MBABANE – The Eswatini Stock Exchange (ESE) closed November 2025 on a stronger footing.
This is because rising share prices in three counters – Nedbank Eswatini Limited, SBC Limited and Greystone Partners Limited – drove overall market capitalisation up by 1.49 per cent.
According to the ESE’s latest monthly report released yesterday, equity market capitalisation increased from E6.796 billion at the end of October to E6.897 billion at the end of November.
The momentum was largely underpinned by strong yearly gains in SBC Limited, which surged 12.36 per cent and Nedbank Eswatini Limited, which recorded a 10 per cent increase over the 12-month period ending November 2025.
Greystone Partners Limited, while contributing positively to the monthly change, posted an 11.76 per cent drop on a year-on-year basis. Swazi Empowerment Limited (SEL) also softened, falling 5.13 per cent over the same period. All other listed companies maintained unchanged share prices relative to November last year.
The performance of these three counters also pushed the ESE All-Share Index up by 1.49 per cent, rising from 484.25 at the end of October to 491.45 in November 2025.
On an annual basis, the index posted a marginal 0.21 per cent increase compared to 490.44 recorded in November 2024.
Market analysts note that although the yearly increase appears modest, the index remains resilient despite muted activity in several counters and a drop in total monthly trade value.
Market activity slowed considerably in November. The total value of shares traded declined steeply to E145 826, down from E10.3 million recorded in October 2025. A total of 50 458 shares exchanged hands during the month.
Despite the month-on-month fall, November 2025 still outperformed the same period last year, when turnover amounted to only E17 950, highlighting improved liquidity compared to 2024 – even if activity remains highly uneven across months.
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… Govt Bonds rise to E7.47bn
MBABANE – The Government Bond market continued its upwards trajectory.
As of November 30, 2025, the value of government bonds increased to E7.471 billion, a 4.15 per cent rise from E7.173 billion at the end of October. The increase stemmed from higher-value bond issuances outweighing maturities during the month.
On a yearly basis, government bond holdings grew substantially, rising 13.22 per cent from E6.598 billion in November 2024 – reflecting ongoing fiscal financing needs and strong appetite for government paper from institutional investors.
The November 2025 results show a market buoyed by selective equity gains and a continued expansion in government debt instruments.
*Full article available in our publication
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