The Botswana Stock Exchange recorded strong growth across its major market segments in the first seven months of 2026, with total market capitalisation climbing 57.9% year-on-year to approximately P1.1 trillion, even as equity trading activity eased from the exceptional levels recorded in 2025.
According to the BSE’s market performance report for the period from 1 January to 31 July 2026, the increase in market value was driven overwhelmingly by foreign-listed companies, while domestic equities posted more moderate gains. The period also saw substantial growth in exchange-traded funds (ETFs), stronger activity in government bonds and several steps towards connecting the Botswana market with international capital and commodity markets.
The equity market's overall performance was positive, although the gains were uneven between domestic and foreign-listed counters. The Domestic Companies Index (DCI) rose 1.4% to 11,188.2 points by the end of July, while the Domestic Companies Total Return Index, which accounts for both share price appreciation and dividends, increased 4.4% to 4,084.9 points.
The strongest performance came from foreign-listed companies. The Foreign Companies Index (FCI) jumped 40.1% to 4,590.24 points, compared with a marginal 0.1% gain during the corresponding period in 2025. The BSE identified the performance of foreign-listed counters as the standout contributor to the broader market's gains.
The difference was also reflected in market capitalisation. Equity market capitalisation increased 57.1%, from P620.5 billion at 31 July 2025 to P974.8 billion a year later. Foreign companies accounted for most of that increase, with their combined market capitalisation rising 62.2% from P563.6 billion to P914.2 billion.
Domestic companies, meanwhile, saw their market capitalisation increase 6.6% from P56.9 billion to P60.6 billion.
At the individual share level, Anglo was the best-performing counter during the period, with its share price gaining 42.2%. PrimeTime followed with a 15.2% increase, while Botswana Telecommunications Corporation gained 9.0% and Investec rose 7.3%.
Other notable gains came from Sefalana, up 6.6%, Tlou Energy, up 6.0%, FNBB, up 4.6%, and BIHL, which gained 3.2%.
The market also had several decliners. Choppies recorded the largest fall, with its share price dropping 13.4%, followed by Lucara at 10.1% lower and Letshego, which declined 5.6%. Of the 33 companies covered in the report, 14 recorded share price increases, 16 had no share price movement and three declined.
Trading activity was considerably lower than the unusually high levels seen in 2025, but remained above the levels recorded before last year's spike. Equity turnover stood at P1.67 billion in the seven months to July, compared with P5.23 billion during the same period in 2025.
The decline nevertheless needs to be viewed against the exceptional 2025 figure. Turnover in 2026 was still 87.3% higher than the P893.1 million recorded in 2024 and more than three times the P536.9 million recorded in 2023. Average daily turnover stood at P11.8 million, compared with P36.8 million in 2025 and P6.2 million in 2024.
A total of 334.5 million shares changed hands during the period, down sharply from 1.24 billion in 2025 but broadly comparable with the 352.4 million shares traded in 2022. The higher value of turnover relative to those earlier periods suggests that prices, rather than trading volumes alone, contributed to the stronger value of transactions.
Trading was concentrated among a relatively small group of counters. FNBB was the most actively traded company, generating P292.8 million in turnover, followed by Sechaba with P242.7 million and Sefalana with P196.7 million. Together, the three companies accounted for 43.8% of total equity turnover.
The Retail and Wholesaling sector generated the largest share of equity turnover at 37.5%, equivalent to P626.8 million. Banking followed with 29.2%, or P488 million, while Property and Property Trusts accounted for 13.9%, or P232.2 million. Financial Services and Insurance contributed a further 13.3%, or P223 million.
The composition of investors remained heavily weighted towards domestic institutions. Local institutional investors accounted for 94.7% of equity turnover, representing approximately P1.58 billion. Local retail investors contributed 3.7%, while foreign institutional investors accounted for 0.9% and foreign retail investors 0.7%.
The figures highlight the continued importance of pension funds, asset managers, insurers and other institutional investors to liquidity on the domestic exchange, while also pointing to the relatively limited participation of individual and foreign investors.
One of the clearest areas of expansion was the ETF market. ETF turnover increased 186.9% from P295.1 million in the first seven months of 2025 to P846.8 million in 2026. Units traded increased 82.9%, from 1.22 million to 2.23 million.
NewGold remained the most actively traded ETF, generating P541.8 million in turnover, although its price declined 1.2%. NewPlat generated P293.9 million in turnover but recorded a sharper 25% decline in price.
The BSE also expanded its ETF offering with the listing of three Satrix feeder ETFs in July. The Satrix S&P 500 Feeder ETF, Satrix MSCI Emerging Markets Feeder ETF and Satrix MSCI World Equity Feeder ETF provide locally traded exposure to US, emerging-market and developed-market equities.
The three new ETFs all recorded positive initial performance by the end of July, with the Satrix MSCI World ETF gaining 10.7%, the S&P 500 feeder ETF rising 9.3% and the emerging markets ETF increasing 7.9%.
The bond market provided another source of growth. Total bond turnover increased 33.4% to P2.76 billion from P2.07 billion in the corresponding period of 2025, while bond market capitalisation rose 13.3% to P44.4 billion from P39.2 billion.
Government securities accounted for most of the activity. Government bond turnover rose 47.1% from P1.82 billion to P2.68 billion, while their market capitalisation increased from P33.9 billion to P38.1 billion.
As at 31 July, the bond market comprised 132 listed debt securities, including 72 corporate bonds, 53 commercial paper instruments and seven government bonds.
Beyond market performance, the BSE also made progress on its internationalisation agenda during the period. It signed an agreement with the Abu Dhabi Securities Exchange to join the Tabadul platform, making it the first African exchange and the 11th exchange globally to join the network.
The BSE Group also signed a memorandum of understanding with Dubai Multi Commodities Centre to establish what the exchange describes as Africa's first multi-commodity sister-hub trading corridor between Gaborone and Dubai.
Together with the expansion of the ETF market, these initiatives point to an exchange seeking to broaden both the products available to domestic investors and Botswana's connection to international markets.
The first seven months of 2026 therefore presented a mixed but broadly positive picture for the BSE. Equity turnover has normalised sharply from the exceptional 2025 levels, but remains above the market's pre-2025 trajectory. At the same time, market capitalisation has reached a record level, foreign-listed equities have delivered substantial gains, ETFs have expanded rapidly and the bond market has continued to grow.
The figures also expose some of the market's structural constraints. Trading remains heavily concentrated among local institutional investors and a handful of sectors and companies, while foreign and retail participation remains comparatively small. How effectively the BSE can broaden that investor base, while building on its international links and expanding its range of products, will be central to sustaining the market's growth beyond 2026.