MBABANE – Eswatini’s capital markets remained largely flat in October with unchanged share prices and no equity trades, while government and corporate bond values both fell.
The local equity market recorded no movement in October, with all 10 companies listed on the Eswatini Stock Exchange (ESE) maintaining their share prices throughout the month, while no shares changed hands.
According to the ESE October 2026 Month-End Report, the absence of equity transactions meant that the market recorded zero trading volume and turnover, reflecting a month of inactivity in the local share market.
The total market capitalisation remained unchanged at E7.065 billion as at October 31, 2026, the same value recorded at the end of September.
Market capitalisation represents the combined market value of all listed companies and is calculated using their respective share prices and issued shares.
Despite the lack of monthly movement, the local equity market recorded modest annual growth, with market capitalisation increasing by 3.96 per cent from E6.796 billion recorded at the end of September 2025 to E7.065 billion in October 2026.
The ESE All-Share Index, which measures the overall performance of listed equities, also remained unchanged at 502.65 points at the end of October, matching its September closing position.
On an annual basis, however, the index increased by 3.80 per cent from 484.25 points recorded at the end of October 2025.
The performance suggests that while the local equity market has registered some improvement over the past year, the latest reporting month did not record any additional gains in share prices or trading activity.
First National Bank of Eswatini maintained its share price at 1 483 cents, while Royal Eswatini Sugar Corporation Limited and Nedbank Eswatini Limited remained at 1 800 cents each.
Swazi Empowerment Limited (SEL) retained its share price of 3 700 cents, while SBC Limited remained at 1 025 cents.
Greystone Partners Limited maintained its price at 300 cents, Nkonyeni Pre-cast Limited remained at 150 cents and Inala Capital Limited stayed at 120 cents.
Swaziland Property Investments Limited (SWAPROP) maintained its price at 19 cents, while AGSPAC Limited remained at 100 cents.
In terms of the composition of the equity market, First National Bank of Eswatini continued to command the largest share of total market capitalisation at 27.92 per cent, equivalent to E1.972 billion.
Royal Eswatini Sugar Corporation Limited followed with a 24.55 per cent contribution, valued at E1.734 billion, while SBC Limited accounted for 14 per cent, representing E989.02 million.
Greystone Partners Limited contributed 9.76 per cent, valued at E689.76 million, while SEL accounted for 9.69 per cent, equivalent to E684.5 million.
Nedbank Eswatini Limited represented 6.28 per cent of the market at E443.52 million.
The remaining companies were Nkonyeni Pre-cast Limited at 3.80 per cent, SWAPROP at 2.63 per cent, Inala Capital Limited at 1.22 per cent and AGSPAC Limited at 0.16 per cent.
The absence of trading activity was particularly evident in the exchange’s equity turnover figures, with no shares traded during October. This meant that the market recorded zero in both trading volume and value, compared to E52 200 worth of shares traded in September 2026.
The October performance also represented a significant decline compared to the corresponding period last year, when shares worth E10.306 million were traded. The preceding months had also recorded relatively limited activity, with equity turnover amounting to E9 999 in August and E52 200 in September 2026.
The figures indicate that the local equity market experienced a complete halt in executed share transactions during October, despite maintaining its overall market valuation.
