Mbabane – The Eswatini Stock Exchange ESE has surpassed a market capitalisation of E6.9 billion, reflecting steady growth in the value of listed companies despite subdued trading and limited public participation.
Speaking on Market View, ESE Chief Executive Officer Smanga Mdluli said the exchange’s performance over the past year showed consistent value growth, though activity in listings and secondary market trading remained muted, a trend he attributed more to perception and awareness than structural issues.
“With a market capitalisation exceeding E6.9 billion, the exchange remains comparable to other small exchanges in the SADC region,” Mdluli said, cautioning against direct comparisons with larger markets such as South Africa’s JSE. “For a country of Eswatini’s size, E6.9 billion is relatively good. What is important is that it signals growth. It hasn’t always been at this level, and with the strategy we have in place, we expect that number to continue increasing.”
The year started positively with the listing of AGSPAC, a special purpose acquisition company focused on agriculture, bringing the total number of listed entities to 10. The listing added about E11 million in market value and increased overall market capitalisation by approximately 0.16 percent.
“Our economy is agriculture-based, so AGSPAC dedicated to this sector is in line with national interests,” Mdluli said, describing it as the first agriculture-focused entity on the exchange.
Despite the milestone, the CEO acknowledged the exchange remains less diversified than desired, with current listings concentrated in retail, banking and agriculture. He pointed to limited financial literacy as the main barrier to broader participation from both potential issuers and investors.
“There is still a perception that the stock exchange is for elites and high-net-worth individuals,” Mdluli said. “The truth is that the stock exchange should work for the larger economy and for everyday Emaswati.”
Mdluli added that ESE’s new strategy focuses on inclusivity, devestifying capital markets and encouraging ordinary citizens to participate as investors. He stressed that the exchange is fully automated, transparent and regulated, with systems to detect insider trading and market manipulation.
Looking ahead, Mdluli said investors should monitor increased listings, improved trading volumes and wider public participation as indicators of the exchange moving beyond a niche platform toward sustainable expansion.
“The stock exchange can do amazing things for the economy,” he said. “But for that to happen, people must see it as accessible, trustworthy and relevant to their lives.”
Discussion about this post