Good morning, let’s get into it!
The Botswana Stock Exchange (BSE) has shown a fascinating mix of resilience and volatility as we cross into the second quarter of 2026. While the broader economy grapples with a cyclical downturn in the diamond market, specific sectors—notably retail, telecommunications, and banking—are carving out distinct paths for investors.
Yearly Performance: From Leaders to Laggards
Based on the latest 1Y return data, here is how the top performers stacked up over the past 12 months:
Company | Yearly Return | Why it Happened |
Choppies Enterprises (CHOP) | +177.8% | Despite recent 2026 alerts regarding a diamond-led consumer slump, Choppies surged over the year due to massive free cash flow growth (up ~120%) and aggressive regional expansion. Its recovery from previous years and consistent debt repayment bolstered investor confidence. |
BTCL (Telecommunications) | +37.7% | BTC has become a "dividend darling." High dividend yields (exceeding 13%) and its status as the most traded stock on the BSE have driven massive retail interest as investors seek stable income. |
SCBB (Standard Chartered) | +20.7% | Strong earnings momentum in 2025 and a massive 65% increase in dividends per share fueled this growth. The bank's "Fit for Growth" program has successfully optimized its return on equity. |
Sechaba Brewery (SECH) | +20.0% | Driven by robust performance from its associate companies (Kgalagadi Breweries). Recent cautionary announcements predicted 2025 profits to be up to 22% higher than the previous year. |
CA Sales Holdings (CAS) | +17.9% | The FMCG specialist benefited from onboarding new clients and expanding its footprint into East Africa (Kenya, Uganda, Tanzania), protecting it from purely local economic shocks. |
FNBB (First National Bank) | +10.3% | Solid, steady growth supported by a resilient balance sheet and high interest rate environments that favored commercial lending. |
BBS Bank | +7.7% | A modest recovery as the institution continues its transition and stabilization following its conversion to a full commercial bank. |
Weekly Spotlight: The Momentum Mover
While most of the market remained flat over the last seven days, Sechaba Brewery Holdings (SECH) was the standout performer, gaining 2.6% on its weekly return.
This uptick follows investor optimism surrounding their latest financial disclosures. Although an Extraordinary General Meeting (EGM) regarding constitutional changes was recently withdrawn to allow for more shareholder consultation, the market responded positively to the underlying profit guidance, which suggests the company is still outperforming its 2024 benchmarks.
Bottom Performers & Market Reality
On the flip side, Letshego Holdings saw the sharpest decline over the year at -19.0%, followed by G4S Botswana (-9.0%) and Cresta Marakanelo (-8.6%). These sectors—micro-lending and hospitality—have felt the most direct "squeeze" from reduced consumer liquidity and the recent devaluation of the Pula.
Investor Note: The contrast between Choppies’ massive yearly gain and its recent cautionary statements highlights a market in transition. While 2025 was a year of recovery, 2026 is shaping up to be a year where "cash is king."
Source: simplywallst
