The Eswatini Stock Exchange (ESE) recorded no movement in its equity market during July 2025, with market capitalisation holding steady at E6.67 billion.
According to the month-end report, the number of listed companies remained at nine, with First National Bank Eswatini maintaining the largest share at 29.56% of the total market value. Royal Eswatini Sugar Corporation Limited followed with 24.55%, while Swazi Empowerment Limited and SBC Limited accounted for 10.26% and 13.02% respectively.
The report showed that there were no new listings during the period under review, and the All-Share Index stood unchanged at 475.38 points. However, on a year-on-year comparison, the index fell by 3.37%, dropping from 491.98 in July 2024. 
Trading activity was muted, with the ESE recording zero trades in July, a sharp decline from E16.5 million worth of trades in June. On an annual basis, turnover fell by 96.53%, from E86,354 in July 2024 to just E2,000 in July 2025.
Company share movements showed mixed results. SBC Limited gained 1.12% year-on-year, while Greystone Partners Limited fell by 23.53%. Inala Capital Limited also dropped by 20%, and Swazi Empowerment Limited lost 5.41%. Other listed firms, including Nedbank Eswatini and FNB, recorded no price changes.
On the debt side, corporate bonds were valued at E1.89 billion, reflecting a 0.96% monthly decline but a 15.2% annual increase compared to July 2024. Five corporate bonds commenced trading in July, including issues from FINCORP, SBC Limited and Select Limited, with a combined value of E119.2 million. At the same time, eight bonds matured, amounting to E167.6 million.
Government bonds grew by 4.43% month-on-month, reaching E6.99 billion. This was boosted by four new issuances worth E296.7 million, led by the Ministry of Finance through the Central Bank of Eswatini.
In corporate announcements, Swazi Empowerment Limited declared an interim dividend of E15.54 million, paying out 84 cents per share to its shareholders. Greystone Partners Limited also released its audited financial results for the year ended December 2025.
As part of its financial inclusion drive, the exchange continued hosting training sessions for high school students at the Central Bank Recreational Hall, with participation from schools such as Swazi National, Lobamba, Sibovu, Lubulini and Ikwezi. The ESE also took part in the Waterford KaMhlaba Career and Fair Day, where it introduced young people to opportunities in the financial markets.
