillion ($1.64 billion) continues to expand its footprint in Tanzania’s financial sector.
3. East African Breweries Limited (EABL)
Market Cap. as of Nov. 21: Tsh3.29 trillion ($1.34 billion)
Market Cap. as of March 6 2025: Tsh3.045 trillion($1.17 billion)
East African Breweries Limited (EABL), a major player in the alcoholic beverage industry, operates across East Africa. Listed on multiple exchanges, EABL, with a valuation of Tsh3.29 trillion ($1.34 billion), has demonstrated strong profitability driven by its premium product range, including Tusker and Serengeti Lager.
4. CRDB Bank Plc.
Market Cap. as of Nov. 21: Tsh3.03 trillion ($1.24 billion)
Market Cap. as of March 6 2025: Tsh1.985 trillion($759.36 million)
CRDB Bank is a key financial player, known for its strong asset base and high customer trust. The bank with a market capitalization of Tsh3.03 trillion ($1.24 billion) has invested in innovative financial solutions and digital transformation, making it a top choice for investors seeking long-term value.
5. Tanzania Breweries Limited (TBL)
Market Cap. as of Nov. 21: Tsh2.3 trillion ($939.33 million)
Market Cap. as of March 6 2025: Tsh3.216 trillion($1.23 billion)
Tanzania Breweries Limited (TBL) is the largest company on the DSE, dominating the beverage industry with a valuation of Tsh2.3 trillion ($939.33 million). A subsidiary of AB InBev, TBL has a strong market presence with popular beer brands such as Kilimanjaro Lager, Castle Lite, and Safari Lager. With consistent revenue growth and a stable dividend payout, TBL remains a favorite among investors.
6. Vodacom Tanzania Limited
Market Cap. as of Nov. 21: Tsh1.31 trillion ($535.52 million)
Market Cap. as of March 6 2025: Tsh1.725 trillion($659.9 million)
Vodacom Tanzania, a leading telecom provider, offers mobile communication, data, and mobile money services. With the rising demand for digital services and mobile banking (M-Pesa), Vodacom, with a valuation of Tsh1.31 trillion ($535.52 million) continues to see revenue growth and market expansion.
7. Tanzania Portland Cement Company Limited (TPCC)
Market Cap. as of Nov. 21: Tsh1.07 trillion ($434.96 million)
Market Cap. as of March 6 2025: Tsh719.69 billion($275.13 million)
TPCC, also known as Twiga Cement, is the largest cement producer in Tanzania. The company’s solid financial performance, driven by infrastructure growth and real estate expansion, makes it a valuable stock on the DSE with a market capitalization of Tsh1.07 trillion ($434.96 million).
8. Tanzania Cigarette Company Ltd (TCC)
Market Cap. as of Nov. 21: Tsh980 billion ($400.23 million)
Market Cap. as of March 6 2025: Tsh1.7 trillion($650.39 million)
TCC is a dominant force in Tanzania’s tobacco industry, producing popular cigarette brands like Embassy and Portsman. Despite regulatory challenges, TCC’s strong brand loyalty and market positioning contribute to its high valuation. It is currently valued at Tsh980 billion ($400.23 million) on Da res Salaam Stock Exchange.
9. Kenya Airways Limited
Market Cap. as of Nov. 21: Tsh596.55 billion ($243.61 million)
Market Cap. as of March 6 2025: Tsh454.51 billion($174.05 million)
Kenya Airways, a major airline in East Africa, has shown resilience despite industry challenges. Its strategic partnerships and fleet expansion efforts make it a noteworthy investment option. As of March 5, 2025, it has a market capitalization of Tsh596.55 billion ($243.61 million).
10. Jubilee Holdings Limited
Market Cap. as of Nov. 21: Tsh463.83 billion ($189.31 million)
Market Cap. as of March 6 2025: Tsh310.91 billion($119.02 million)
Jubilee Holdings, with a valuation of Tsh463.83 billion ($189.31 million), is a leading insurance provider in East Africa. Its diversified portfolio, including life and general insurance, has ensured consistent profitability and investor confidence.
