Key takeaways:
- Abyssinia Bank began trading on the Ethiopian Securities Exchange
- Shares jumped as high as 3,000 birr in early trading, an 87.5% intraday gain from the 1,600 birr reference price
- The bank is the sixth company admitted to the ESX Main Market
Abyssinia Bank began trading on the main board of the Ethiopian Securities Exchange on Tuesday, becoming one of the first commercial banks to list on the country’s newly established equities market as financial institutions move to tap public capital.
The bank’s shares started trading following a bell-ringing ceremony at the exchange’s trading floor, attended by officials from the Capital Market Authority, the National Bank of Ethiopia, investors and development partners.
The listing marks a new phase for the bank, which has operated for more than two decades, expanding ownership beyond existing shareholders and introducing public market disclosure requirements.
The Ethiopian Securities Exchange, launched under the government’s economic reform program, is the country’s first organized securities market, aimed at providing a regulated platform for trading shares and bonds and strengthening financial intermediation.
“Each new listing reinforces the foundations of the securities market,” exchange chief executive Tilahun Esmael said at the ceremony. He said the listing reflected growing participation by major companies in Ethiopia’s capital markets and highlighted the adoption of stronger governance, transparency and investor engagement practices.
Abyssinia Bank said joining the exchange would support greater accountability, wider shareholder participation and enhanced disclosure standards.
The bank’s entry follows efforts by authorities to develop a domestic capital market after decades of reliance on bank-based financing, with the exchange launched as part of reforms aimed at diversifying sources of finance for businesses.
Bank of Abyssinia shares jump over 87% in ESX debut
In other development, Bank of Abyssinia shares traded as high as 3,000 birr during their debut, an intraday increase of 87.5% from the bank’s 1,600 birr reference price.
The lender became the sixth company admitted to the ESX Main Market and began trading under the ticker BOAX.
Trading activity remained limited during the session, with 2,594 shares changing hands through 36 transactions. Shares traded around 2,000 birr for much of the session before some transactions were executed at higher prices later in the day, according to trading data from the Neway Trading App.
The 3,000 birr figure represented the highest reported transaction price during the session and should not necessarily be interpreted as the bank’s official closing price or the price at which most shares traded.
At the end of the session, no sell order was displayed at the best ask price, while the highest outstanding bid stood at 2,001 birr for 15 shares. Outstanding bids and offers are unexecuted orders and do not represent completed transaction prices.
