20 Oct 2026

Botswana capital market recorded a strong performance during the nine months ended September 30, with total market capitalisation across all listed instruments increasing to approximately P1.1 trillion.

This represents a growth of 62.3 per cent from P700.4 billion recorded during the corresponding period in 2025.

According to the Botswana Stock Exchange (BSE) Market Performance Report, for the period January 1 to September 30, 2026, the growth was supported by positive performance across domestic and foreign-listed equities, increased bond market activity and continued expansion of Exchange Traded Funds (ETFs).

The report says the performance reflects the positive impact of ongoing market development initiatives under the Exchange’s Product Innovation Roadmap. 

Equity market capitalisation increased by 62.3 per cent, rising from P622.9 billion as at September 30, 2025 to P1.01 trillion as at September 30 this year.

“This represent an increase of approximately P388.4 billion in market value over the period,” states the report. 

The increase, the report says is driven primarily by the foreign equity market, whose market capitalisation grew by 68.1 per cent, from P565.5 billion to P950.4 billion, while domestic equity market capitalisation increased by 6.1 per cent, from P57.5 billion to P60.9 billion.

Further, the Foreign Company Index (FCI) advanced by 45.7 per cent to 4 772.4 points, compared with a marginal gain of 0.4 per cent during the corresponding period in 2025.

The report also states that the Domestic Company Index (DCI) increased by 2.0 per cent to 11 249.7 points, while the Domestic Company Total Return Index (DCTRI), which measures capital appreciation and dividend returns, increased by 5.2 per cent to 4 116.5 points.

At company level, the report says Anglo was the strongest-performing counter, recording a share price gain of 48.4 per cent, followed by Primetime at 15.2 per cent and Investec at 12.5 per cent.

In addition, the report says Lucara recorded the largest decline, with its share price falling by 61.8 per cent, while Choppies and Letshego declined by 13.4 per cent and 6.7 per cent, respectively.

“Equity turnover amounted to P2.1 billion, during the period, making 2026 the third strongest year-to-date trading performance over the five-year period under review. Although turnover was lower than the record P5.3 billion achieved in 2025, it remained more than double the levels recorded in 2022 and 2024,” states the report.

During the first nine months of 2026, a total of 419.1 million shares were traded, First National Bank Botswana, Sechaba and Sefalana were the most actively traded counters, during the period, recording turnover of P336.7 million, P314.3 million and P229.3 million, respectively, says the report.

Collectively, as per the report, the three counters generated P880.3 million, representing approximately 41.9 per cent of total equity turnover recorded of the Exchange between January 1 and September 30 this year.

The Retail and Wholesaling sector was the largest contributor to equity turnover at 37.1 per cent, followed by Banking at 27.9 per cent, while the local institutional investors remained the dominant market participants, contributing 92.6 per cent of total equity turnover. ENDS