Bank of Abyssinia’s shares jumped as much as 87.5 percent on their trading debut on Tuesday, revealing a growing investor interest in Ethiopia’s fledgling capital market as Africa’s newest stock exchange continues to gather momentum.
The lender’s shares climbed to 3,000 birr during intraday trading from a reference price of 1,600 birr, marking one of the strongest debuts since the Ethiopian Securities Exchange (ESX) began operations in January 2025.
Trading under the ticker BOAX, the bank became the sixth company admitted to the ESX Main Market and one of the first commercial banks to list on the country’s newly established bourse as financial institutions increasingly tap public markets to diversify their funding sources.
The listing marks another milestone in Ethiopia’s efforts to build a domestic capital market after decades of relying almost exclusively on bank financing. Authorities see the exchange as a key pillar of broader economic reforms designed to deepen financial markets, improve corporate governance and create new investment opportunities for local and foreign investors.
Trading activity remained relatively modest during the session, with 2,594 shares changing hands across 36 transactions. Most trades were executed around 2,000 birr before several later transactions lifted the price to 3,000 birr, according to data from the Neway Trading App.
The exchange noted that 3,000 birr represented the highest transaction price during the session and should not be interpreted as the official closing price or the level at which most shares changed hands.
For the bank, the listing opens a new chapter by expanding ownership beyond its existing shareholder base while subjecting it to higher standards of corporate governance, transparency and public disclosure.
For Africa’s second most populous nation, it represents another step in developing a modern securities market capable of mobilising long-term capital for businesses and reducing the country’s dependence on traditional bank lending.
The exchange established under Prime Minister Abiy Ahmed’s economic liberalisation programme, is expected to play a central role in opening one of Africa’s largest economies to deeper private-sector investment.
The exchange now hosts six listed companies. Wegagen Bank, Gadaa Bank and Ethio Telecom joined the market last year, while Awash Bank, Abay Bank and Bank of Abyssinia have listed this year, signalling growing confidence in Ethiopia’s nascent capital market.
‘Each new listing reinforces the foundations of the securities market,’ Tilahun Esmael, CEO of ESX said during the listing ceremony.
He said the latest listing reflected increasing participation by major Ethiopian companies and demonstrated stronger commitments to corporate governance, transparency and investor engagement. The exchange targets nine company listings in its initial phase, aiming for at least 50 listed firms by 2029
Bank of Abyssinia said joining the exchange would strengthen accountability, broaden shareholder participation and enhance disclosure standards.