Staff Writer
The Botswana Stock Exchange (BSE) has recorded a robust performance in the first eleven months of 2025, with total market turnover rising by 14.3 percent to P8.7 billion, driven largely by a sharp rebound in equity trading.
This is captured in the newly released data by the BSE.
According to the BSE Market Performance Report for the period 1 January to 30 November 2025, equity market turnover surged by an extraordinary 268.6 percent year-on-year, climbing from P1.5 billion in 2024 to P5.47 billion in 2025. Average daily equity turnover rose nearly fourfold to P24.3 million, underscoring renewed investor appetite and heightened trading activity on the local bourse.
The report shows that market indices also posted solid gains. The Domestic Company Index (DCI) advanced by 6.5 percent, while the Domestic Company Total Return Index (DCTRI), which includes dividends, rose by 12.7 percent. The Foreign Company Index (FCI) outperformed both, appreciating by 15.6 percent during the review period.
As a result, total equity market capitalisation expanded by 11.6 percent to P708.2 billion, supported by growth in both domestic and foreign listings, reads the report.
BSE added that among individual counters, Choppies emerged as the top performer, recording a 48.1 percent increase in share price, while G4S registered the steepest decline, shedding 62.9 percent. Overall, 19 of the 33 listed companies posted price gains, reflecting broadly positive market sentiment.
Further, BSE highlighted that trading activity was concentrated in a few heavyweights. The report states that FNBB led the market by turnover at P917.9 million, followed by Sefalana Holdings at P608.7 million and Sechaba Holdings at P449.9 million. Combined, the three counters accounted for just over 36 percent of total equity turnover during the period.
The report further highlights the dominance of local institutional investors, who accounted for 92.4 percent of total equity turnover, equivalent to P5.05 billion. Local individual investors contributed 6.8 percent, while foreign investors remained marginal, collectively accounting for less than one percent of trading activity.
Furthermore, Exchange Traded Funds (ETFs) also maintained an upward trajectory, with turnover increasing by 22.6 percent to P500.6 million. NewGold and NewPlat ETFs stood out, recording strong price gains of 66.6 percent and 71.4 percent respectively, benefiting from favourable movements in precious metal prices, revealed the market report.
Be that as it may be, in contrast, the bond market experienced a slowdown in trading. Total bond turnover declined by 52 percent to P2.75 billion, largely due to reduced activity in government bonds.
However, the BSE maintained that corporate bond trading grew by 68.4 percent to P304.8 million, while overall bond market capitalisation rose by 7.4 percent to P40.0 billion, supported by higher government bond values.
Even so, despite softer bond trading, the BSE noted continued depth in the debt market, with 101 listed debt instruments by the end of November 2025, comprising government bonds, corporate bonds, commercial paper and a sustainable bond.
Overall, the report denotes a picture of a market regaining momentum in 2025, anchored by strong equity performance, rising retail and institutional participation, and resilient capitalisation levels, even as bond market activity moderated.
