MBABANE - The Eswatini Stock Exchange (ESE) recorded notable growth in its debt market during April 2026, with both corporate and government bonds increasing significantly.
This was despite equity market activity and share prices remaining largely subdued. According to the ESE April 2026 Month-End Report, the exchange’s overall market capitalisation remained unchanged at E6.93 billion between March and April 2026 due to a lack of share price movements during the period under review. However, on a year-on-year basis, the market capitalisation increased by 1.12 per cent from E6.86 billion recorded in April 2025.
The ESE currently hosts 10 listed companies on its Main Board, all of them domestic firms. The largest company by market capitalisation remains First National Bank of Eswatini, accounting for 28.45 per cent of total market capitalisation valued at E1.97 billion.
It is followed by the Royal Eswatini Sugar Corporation at 23.63 per cent and SBC Limited at 14.27 per cent. Other listed entities include Nedbank Eswatini Limited, Greystone Partners Limited, Swazi Empowerment Limited, Swaziland Property Investments Limited, Inala Capital Limited, Nkonyeni Pre-cast Limited and AGSPAC Limited.
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... All Share Index records marginal growth
MBABANE - Despite the stable market capitalisation, the exchange’s All Share Index recorded a slight annual increase of 0.96 per cent, rising from 488.49 in April 2025 to 493.16 in April 2026.
However, there were no movements between March and April this year, again highlighting limited trading activity and price movement on the local bourse.
Among listed counters, SBC Limited emerged as one of the strongest performers over the 12-month period after its share price appreciated by 13.89 per cent from 900 cents per share to 1 025 cents.
Nedbank Eswatini Limited also posted strong gains, with its share price increasing by 10 per cent from 1 500 cents to 1 650 cents per share over the same period. However, not all counters performed positively. Greystone Partners Limited recorded an 11.76 per cent decline in its share price, falling from 340 cents to 300 cents per share year-on-year.
Most other listed counters remained unchanged, including Royal Eswatini Sugar Corporation, Swazi Empowerment Limited, Swaziland Property Investments Limited and First National Bank of Eswatini.
Although trading activity remains relatively thin compared to more developed regional exchanges, the ESE reported an increase in equity turnover during April 2026.
Total value traded rose to E160 338.50 from E23 214 recorded in March 2026.
A total of 78 516 shares were traded during the month, with activity largely concentrated in Greystone Partners Limited and Inala Capital Limited counters.
Compared to April 2025, when there was no value traded, the exchange noted that activity during April 2026 was considerably higher.
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Market capitalization by company 2025 vs 2026