Mbabane – The Eswatini Stock Exchange (ESE) recorded a 1.64 per cent increase in market capitalisation during the second quarter of 2026, with the value of listed shares rising from more than E6.9 billion at the end of March to over E7 billion by the end of June.
Monitoring and Surveillance Officer Mayibongwe Maziya said the growth was largely driven by increased demand for selected listed shares.
Maziya was speaking in an interview with Eswatini TV’s Market View.
The rise in market capitalisation was supported by gains in the share prices of Nedbank Eswatini and Royal Eswatini Sugar Corporation (RES).
Nedbank Eswatini’s share price increased from E16.50 to E17.27, while RES rose from E17.00 to E18.07.
The improved performance was also reflected in the ESWI All Share Index, which increased from 493.16 points at the end of May to 509.25 points at the end of June.
Maziya described the index as a measure of the overall performance of the local stock market.
He explained that when the index rises, it generally reflects improved performance among listed shares, while a decline indicates weaker market conditions.
On an annual basis, Baobab Partners recorded the highest gain at 15.38 per cent, followed by Nedbank Eswatini at 14.67 per cent, First Petroleum at 13.39 per cent and Mbabane at 5.88 per cent.
During June, shares worth approximately E110 000 were traded, with more than 41 500 shares changing hands.
Although trading activity improved from May, it remained below the level recorded during the same period last year.
Meanwhile, the corporate bond market recorded a decline during the period under review.
The total value of corporate bonds fell by 11.67 per cent from E2.107 billion at the end of May to E1.861 billion at the end of June.
Maziya attributed the decline mainly to the maturity of six corporate bonds, while only one new bond commenced trading during the period.
In contrast, outstanding government bonds increased to approximately E27.75 billion, representing quarterly growth of 6.8 per cent.
During the quarter, one new government bond and four reopened bond issues began trading.
Maziya explained that a bond reopening occurs when the Government issues additional amounts of an existing bond under the same terms and conditions, instead of creating a new bond.
He said the capital market provides businesses with an alternative avenue to raise funds through the issuance of shares and bonds.
According to Maziya, businesses can use the funds raised to expand operations, invest in new projects, improve productivity and create employment.
He said the market also provides members of the public with opportunities to invest and build wealth, while contributing to the growth of pension and retirement savings.
The capital market, he said, contributes to economic activity through business expansion, increased production, tax revenue and investment.
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