MBABANE – The Eswatini Stock Exchange (ESE) closed the fourth quarter and the 2025 financial year on a positive footing.
The ESE saw market capitalisation rising on the back of share price movements in Nedbank Eswatini Limited, SBC Limited and Greystone Partners Limited.
Despite moderate trading activity, the gains recorded in these counters were sufficient to lift key market indicators, reinforcing the exchange’s resilience in a challenging global and regional economic environment.
According to the ESE Fourth Quarter Report for the period October to December 2025, total market capitalisation increased by 1.49 per cent quarter-on-quarter, rising from E6.80 billion at the end of the third quarter to E6.90 billion by the close of December 2025
On a year-on-year basis, market capitalisation also posted a marginal but positive growth of 0.46 per cent, signalling relative stability in Eswatini’s capital market.
The ESE attributed the quarterly increase in market capitalisation primarily to changes in the share prices of Nedbank Eswatini Limited, SBC Limited and Greystone Partners Limited during the period under review.
These movements were particularly significant, given that the share prices of most other listed companies remained unchanged over the quarter.
Nedbank Eswatini Limited closed 2025 with a market capitalisation of E406.6 million, accounting for 5.89 per cent of the total market. On a yearly basis, the bank recorded a 10 per cent increase in its share price, rising from 1 500 cents at the end of December 2024 to 1 650 cents by December 2025.
This performance underscored continued investor confidence in the banking sector, even as tighter financial conditions persisted across the region.
SBC Limited emerged as one of the standout performers on the market, gaining 12.36 per cent year-on-year, with its share price increasing from 890 cents to 1 000 cents over the same period
The group’s improved valuation contributed to its market capitalisation of E964.9 million, representing 13.99 per cent of the total ESE market by the end of 2025.
Greystone Partners Limited, while experiencing a decline in its share price on a year-on-year basis, remained one of the counters that influenced quarterly movements. The company closed the year with a market capitalisation of E689.8 million, accounting for 10 per cent of total market capitalisation
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All-share index posts modest growth
MBABANE – In line with market capitalisation, the ESE All-Share Index also ended the fourth quarter on a positive note.
The index increased by 1.49 per cent, rising from 484.25 at the end of September 2025 to 491.45 by December 2025.
The exchange described trading during the quarter as moderate, with only a few trades exerting meaningful influence on the index.
On a year-on-year basis, the All-Share Index rose slightly by 0.46 per cent, from 489.19 in December 2024 to 491.45 in December 2025.
The ESE noted that the increase mirrored movements in the same counters that drove market capitalisation growth, with Nedbank Eswatini Limited, SBC Limited and Greystone Partners Limited being the only companies to record share price changes during the quarter.
Beyond price movements, the fourth quarter of 2025 also recorded a significant increase in equity market activity.
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