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 surging by 62.17% from Tsh24.73 trillion ($9.33 billion) at the start of the year to Tsh40.12 trillion ($15.13 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.

Heavyweight counters such as NMB, KCB, CRDB, EABL and CRDB continued to anchor activity on the Normal Board.

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 September 18, 2026).

1. NMB Bank Plc
Market Cap. as of Sep. 18 2026: Tsh10.35 trillion ($3.91 billion)
Market Cap. as of Jan. 06 2026: Tsh4.4 trillion ($1.66 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 Tsh10.35 trillion($3.91 billion)

2. KCB Bank Tanzania Limited
Market Cap. as of Sep. 18 2026: Tsh6.51 trillion ($2.45 billion)
Market Cap. as of Jan. 06 2026: Tsh4.04 trillion ($1.52 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 Tsh6.51 trillion ($2.45 billion), continues to expand its footprint in Tanzania’s financial sector.

3. East African Breweries Limited (EABL)
Market Cap. as of Sep. 18 2026: Tsh4.63 trillion ($1.74 billion)
Market Cap. as of Jan. 06 2026: Tsh3.29 trillion ($1.24 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 Tsh4.63 trillion ($1.74 billion), has demonstrated strong profitability driven by its premium product range, including Tusker and Serengeti Lager.

4. CRDB Bank Plc. $2.77 billion
Market Cap. as of Sep. 18 2026: Tsh7.34 trillion ($2.77 billion)
Market Cap. as of Jan. 06 2026: Tsh4.23 trillion ($1.6 billion)

CRDB Bank is a key financial player, known for its strong asset base and high customer trust. The bank, with a market capitalization of Tsh7.34 trillion($2.77 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 Sep. 18 2026: Tsh2.94 trillion ($1.11 billion)
Market Cap. as of Jan. 06 2026: Tsh2.57 trillion ($967.95 million)

Tanzania Breweries Limited (TBL) is the largest company on the DSE, dominating the beverage industry with a valuation of Tsh2.94 trillion ($1.11 billion). 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 Sep. 18 2026: Tsh2.73 trillion ($1.03 billion)
Market Cap. as of Jan. 06 2026: Tsh1.58 trillion ($595.82 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 Tsh2.73 trillion ($1.03 billion), continues to see revenue growth and market expansion.

7. Tanzania Portland Cement Company Limited (TPCC)
Market Cap. as of Sep. 18 2026: Tsh1.03 trillion ($387.85 million)
Market Cap. as of Jan. 06 2026: Tsh1.11 trillion ($418.73 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 Tsh1.03 trillion ($387.85 million).

8. Tanzania Cigarette Company Ltd (TCC)
Market Cap. as of Sep. 18 2026: Tsh1.34 trillion ($505.37 million)
Market Cap. as of Jan. 06 2026: Tsh1.04 trillion ($392.19 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 Tsh1.34 trillion ($505.37 million) on Da res Salaam Stock Exchange.

9. Kenya Airways Limited
Market Cap. as of Sep. 18 2026: Tsh653.36 billion ($246.56 million)
Market Cap. as of Jan. 06 2026: Tsh596.55 billion ($225.28 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 September 18, 2025, it has a market capitalization of Tsh653.36 billion ($246.56 million).

10. Jubilee Holdings Limited
Market Cap. as of Sep. 18 2026: Tsh626.89 billion ($236.68 million)
Market Cap. as of Jan. 06 2026: Tsh463.83 million ($175.03 million)

Jubilee Holdings, with a valuation of Tsh626.89 billion ($236.68 million), is a leading insurance provider in East Africa. Its diversified portfolio, including life and general insurance, has ensured consistent profitability and investor confidence.