Mbabane- The Eswatini Stock Exchange (ESE) recorded a marginal increase in market capitalisation in July, with the value of listed equities rising to E7.053 billion despite a sharp decline in trading activity.
According to the ESE July 2026 Month-End Report, market capitalisation increased from E7.046 billion in June to E7.053 billion at the end of July, representing a 0.10 per cent month-on-month growth.
The market also remained above its level a year ago, with market capitalisation rising 5.72 per cent from E6.671 billion recorded in July 2025.
The monthly increase was largely supported by Nedbank Eswatini Limited, whose share price rose from 1,720 cents to 1,750 cents during the month.
First National Bank Eswatini remained the largest counter on the local bourse, accounting for 27.97 per cent of total market capitalisation at E1.972 billion.
It was followed by Royal Eswatini Sugar Corporation Limited, which accounted for 24.59 per cent at E1.734 billion, while SBC Limited contributed 14.02 per cent, valued at E989 million.
Other major counters included Greystone Partners Limited at E689.8 million, Swazi Empowerment Limited at E684.5 million and Nkonyeni Pre-cast Limited at E268.5 million.
Nedbank Eswatini had a market capitalisation of E431.2 million, while Swaziland Property Investments Limited stood at E186 million.
The increase in market capitalisation was mirrored by the ESE All-Share Index, which edged up from 501.25 points in June to 501.77 points in July.
On a year-on-year basis, the index gained 5.55 per cent from 475.38 points recorded in July 2025.
However, the rise in market value came against a decline in activity on the equities market.
Shares worth only E82,999 were traded during July, with 12,666 shares changing hands. This represented a 25.06 per cent decline in trading value from the previous month.
Nedbank recorded the strongest annual share price performance, gaining 16.67 per cent, followed by SBC Limited at 13.89 per cent and Royal Eswatini Sugar Corporation at 5.88 per cent.
Greystone Partners recorded a year-on-year decline, while Swazi Empowerment, Swaziland Property Investments, Inala Capital, Nkonyeni Pre-cast and First National Bank Eswatini recorded no movement in their respective share prices over the same period.
The ESE maintained 10 companies on its Main Board during July, with no new listings recorded.
All 10 companies were domestic counters, pointing to the continued reliance of the local equity market on existing listed companies.
Meanwhile, activity in the debt market weakened during the month.
The value of outstanding corporate bonds fell by 4.10 per cent, from E1.861 billion in June to E1.785 billion at the end of July.
The decline was attributed to bonds maturing during the month exceeding the value of newly commenced bonds.
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