MBABANE – Eswatini’s stock market edged higher in July, with market capitalisation and the All-Share Index recording modest monthly gains despite weaker equity trading activity.
According to the Eswatini Stock Exchange (ESE) July 2026 Month-End Report, total equity market capitalisation increased by 0.10 per cent from E7.046 billion at the end of June to E7.053 billion at the end of July.
The marginal increase was primarily driven by an appreciation in the share price of Nedbank Eswatini Limited, whose price rose from 1.720 cents to 1.750 cents during the month.
Despite the subdued monthly movement, the performance represents a stronger position for the local equity market compared with a year earlier. Market capitalisation was 5.72 per cent higher than the E6.671 billion recorded at the end of July 2025.
The July performance, therefore, points to a market that continued to build value over the 12-month period, although activity during the month itself remained relatively thin. The ESE’s market capitalisation was spread across 10 companies listed on the Main Board, all of which were domestic companies. There were no new listings during July, meaning the number of listed companies remained unchanged from May and June at 10. First National Bank Eswatini remained the largest company on the exchange by market capitalisation, accounting for 27.97 per cent, equivalent to about E1.972 billion.
Royal Eswatini Sugar Corporation Limited followed with 24.59 per cent, representing approximately E1.734 billion, while SBC Limited accounted for 14.02 per cent or E989.0 million.
Greystone Partners held 9.78 per cent of total market capitalisation, followed by Swazi Empowerment Limited at 9.71 per cent. Nedbank Eswatini accounted for 6.11 per cent, while Nkonyeni Pre-cast Limited represented 3.81 per cent.
Swaziland Property Investments Limited accounted for 2.64 per cent, Inala Capital Limited 1.22 per cent and AGSPAC Limited 0.16 per cent.
The broader movement of listed shares was also positive during July.
The ESE All-Share Index increased from 501.25 points at the end of June to 501.77 points at the end of July, representing a 0.10 per cent monthly increase. The exchange attributed the gain primarily to Nedbank’s share price appreciation during the month.
More significantly, the index was 5.55 per cent higher year-on-year, rising from 475.38 points at the end of July 2025 to 501.77 points at the end of July 2026.
The movement indicates that, while the market was largely flat during July, investors in listed equities had seen positive overall price growth over the preceding year.
The annual performance was led by three counters. Nedbank recorded the strongest gain, with its share price rising 16.67 per cent from 1 500 cents in July 2025 to 1 750 cents in July 2026. SBC Limited followed with a 13.89 per cent increase, moving from 900 cents to 1,025 cents, while Royal Eswatini Sugar Corporation gained 5.88 per cent, rising from 1 700 cents to 1 800 cents.
Greystone Partners was the only listed counter to record a decline among the companies with comparable year-on-year prices, falling from 260 cents to 300 cents according to the report’s stated capital-gains comparison, while the report records a negative annual capital-gains figure.
The remaining established counters recorded no year-on-year change in their share prices. Swazi Empowerment remained at 3.700 cents, SWAPROP at 800 cents, Inala Capital at 120 cents, Nkonyeni Pre-cast at 150 cents and First National Bank Eswatini at 1 483 cents.
AGSPAC, which was not listed in the July 2025 comparison, had a July 2026 share price of 100 cents.
While market values and the index increased, the level of trading activity declined during July.
The exchange recorded equity trades worth E82 999 during the month, with 12 666 shares changing hands.
This represented a 25.06 per cent decline in trading activity compared with June 2026, when equity worth E110 748 was traded. The July figure nevertheless represented an improvement compared with July 2025, when there was no equity trading activity.
The relatively small value traded highlights one of the challenges facing the local equity market: share prices and market capitalisation can rise even when the volume of transactions remains limited.
The exchange has continued to encourage more local companies to list, arguing that wider participation can promote economic empowerment and financial inclusion by allowing emaSwati to become co-owners of businesses.
The ESE also says increased listings can provide companies with access to new capital while bringing shareholders with broader expertise that can support expansion and growth.
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