- Strong equity turnover in 2025 signals rising liquidity and sustained investor participation on Botswana’s stock market
GAZETTE REPORTER
The Botswana Stock Exchange (BSE) recorded its highest equity turnover since inception in 2025, with the total value of shares traded reaching P5.9 billion.
The Exchange said the figure highlights the volume of capital channelled into shares during the year and underscores its role in facilitating capital formation, mobilisation and allocation within the economy. The closest comparable performance was recorded in 2023, when total equity turnover amounted to P4.1 billion.
Trading Levels
“This amount of P5.9 billion in the value of shares traded translates into P24.0 million per day on average,” the BSE said in its market performance report for the period January 1 to December 31, 2025.
The Exchange said this represents funds moving daily “from those buying shares to those selling shares and exiting or reducing their investment positions.”
“It is also a significant amount in that higher levels of money exchanging hands daily show deeper capacity by investors to support entrepreneurship and private sector development,” the BSE said.
The Exchange added that turnover levels are closely watched by companies considering listing. “Those willing to list companies on the Exchange watch closely, for the reasons that it indicates the extent to which their shares can be supported and the extent to which price discovery takes place in the market to unlock intrinsic valuations,” it said.
Market Growth
Total market capitalisation grew by 3.4 percent, increasing from P686.8 billion in 2024 to P710.0 billion in 2025, according to the BSE.
“As a percentage of the size of Botswana’s economy, the BSE total equity market capitalization amounted to over 2.5 times the Gross Domestic Product of Botswana,” the Exchange said.
The growth was driven by increases in both domestic and foreign market capitalisation, which expanded by 10.7 percent and 2.7 percent respectively. “These increases reflect movements in share prices as well as changes in the number of securities issued over the year,” the BSE noted.
“The size of the market, and also its growth, as represented by market cap is another indicator that entrepreneurs who want to list their companies on the Exchange watch closely,” it said. “As the market cap of a company grows, so does the wealth of all shareholders, including the founders.”
Sector Activity
Retail and wholesaling accounted for the largest share of equity turnover in 2025, representing 32.8 percent, or P1.9 billion, of total trading.
“This is the sector where you find three of the top five companies that traded the most in 2025, being Sefalana, Sechaba and CA Sales,” the BSE said. The sector also included Choppies, whose share price rose the most during the year.
The banking sector followed, with trading activity amounting to P1.5 billion, or 26.1 percent of total equity turnover. “This turnover was dominated by First National Bank Botswana, whose share transactions alone accounted for nearly a billion (P920.8 million), making it the most actively traded company in 2025,” the Exchange said.
Investor Sentiment
“This significant inflow of investment is an expression of expectations of a healthy consumer buying power in these companies,” the BSE said.
“When investors buy shares in a company, they are expressing a sentiment in the operations and management of a company, just as they sell shares of such a company,” it added.