ESE market cap remains flat at E7.053bn in Aug

MBABANE – The Eswatini Stock Exchange (ESE) market capitalisation remained flat at E7.053 billion in August 2026, with no month-on-month change recorded in the value of listed equities.

According to the ESE August 2026 Month-End Report, market capitalisation stood at E7.053 billion at the end of both July and August, representing a 0.00 per cent monthly change. The exchange said the stability reflected no changes in the market value of listed equities’ share prices during the month under review.

Despite remaining unchanged over the month, the value of the local equity market was 3.96 per cent higher than a year earlier, increasing from E6.784 billion at the end of August 2025 to E7.053 billion at the end of August 2026.

The August performance means the market maintained the level reached in July, when market capitalisation increased marginally from E7.046 billion in June to E7.053 billion. There were 10 companies listed on the ESE Main Board at the end of August, all of them domestic companies, with no new listings recorded during the month.

First National Bank of Eswatini (FNB) remained the largest company on the exchange by market capitalisation, accounting for 27.97 per cent of the total market value, equivalent to E1.972 billion.

Royal Eswatini Sugar Corporation (RES) followed with a 24.59 per cent share, representing E1.734 billion. SBC Limited accounted for 14.02 per cent, with a market capitalisation of E989.023 million, while Greystone Partners held 9.78 per cent at E689.765 million.

Swazi Empowerment Limited accounted for 9.71 per cent, with a market value of E684.5 million.

Nedbank Eswatini represented 6.11 per cent of the market at E431.202 million, followed by Nkonyeni Pre-cast at 3.81 per cent, SWAPROP at 2.64 per cent, Inala Capital at 1.22 per cent and AGSPAC at 0.16 per cent.

The ESE All-Share Index also remained unchanged during August, closing the month at 501.77.

The index recorded a month-on-month change of 0.00 per cent, reflecting no significant changes in the performance of listed equities during the month. However, compared with August 2025, the index was 3.79 per cent higher, rising from 483.43 to 501.77.

The exchange said this annual growth reflected the positive performance of listed equities over the 12-month period.

Several counters recorded annual share-price gains. SBC Limited recorded the largest increase among the established counters, rising 11.41 per cent from 920 cents per share in August 2025 to 1 025 cents in August 2026. Nedbank Eswatini increased by 9.38 per cent from 1 600 cents to 1 750 cents, while RES rose 5.88 per cent from 1 700 cents to 1 800 cents.

Greystone Partners increased 3.45 per cent from 290 cents to 300 cents.

Share prices for Swazi Empowerment Limited, Inala Capital, Nkonyeni Pre-cast Limited and First National Bank of Eswatini remained unchanged over the same period.

The ESE separately clarified the substantial movement in the SWAPROP share price during the year. SWAPROP’s price fell from 800 cents per share at the end of August 2025 to 19 cents at the end of August 2026, representing a 97.63 per cent decline.

The exchange said the movement was not driven by adverse market conditions or deterioration in the company’s underlying fundamentals. Instead, it followed a corporate action involving the conversion of linked debentures into shares and subsequently a 30-for-1 share split.

The ESE explained that a share split increases the number of issued shares while reducing the price per share, without changing the issuer’s market capitalisation.

It, therefore, cautioned the decline in SWAPROP’s share price should not be interpreted as a loss of shareholder value or a reflection of market sentiment towards the company.

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