Overview and History
LATEST RATES
ESE All Share Index: 479.62      ESE Market Capitalisation (SZL): 6,730,941,409      Bank Rate: 7.50      Prime Rate: 11.00      Inflation: 4.30      USD/SZL: 18.69      GBP/SZL: 23.43      CAD/SZL: 13.65      EUR/SZL: 20.04      CHF/SZL: 20.50      JPN/SZL: 0.1190     
LATEST PRICES
FNBE: E14.83/share       GRYS: E3.40/share       INALA: E1.50/share       NED: E15.00/share       NPC: E1.50/share       RSC: E17.00/share       SBC: E8.90/share       SEL: E39.00/share       SWP: E8.00/share      
LATEST NEWS
AGM NOTICE: SBC AGM NOTICE     FINANCIAL RESULTS: INALA CAPITAL LIMITED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023     AGM NOTICE: NEDBANK ESWATINI LIMITED AGM NOTICE 2024     DIVIDEND NOTICE: ROYAL ESWATINI SUGAR CORPORATION DECLARATION OF FINAL DIVIDEND NUMBER 64     DIVIDEND NOTICE: NEDBANK DIVIDEND DECLARATION FOR THE YEAR ENDED 31 DECEMBER 2023     FINANCIAL RESULTS: NEDBANK AFS FOR THE YEAR ENDED 31 DECEMBER 2023     FINANCIAL RESULTS: SBC LIMITED ABRIDGED AFS FOR THE YEAR ENDED 31 DECEMBER 2023     FINANCIAL RESULTS: NKONYENI PRECAST LIMITED IFS AS OF 31 DECEMBER 2023     DIVIDEND NOTICE: DECLARED INTERIM DIVIDEND OF FIRST NATIONAL BANK OF ESWATINI LIMITED     FINANCIAL RESULTS: FIRST NATIONAL BANK of ESWATINI Abridged IFS 31 December 2023     AGM NOTICE: INALA CAPITAL LIMITED AGM NOTICE 2024     AGM NOTICE: GREYSTONE PARTNERS LIMITED AGM NOTICE 2024     FINANCIAL RESULTS: Greystone Partners Limited Reviewed Financial results for the year ended 30 June 2023     FINANCIAL RESULTS: Inala Capital Limited Reviewed financial results for the half year ended 30 June 2023     FINANCIAL RESULTS: SWAZI EMPOWERMENT LIMITED IFS 2023     CAUTIONARY ANNOUNCEMENT: GREYSTONE PARTNERS LIMITED FURTHER CAUTIONARY AND PROPOSED TRANSACTION ANNOUNCEMENT     CAUTIONARY ANNOUNCEMENT: INALA CAPITAL LIMITED FURTHER CAUTIONARY AND PROPOSED TRANSACTION ANNOUNCEMENT     FINANCIAL RESULTS: ROYAL ESWATINI SUGAR CORPORATION IFS 30.09.2023     DIVIDEND NOTICE: DECLARED DIVIDEND ANNOUNCEMENT FOR SBC LIMITED     CAUTIONARY ANNOUNCEMENT: INALA CAUTIONARY AND PROPOSED TRANSACTION ANNOUNCEMENT     CAUTIONARY ANNOUNCEMENT: GREYSTONE CAUTIONARY AND PROPOSED TRANSACTION ANNOUNCEMENT     FINANCIAL RESULTS: SWAPROP LIMTED AFS 30 JUNE 2023     AGM NOTICE: SBC LIMITED AGM NOTICE 2023     FINANCIAL RESULTS: INALA CAPITAL LIMITED AFS 2022     FINANCIAL RESULTS: INALA CAPITAL LIMITED AFS 2022     FINANCIAL RESULTS: GREYSTONE PARTNERS LIMITED AFS 2022     FINANCIAL RESULTS: NEDBANK ESWATINI LIMITED IFS 2023     DIVIDEND NOTICE: ROYAL ESWATINI SUGAR CORPORATION