Market Performance
Trading activity, market size, liquidity and investor returns
Trading activity, market size, liquidity and investor returns
How did benchmark indices perform through FY2025?
DCI, DCTRI and FCI, year-end index level
DCI Domestic Company Index (price only) · DCTRI Domestic Company Total Return Index (incl. dividends) · FCI Foreign Company Index
All three indices have risen every year since FY2022, but the shape of that climb differs. DCI and DCTRI are decelerating: DCI's annual gain has eased from +15.6% (FY2023) to +12.5% (FY2024) to +9.8% (FY2025), and DCTRI shows the same slowing pattern (+25.5% → +22.6% → +16.1%), still compounding, just at a cooling pace. FCI's path is lumpier: a single outsized +57.7% jump in FY2023 does most of the work, followed by two steadier ~+15% years. Since FY2022, DCTRI has gained 78.6% and FCI has more than doubled (+109.6%) against DCI's 42.8%. The total-return and foreign-counter lines are outpacing the plain domestic price index, not just tracking above it.
Benchmark index returns: FY2025
Market composition: FY2025
Total turnover mix
Remaining ~30% (bonds and other instruments) has no published FY2025 turnover figure and is not shown as a slice.
Market-cap composition: domestic vs foreign
Foreign dual-listed companies dominate the aggregate. This is not a measure of Botswana's domestic market depth. Shown as a bar, not a donut, since the two parts are this uneven.
Domestic returns
Against December 2025 inflation of 3.9%.
Equity turnover: five-year flow
FY2018-FY2021 carry BSE's own provisional / placeholder basis, they appear only in later comparative tables and remain provisional after visual transcription. Do not read a CAGR across a provisional point.
Market activity indicator
| Indicator | FY2024 | FY2025 | Movement |
|---|---|---|---|
| Total market turnover | P7.9bn | P9.3bn | +18.1% |
| Equity turnover Under review | P1.66bn | P5.91bn | +256.1%* |
| Avg. daily equity turnover Under review | P6.7m | P24.0m | +258.2%* |
| Shares traded | 428.6m | 1.38bn | +222.1% |
| ETF turnover | P449.4m | P582.5m | +29.6% |
| Total equity market cap | P686.8bn | P710.0bn | +3.4% |
| Domestic market cap | P54.0bn | P59.8bn | +10.7% |
* FY2024 comparison base for equity turnover and average daily turnover reflects the governed original-year values (R001, R002); see Data Notes.
Liquidity ratio and market-cap detail
Record ≠ broad liquidity
A large Q2 institutional transition mandate inflated turnover. It does not indicate broadly improved everyday trading activity across the market.
Related pages
Sources: BSE Integrated Report 2025 and Annual Reports 2022-2024, visually verified.
Canonical release bse_canonical_v1_0_2, database status approved (2026-09-08).
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