MBABANE – Eswatini’s capital markets registered modest gains during the third quarter of 2025, supported by firmer share prices in a few listed equities and sustained investor interest in government securities.
This is according to the latest Eswatini Stock Exchange (ESE) quarterly market report for July to September 2025.
The ESE’s total market capitalisation grew by 1.87 per cent from E6.67 billion at the end of the second quarter to E6.79 billion in September. This was largely driven by share price increases in Nedbank Eswatini and Greystone Partners Limited. However, on an annual basis, market capitalisation slipped by 1.47 per cent, reflecting a slowdown in overall market activity compared to 2024.
The ESE All-Share Index rose to 484.25 points, up from 475.38 points in the previous quarter, reflecting the mild recovery in share prices.
Nedbank’s share price appreciated by 6.67 per cent, closing the quarter at E16.00 per share, while Greystone Partners rose 13.46 per cent to E2.95 per share. SBC Limited also posted a smaller gain of 2.22 per cent.
However, the momentum was tempered by declines in Swazi Empowerment Limited (SEL), which fell 5.13 per cent and Inala Capital, which declined 14.29 per cent. Other counters, including Royal Eswatini Sugar Corporation (RESCorp), Nkonyeni Precast and FNB Eswatini, recorded no price movements during the period. The report notes that FNB Eswatini remains the largest listed company by market capitalisation, accounting for 29 per cent of the total, followed by RESCorp at 24 per cent and SBC Limited at 13 percent.
Trading activity slowed significantly, with total equity turnover plunging by 82 per cent to E5.7 million, down from E31.7 million in the previous quarter. Despite this quarterly dip, turnover was 3.057 per cent higher year-on-year compared to the E180 873 recorded in the same quarter of 2024, signalling a gradual recovery in investor participation.
The most actively traded counters were SBC Limited, which accounted for E5.4 million of the total value traded, followed by Inala Capital, Nkonyeni Precast and Nedbank Eswatini. The bond market showed contrasting movements between corporate and government instruments. Outstanding corporate bonds decreased slightly by 1.73 per cent to E1.88 billion, following the maturity of 15 bonds valued at E442.6 million.
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