The Botswana Stock Exchange (BSE) has reported a record-breaking growth in market activity for the third quarter of 2025, with total turnover soaring to P7.82 billion, representing a 46.8% increase from the P5.33 billion recorded during the same period in 2024.
According to the BSE Market Performance Report released this week, the surge was driven largely by equities, which saw turnover skyrocket by 440.1%, climbing from P977.5 million in 2024 to P5.23 billion in 2025. Exchange Traded Funds (ETFs) also recorded robust growth, while bond market activity fell significantly despite an expansion in overall capitalisation, said the BSE.
The report states that the equity market was the clear standout performer, with shares traded rising more than fourfold to 1.26 billion shares. Average daily equity turnover jumped sharply from P5.9 million in 2024 to P32.4 million in 2025, marking a 449.2% increase. According to the BSE, leading the charges was the First National Bank Botswana (FNBB), which accounted for P909 million in turnover, followed by Sefalana (P588.7 million) and CA Sales (P435.6 million). Together, the top three counters contributed 36.6% of total equity turnover.
Further to this, BSE revealed that price movements were equally positive across much of the market. The Domestic Companies Index (DCI) gained 5.0%, while the Domestic Companies Total Return Index (DCTRI) climbed 9.5%, buoyed by share price increases in more than half of listed companies. The biggest gainer was BBS Bank, whose share price appreciated by 40.0%, followed by Choppies (34.6%) and Standard Chartered Bank (24.1%). However, G4S registered the steepest decline, losing 59.2% of its value, noted the BSE.
Furthermore, the BSE report said the Exchange Traded Funds market registered a turnover of P319.1 million, up 57.3% from 2024. The NewGold ETF remained the most actively traded, delivering a 38.6% return, while the NewPlat ETF surged by 50.5%, more than doubling its turnover to P108.6 million. By contrast, the NewPalladium ETF slumped by 39.5% with negligible trading activity.
According to the BSE, bond market turnover fell by 46.4%, from P4.15 billion in 2024 to P2.22 billion in 2025. Despite this sharp decline in trading activity, total bond market capitalization rose 10.5% to P39 billion, underpinned by a 16% expansion in government bonds. Moreover, the data showed that corporate bonds showed resilience, with turnover nearly doubling from P153.6 million to P304.8 million, while commercial papers and sustainable bonds also registered modest activity.
In addition, the BSE denoted that institutional investors continue to dominate. To this end, Trading remained heavily dominated by institutional players. Local institutions accounted for 93.2% of total equity turnover, while local individuals contributed 6.4%, equivalent to P338.1 million. Foreign investors remained marginal participants, contributing less than 0.5% of the market turnover, said the BSE.
Moreover, the BSE noted that the period was characterised by “strong equity market activity, robust ETF growth, moderate domestic equity gains, constrained foreign equity performance, and a resilient bond market with higher capitalization despite reduced trading activity.”
According to market analysts, the unprecedented surge in equities points to increasing investor confidence in domestic counters, although the limited participation by foreign investors highlights a growth opportunity for the exchange going forward.