DECLARATION OF INTERIM DIVIDEND NUMBER 63     FINANCIAL RESULTS: SWAZI EMPOWERMENT LIMITED AFS 2023     AGM NOTICE: ROYAL ESWATINI SUGAR CORPORATION LIMITED AGM NOTICE 2023     DIVIDEND NOTICE: DECLARATION OF FINAL DIVIDEND NUMBER 62     FINANCIAL RESULTS: CONDENSED RESULTS FOR THE YEAR ENDED 31 MARCH 2023     DIVIDEND NOTICE: DECLARED DIVIDEND ANNOUNCEMENT OF SWAZI EMPOWERMENT LIMITED     DIVIDEND NOTICE: NEDBANK LIMITED FINAL DIVIDEND DECLARATION     AGM NOTICE: NEDBANK ESWATINI LIMITED AGM NOTICE 2023     DIVIDEND NOTICE: SWAPROP - DECLARED DISTRIBUTION ANNOUNCEMENT     FINANCIAL RESULTS: NEDBANK AFS FOR THE YEAR ENDED 31 DECEMBER 2022     FINANCIAL RESULTS: SBC LIMITED AFS FOR THE YEAR ENDED 31 DECEMBER 2022     FINANCIAL RESULTS: SWAPROP INTERIM FINANCIAL STATEMENTS AS OF 31ST DECEMBER 2022     FINANCIAL RESULTS: SWAZI EMPOWERMENT LIMITED IFS 2022     DIVIDEND NOTICE: DECLARED DIVIDEND ANNOUNCEMENT OF SWAZI EMPOWERMENT LIMITED     CAUTIONARY ANNOUNCEMENT: ROYAL ESWATINI SUGAR CORPORATION CAUTIONARY STATEMENT     DIVIDEND NOTICE: SBC LIMITED DIVIDEND DECLARATION     FINANCIAL RESULTS: ROYAL ESWATINI SUGAR CORPORATION IFS 30.09.2022     FINANCIAL RESULTS: INALA CAPITAL LIMITED IFS 2022     FINANCIAL RESULTS: GREYSTONE PARTNERS LIMITED IFS 2022     DIVIDEND NOTICE: GREYSTONE PARTNERS DIVIDEND DECLARATION     FINANCIAL RESULTS: NEDBANK ESWATINI LIMITED AFS 2021     FINANCIAL RESULTS: INALA CAPITAL LIMITED AFS 2021     FINANCIAL RESULTS: GREYSTONE PARTNERS LIMITED AFS 2021     PRESS RELEASE: INALA CAPITAL Q3 REPORT - 2022     PRESS RELEASE: SBC LIMITED Q3 REPORT - 2022     PRESS RELEASE: GREYSTONE Q3 - REPORT     FINANCIAL RESULTS: SWAPROP Results for the year ended 30 June 2022     CAUTIONARY ANNOUNCEMENT: SWPROP - CAUTIONARY October 2022     FINANCIAL RESULTS: NEDBANK INTERIM FINANCIAL STATEMENTS 2022     AGM NOTICE: INALA CAPITAL AGM NOTICE OCTOBER 2022     AGM NOTICE: GREYSTONE AGM NOTICE 2022     AGM NOTICE: SEL AGM NOTICE 2022     AGM NOTICE: SBC AGM NOTICE OCTOBER 2022     FINANCIAL RESULTS: SBC LIMITED AND SUBSIDIARIES GROUP RESULTS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2022     DIVIDEND NOTICE: RES DECLARATION OF FIRST INTERIM DIVIDEND NUMBER 61     FINANCIAL RESULTS: SWAZI EMPOWERMENT LIMITED AFS 2022     DIVIDEND NOTICE: NEDBANK DECLARATION OF FINAL DIVIDEND JUNE 2022     FINANCIAL RESULTS: THE ROYAL ESWATINI SUGAR CORPORATION LIMITED AND ITS SUBSIDIARIES CONDENSED RESULTS FOR THE YEAR ENDED 31 MARCH 2022     CAUTIONARY ANNOUNCEMENT: SWPROP CONSIDERATION OF TWO POTENTIAL TRANSACTIONS MAY 2022    
Home     About ESE     Overview and History

