According to RSE CEO, Pierre Celestin Rwabukumba, at least Frw 98 billion was mobilised through the primary market, spearheaded by the issuance and listing of two Treasury bonds under the regular Treasury bond programme.
The bonds recorded a high subscription rate of 246%, which the CEO says reflects strong investor appetite and growing confidence in Rwanda's macroeconomic stability and fiscal discipline.
Additionally, the International Finance Corporation (IFC) raised Frw 24 billion through the second tranche of its Medium-Term Note Programme, with a subscription level of 171.4%, a strong signal of Rwanda's rising attractiveness to global investors.
Another key development in July was the approval granted to Africa Medical Supplier PLC to raise Frw 5 billion through the issuance of Rwanda's first healthcare-dedicated corporate bond. The five-year bond, with a 13.25% annual yield, represents a significant step towards unlocking private capital for the health sector, enhancing access to essential medical supplies across the country.
Mahwi Grain Millers, a leading agri-processing firm, also announced plans to issue a second tranche of its corporate bond, previously listed on the RSE, showcasing how local enterprises are leveraging capital markets to support growth and contribute to national food security.
In the secondary market, trading volumes continued to rise, with investor participation approaching 100,000 active accounts. The month also saw a notable improvement in the REPO (repurchase agreement) market, where transactions reached a cumulative value of Frw 367.6 billion, providing greater flexibility for financial institutions to manage short-term liquidity.
Meanwhile, MTN Group deepened its investor relations initiatives through strategic meetings with the RSE and the Capital Market Authority, focusing on transparency, regulatory compliance, and communication with shareholders.
Reflecting on the exceptional market performance, Rwabukumba, who is also the President of the African Securities Exchanges Association (ASEA), said the momentum seen in July highlights growing investor confidence and the strategic role of capital markets in national development.
'This significant capital is set to advance key national development goals, including capital market deepening while reinforcing investor trust in Rwanda's sound fiscal policies and stable macroeconomic environment,' he noted.
"As the year progresses, the Rwanda Stock Exchange remains committed to promoting a robust and inclusive financial ecosystem," he added, encouraging more companies, including SMEs and institutional investors, to explore the capital markets as a sustainable source of financing and wealth creation.
2024 performance
Looking back at 2024, the Rwanda Stock Exchange recorded a total market turnover of Frw 129 billion, marking a 126 percent increase from the previous year. The Rwanda Share Index rose by 15.9 percent, while the All Rwanda Share Index increased by 3.6 percent, signalling steady growth and enhanced investor confidence.
By the end of 2024, the total market capitalisation was valued at $2.7 billion in equities and $1.5 billion in debt securities. Funds raised during the year amounted to Frw 271 billion, circulating approximately Frw 400 billion in the market across listed companies and bonds.
Wycliffe Nyamasege
