The Eswatini Stock Exchange (ESE) recorded a resilient, albeit modest, performance during the first quarter of 2026. According to the ESE First Quarter Report covering January to March 2026, market capitalisation rose by 0.51%, reflecting steady investor confidence despite a broader environment of subdued trading activity and liquidity constraints.
By the end of March 2026, total market capitalisation reached E6.932 billion, up from the E6.896 billion recorded at the close of 2025. On a year-on-year basis, the growth is even more pronounced, with the exchange seeing a 1.12% increase from the E6.855 billion valuation recorded in March 2025. This steady climb signals a gradual but consistent expansion in the value of the Kingdom’s listed equities.
The quarterly uptick was largely driven by positive share price movements in SBC Limited, alongside the impact of the newly listed AGSPAC Limited, which joined the board during the period under review. However, the ESE continues to operate with a highly concentrated pool of listed entities. Currently, there are 10 companies listed on the Main Board, all of which are domestic. While January 2026 saw a new listing, the months of February and March passed without additional entrants.
Market concentration remains a defining characteristic of the ESE, with a handful of large-cap companies continuing to dominate the overall valuation. First National Bank (FNB) Eswatini leads the market, accounting for 28.45% of the total market capitalisation, followed closely by Royal Eswatini Sugar Corporation (RESC) at 23.63% and SBC Limited at 14.27%. Other notable contributors include Swazi Empowerment Limited (SEL) and Greystone Partners Limited, each holding just under 10% of the market. In contrast, smaller players like Inala Capital Limited and Nkonyeni Pre-cast Limited account for marginal shares, with the newest entrant, AGSPAC Limited, contributing just 0.16% to the total market value.
This concentration highlights a structural lack of liquidity, as a low free float and a small number of active counters make price discovery difficult. The ESE has reiterated its call for more local companies to list, arguing that increased participation would not only enhance liquidity but also promote financial inclusion by allowing more Emaswati to become shareholders in domestic enterprises. While the market cap rose, the ESE All Share Index saw a slight increase of 0.35%, moving from 491.45 at the end of 2025 to 493.16 by March 2026.
Individual performances were mixed throughout the quarter. SBC Limited emerged as the top performer with a 13.89% year-on-year share price increase, while Nedbank Eswatini also saw a notable gain of 10% over the same period. Conversely, Greystone Partners Limited faced a downturn, recording an 11.76% decline in share price. Other major counters, including FNB Eswatini and RESC, saw no change in share prices during the quarter, reflecting the limited trading activity across the exchange.
Perhaps the most significant data point in the Q1 report is the sharp decline in equity turnover. Total turnover fell by 86.27% to just E1.44 million, compared to the E10.51 million recorded in the final quarter of 2025. This drop highlights the ongoing liquidity challenges within the market, where trading volumes remain low and sporadic. Despite this quarterly dip, there was a slight year-on-year improvement, as the E248,389 turnover in Q1 2026 represented a substantial increase over the same period in 2025. The ESE remains optimistic that while short-term fluctuations persist, the overall trajectory points toward a gradual improvement in market participation.