Overview and History

History

A move towards a formal structure for capital markets development in Eswatini dates back to 1989 when a working party under the direction of the Central Bank of Eswatini was commissioned to examine if there were economic benefits to be derived from establishing a stock exchange. 

The working party concluded that there was a need and an opportunity for such a move and proposed, as a first step, the formation of a stockbroking company, Swaziland Stockbrokers Limited (SSL), which was licensed under the existing banking legislation pending the drafting of a securities law.

The Swaziland Stock Market (SSM) was established in 1990 as a non-bank credit institution in terms of the Financial Institutions (Consolidated) Order, 1975 under Section 18 (1) (b).

For eight years the Swaziland Stock Market operated as an over-the-counter single-stockbroker facility. It was not until July 1999 that a fully-fledged stock exchange, the Swaziland Stock Exchange (SSX), was inaugurated.
 

Our Evolution

In 2003, the SSX was incorporated in terms of the Companies Act, 1912 as a public company (Swaziland Stock Exchange Limited) utilising Central Bank staff as promoters for the purpose of its registration. 

After the promulgation of the Securities Act, 2010, the SSX was transferred to the Financial Services Regulatory Authority (FSRA) in January 2013 and operated as a ‘quasi-company’ within the Capital Markets Development (CMD) Division. 

From January 2017, the SSX moved out of the FSRA to be an independent institution, on the 3rd Floor, East Wing of Ingcamu (PSPF) Building.

In February 2019, the Swaziland Stock Exchange (SSX) changed its name to Eswatini Stock Exchange (ESE), which coincided with the launch of its new LOGO and Automated Trading System (ATS). 

In March 2019, the ESE held its Inaugural Listings and Investments Conference under the theme “Opening the ESE to the Business Community as a Gateway to Raising Capital”, which aimed at opening the ESE to the business community, discuss the benefits of listing on the exchange for private companies (both Big Corporates and SMEs), the listing process and requirements, and engage with companies that have the potential to list on the ESE.

Our Values
Vision

We strive to be the most functional stock exchange in Africa providing an attractive investment environment.

Mission

We enable companies to list and investors to trade in securities thus, enabling an effective mobilisation of capital in order to promote economic development in Eswatini.

Our Core Values
  • Passion: Creativity and innovation - Personal learning, growth, development, and coaching others.
  • Respect: Teamwork and collaboration - Knowledge sharing and communication, and Customer orientation.
  • Integrity: Corporate and personal ethics - Credibility, transparency and accountability, and Risk management.
  • Discipline: Committed to realising value and converting value to competitive advantage - Committed to continuous improvement.
  • Execution: Achievement driven – Excellence and Results focused.
Regulatory Environment

The ESE is regulated by the Financial Services Regulatory Authority (FSRA) and is governed by two (2) pieces of legislation, the Companies Act and the Securities Act. 

For regulating the affairs of the members (stockbrokers), the ESE utilises the ESE Trading Rules and Rule Book which provide, as the main objective thereof, “to operate a Stock Exchange in Eswatini with due regard to the public interest to maintain fair and efficient dealing in securities for the protection of investors and regulate the affairs of members.”

In addition, the Exchange has a set of Listings Requirements which provide the pre-listings requirements and continuing obligations to be observed by the issuers of listed securities. The ESE has different Listings Requirements governing the different types of securities e.g. Debt (including green, social and sustainable bonds), Equities and Exchange Traded Products (ETFs, ETNs etc.). The emphasis is to make sure that issuers disclose adequate information to investors and the public to facilitate informed investment decision making.

International Affiliations

The ESE is a member of the Committee of SADC Stock Exchanges (CoSSE) — The Committee of SADC Stock Exchanges was established in 1997 and is a collective body of the various stock exchanges in the Southern African Development Community (SADC). Although CoSSE is essentially a private sector association, it forms part of SADC structures as it has a formal status under the SADC Finance and Investment Protocol (FIP).

The African Securities Exchanges Association (ASEA) — The African Securities Exchanges Association is the Premier Association of Securities Exchanges in Africa, that have come together with the aim of developing Member Exchanges, promoting capital market business and providing a platform for networking.

The the Association of National Numbering Agencies (ANNA) — In its role as the local National Numbering Agency, the Eswatini Stock Exchange is committed to issue International Securities Identification Numbers (ISINs) in accordance with ISO 6166, a standard that provides a uniform structure for international securities identification numbers.

SADC Stock Exchanges (CoSSE) Logo
African Securities Exchanges Association (ASEA) Logo
Association of National Numbering Agencies (ANNA) Logo
ESE Products

Currently, the products that can be listed on the ESE include Equities, Bonds & Exchange Traded Products. The ESE continues to be pivotal to Eswatini’s financial system, and in particular the capital market, as an avenue on which government, quasi-government and the private sector can raise capital. The ESE plays host to the most pre-eminent companies doing business in Eswatini. These companies represent a spectrum of industries and commerce: Sugar & Ethanol, Banking, Holding Company, Real Estate, Private Equity, Financial Services, Wholesaling & Retailing.