Good morning, let’s get into it!
The Botswana Stock Exchange (BSE) has shown remarkable movement over the past year, with the Domestic Company Index (DCI) hitting record highs this month. From massive retail rebounds to banking stability, here is your breakdown of the winners and laggards based on the latest market data.
Yearly Performance: The Leaders and Laggards
1. Choppies Enterprises (CHOP-EQO)
1Y Return: +177.8%
The Driver: Choppies has staged a phenomenal recovery. After a period of intense restructuring and debt repayment, the group saw a massive surge in investor confidence throughout 2025. While recent 2026 reports suggest a slight squeeze in profit margins due to a dip in consumer liquidity (linked to the diamond market slump), its 118% growth in free cash flow has kept investors bullish on its long-term liquidity.
2. Botswana Telecommunications (BTCL-EQO)
1Y Return: +37.7%
The Driver: BTCL’s aggressive push into the digital economy has paid off. Their transition into 5G services and high-speed broadband infrastructure across Botswana has solidified their revenue base, making them a favorite for those betting on the country's "Digital Transformation" strategy.
3. CA Sales Holdings (CAS-EQO)
1Y Return: +17.9%
The Driver: Resilience in the FMCG (Fast-Moving Consumer Goods) sector. Despite a constrained consumer environment, CAS achieved 17% growth in headline earnings per share by expanding into East Africa and maintaining tight cost controls.
4. Sechaba Brewery Holdings (SECH-EQO)
1Y Return: +12.1%
The Driver: Steady demand and consistent dividend payouts continue to make Sechaba a defensive staple in local portfolios.
5. The Banking Sector (FNBB, ABBL, SCBB)
1Y Returns: 9.9%, 7.6%, 5.3% respectively.
The Driver: Botswana’s major banks remain the bedrock of the exchange. FNBB leads the pack with nearly 10% growth, driven by high interest rates and increased digital transaction volumes, while Absa and Standard Chartered maintain steady, moderate growth.
The Bottom Performers
Letshego Africa Holdings (LETS-EQO): -19.0%
The Reason: While their Southern African operations (Namibia/Mozambique) are recovering well, the overall group has been weighed down by strategic "portfolio actions" and the winding down of certain discontinued operations.
G4S Botswana (G4S-EQO): -9.0%
The Reason: Increased competition in the security sector and rising operational costs have pressured margins for the security giant over the last 12 months.
Turnstar Holdings (TURN-EQU): -8.8%
The Reason: A slower recovery in the commercial property sector and shifting dynamics in retail rental markets.
Weekly Movers: Who’s Gaining Right Now?
While most of the market remained flat this week (0% movement), a few stocks showed signs of life:
Company | Weekly Change | Note |
Chobe Holdings (CHOB) | +0.3% | Supported by a post-COVID tourism boom and strong occupancy rates in the Okavango. |
FNBB / NAP | +0.2% | Small upticks likely due to dividend reinvestment and portfolio rebalancing. |
ABBL / BIHL | +0.1% / 0.04% | Minor gains as institutional investors look for safe yields. |
Market Insight: The "0% change" seen across many stocks this week highlights a period of cautious observation. Investors are currently weighing the government's recent budget revisions against the cyclical downturn in the diamond industry.
Source: simplywallst
