Mbabane – The Eswatini Stock Exchange recorded modest but steady growth in the first quarter of 2026, with total market capitalisation rising by 0.51% to reach E6.932 billion by the end of March, up from E6.896 billion at the close of 2025.
On a year-on-year basis, the growth is more pronounced, representing a 1.12% increase from the E6.855 billion valuation recorded in March 2025, according to the ESE First Quarter Report covering January to March 2026.
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. There are currently 10 companies listed on the Main Board, all of which are domestic. While January 2026 saw a new listing, February and March passed without any additional entrants. 
Market concentration remains a defining characteristic of the exchange, with a handful of large-cap companies dominating overall valuation. First National Bank Eswatini leads the market, accounting for 28.45% of total market capitalisation, followed closely by Royal Eswatini Sugar Corporation at 23.63% and SBC Limited at 14.27%. Swazi Empowerment Limited and Greystone Partners Limited each hold just under 10% of the market, while smaller players like Inala Capital Limited and Nkonyeni Pre-cast Limited account for marginal shares. The newest entrant, AGSPAC Limited, contributes just 0.16% to total market value.
The ESE All Share Index saw a slight increase of 0.35% during the quarter, moving from 491.45 at the end of 2025 to 493.16 by March 2026.
Individual performances were mixed. SBC Limited emerged as the top performer with a 13.89% year-on-year share price increase, while Nedbank Eswatini recorded a notable gain of 10% over the same period. Greystone Partners Limited faced a downturn, recording an 11.76% decline in share price. Major counters including FNB Eswatini and Royal Eswatini Sugar Corporation saw no change in share prices during the quarter, reflecting the limited trading activity across the exchange.
The most striking figure in the Q1 report was 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, pointing to ongoing liquidity challenges where trading volumes remain low and sporadic. Despite this quarterly dip, there was a slight year-on-year improvement, with the E248,389 turnover in Q1 2026 representing a substantial increase over the same period in 2025.
The ESE has reiterated its call for more local companies to list on the exchange, arguing that increased participation would enhance liquidity and promote financial inclusion by allowing more emaSwati to become shareholders in domestic enterprises.
