Business

MBABANE - The Eswatini Stock Exchange (ESE) recorded a marginal increase in market capitalisation at the end of February 2026.

This was largely driven by a 2.5 per cent price hike in SBC Limited shares, according to the latest month-end report released by the bourse.

According to the report, the local equity market capitalisation increased by 0.35 per cent to E6.93 billion at the end of February 2026 from E6.91 billion recorded at the end of January 2026. The exchange attributed the growth in market value, primarily to the appreciation in the SBC Limited share price.

“The market capitalisation increase was due to a 2.5 per cent price hike from SBC Limited,” the report states.

On a year-on-year basis, the market also registered modest growth. Total market capitalisation rose by 0.99 per cent from E6.86 billion recorded in February 2025 to E6.93 billion in February 2026. The ESE currently has 10 companies listed on its main board, representing a cross-section of sectors including banking, agriculture, property, manufacturing and investment holdings. The market capitalisation distribution shows that First National Bank Eswatini remains the largest listed company on the exchange, accounting for 28.45 per cent of total market value, equivalent to about E1.97 billion.

Royal Eswatini Sugar Corporation (RESCorp) follows as the second-largest listing with a 23.63 per cent share of market capitalisation, valued at approximately E1.64 billion.

SBC Limited ranks third with a market capitalisation of about E989 million, representing 14.27 per cent of the market. Its share price performance during February played a crucial role in pushing the overall market value higher.

Other major listings include Greystone Partners Limited with 9.95 per cent of market capitalisation and Swazi Empowerment Limited with 9.87 per cent. Nedbank Eswatini accounts for 5.86 per cent of the market value, while Nkonyeni Precast Limited contributes about 3.87 per cent.

Smaller listings include Swaziland Property Investments Limited, Inala Capital Limited and AGSPAC Limited, which together represent a small portion of the total market value.

The ESE All-Share Index also recorded a slight increase during the month under review. The index rose by 0.35 per cent to close at 493.16 points at the end of February 2026 compared to 491.45 points at the end of January.

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Market capitalisation by company 2024 vs 2025.

Value traded by issuer.

Corporate bonds 2025 vs 2026