The Botswana Stock Exchange (BSE)’s main platform, the Domestic Companies Index, shed 4.69% in 2019, weighed down by massive losses in heavyweights such as Letshego and Standard Chartered.
The DCI’s performance was however an improvement from losses of 11.4% in 2018 and 5.8% in 2017.
For 2019, Letshego, a homegrown pan-African microlender, was the biggest loser, shedding 56.2% of its value despite posting solid profits. Market analysts said shareholders appeared spooked by an exodus of executives reportedly due to differences in strategic outlook at Letshego.
The BSE’s losses were also fuelled by below trend gains in those counters that performed
First National Bank Botswana, the DCI’s biggest counter, gained 16.3% in value during 2019, but this was still insufficient to tip the index towards positive territory.