Africa-Press – Eswatini. Eswatini’s stock market witnessed a spectacular surge in December 2023, with its market capitalisation increasing by 42.06 per cent, from E4.67 billion to E6.63 billion.
This like was highlighted in the Eswatini Stock Exchange (ESE) month end report for December.
The increase has been largely fuelled by the highly anticipated listing of First National Bank of Eswatini (FNB) on December 5.
It indicated that FNB’s arrival injected valuable depth and liquidity into the market, attracting investors and boosting overall confidence.
When compared to December 2022, the market is reported to have achieved an even more impressive year-on-year growth of 52.03 per cent, showcasing a consistent upward trajectory and highlighting the growing strength of the Eswatini economy.
It further cited that FNB commanded the highest ESE market share at 29.73 per cent
FNB’s strong presence is reported to have revitalised local companies, encouraging them to tap into the Eswatini market for capital.
FNB’s listing followed the successful listing of Nkonyeni Pre-Cast Limited, showcasing investor confidence and a growing appetite for Eswatini-based equities.
Indicated
ESE further indicated that Inala Capital Limited reigned supreme, enjoying a stellar 7.14 per cent year-on-year increase in value, solidifying its position as a top performer.
Greystone Partners Limited followed closely with a commendable 6.25 per cent gain, demonstrating strong market confidence in its operations.
Nedbank Eswatini Limited is also reported to have joined the winners’ circle, achieving a respectable 6.23 per cent growth, showcasing its continued relevance and stability.
Swazi Empowerment Limited (SEL) managed a 2.7 per cent increase, offering positive returns to its investors despite falling short of the top ranks.
SWAPROP, on the other hand, is reported to have endured a challenging year, with its share price declining by a significant -5.06 per cent.
The exchange highlighted that the decline in share price resulted in a capital loss for the company, highlighting the dynamic nature of the market and the potential for setbacks.
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