MBABANE – The admission of AGSPAC Limited to the Eswatini Stock Exchange (ESE) in mid-January 2026 has marginally lifted the Exchange’s total market capitalisation.
According to the ESE’s January 2026 month-end report, total market capitalisation rose by 0.16 per cent to E6.91 billion at the end of January, up from E6.897 billion recorded in December 2025.
The increase was directly attributed to the listing of AGSPAC Limited, which joined the Main Board on January 16, 2026 as the 10th listed company.
AGSPAC, a special purpose acquisition company focused on agricultural sector investments, entered the market with an issued share capital of 11 million shares at E1.00 per share, translating to a market capitalisation of E11 million.
Although this represents just 0.16 per cent of the total ESE market value, the listing marks a symbolic broadening of the Exchange’s sectoral exposure into agriculture-related value chains.
Despite the new entrant, the ESE remains highly concentrated in a handful of large counters, particularly in banking and agro-processing.
First National Bank Eswatini remains the single largest listed company by market capitalisation, accounting for 28.55 per cent of total market value, or approximately E1.97 billion.
This is followed by Royal Eswatini Sugar Corporation Limited, which holds 23.71 per cent of the market, valued at about E1.64 billion.
Other significant counters include SBC Limited at 13.97 per cent (E964.9 million) and Greystone Partners Limited at 9.99 per cent (E689.8 million).
Swazi Empowerment Limited contributes 9.91 per cent (E684.5 million), while Nedbank Eswatini Limited accounts for 5.89 per cent (E406.6 million).
Smaller counters such as Swaziland Property Investments Limited, Nkonyeni Pre-cast Limited and Inala Capital Limited make up the remainder of the market.
The dominance of a few large companies means that movements in these counters have an outsized influence on overall market performance.
This concentration also underscores the importance of attracting more medium-sized and growth-oriented companies to list, in order to broaden the base of the Exchange and reduce single-counter risk.
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All-Share Index flat amid muted price movements
MBABANE – The ESE All-Share Index remained unchanged at 491.45 points between December 2025 and January 2026, reflecting the absence of share price movements during the month.
On a year-on-year basis, the index rose marginally by 0.48 per cent from 489.12 in January 2025 to 491.45 in January 2026.
The flat index highlights the thin trading environment on the local bourse, where limited transactions often result in long periods without price changes.
While this stability can be comforting for long-term investors, it also signals subdued liquidity and limited opportunities for active portfolio rebalancing.
A year-on-year comparison of share prices reveals mixed performance among listed companies.
SBC Limited recorded the strongest gain, with its share price rising by 12.36 per cent from 890 cents in January 2025 to 1 000 cents in January 2026.
*Full article available on Pressreader*
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