Summary
- The stock market in Africa is forecasted to have a market cap of US$1.42 trillion by the close of 2025.
- Currently, 29 stock exchanges are operating in Africa, totaling approximately $1.6 trillion in market capitalization.
- The Johannesburg Stock Exchange (JSE) stands as the largest and most advanced stock exchange on the continent, exceeding $1 trillion in market cap.
- By the end of 2025, the total trading volume in Africa’s stock markets is expected to reach US$343.67 billion.
Dive Deeper!
Africa’s economic landscape indicates a promising future for numerous capital markets, hosting six out of the ten fastest-growing economies globally. The technology, consumer goods, and infrastructure sectors are primarily responsible for this growth, presenting investors with appealing opportunities within Africa’s stock markets.
As 2025 approaches, the continent’s stock exchanges are witnessing substantial growth driven by economic improvements, heightened investor confidence, and a rise in commodity prices. According to expert analysis, Africa’s market capitalization in stock exchanges is expected to hit US$1.42 trillion by the end of 2025, followed by a projected annual growth rate (CAGR 2025-2026) of 5.99%, resulting in an estimated US$1.51 trillion by 2026. Additionally, market volume in Africa’s stock market is anticipated to reach US$343.67 billion in 2025.
The Johannesburg Stock Exchange (JSE) of South Africa is recognized as the foremost capital and stock exchange in Africa. Among the 29 stock exchanges across the continent, which boast a total market capitalization of approximately $1.6 trillion, the JSE is not only the largest but also the most sophisticated, with a market cap exceeding $1 trillion. Following it, the Nigerian Stock Exchange (NSE) is the largest in West Africa, valued at around $70 billion. The Nairobi Securities Exchange (NSE) of Kenya takes the lead in East Africa with innovative offerings like mobile-based bonds.
It’s crucial to acknowledge the growing diversity and dynamism within Africa’s capital markets. While the Johannesburg Stock Exchange continues to set the pace as the continent’s financial center, other exchanges such as Nigeria’s NGX, Egypt’s EGX, and Ghana’s GSE are quickly rising to prominence. The BRVM exemplifies cross-border cooperation in the region, while smaller markets like Zambia and Zimbabwe show resilience and attract investor interest despite adversities.
As Africa progresses towards urbanization, technological advancement, and greater integration into the global financial landscape, these exchanges are poised to play a critical role in mobilizing capital for development, supporting small and medium enterprises (SMEs), and enhancing financial access. This article outlines the top 10 stock exchanges in Africa, highlighting their market capitalizations, economic backgrounds, and recent performances.
Top 10 Stock Exchange Markets in Africa for 2025: Discover Them!
10. Zimbabwe Stock Exchange (ZSE) – Zimbabwe
Market Capitalization: US$7.5 billion (adjusted for local currency)
2024 Performance: +112% in ZWL terms, although performance can vary significantly due to inflation and exchange rate issues
Listed Companies: Over 50 including Econet Wireless, Delta Corporation, and Innscor Africa
Key Sectors: Consumer Goods, Telecommunications, Agriculture
Economic Context: Despite macroeconomic challenges like high inflation and currency devaluation, Zimbabwe’s stock exchange has provided a safe haven for investors seeking protection against inflation. In 2024, the ZSE emerged as one of Africa’s best-performing exchanges in local currency terms, primarily due to investors flocking to equities amid economic uncertainties. The government has been working to stabilize the economy by implementing stricter monetary policies and encouraging investments from the diaspora.
9. Bourse Régionale des Valeurs Mobilières (BRVM) – West African Economic and Monetary Union (WAEMU)
Coverage: Services eight West African nations — Benin, Burkina Faso, Guinea-Bissau, Côte d’Ivoire, Mali, Niger, Senegal, and Togo.
Market Capitalization: US$12 billion
2024 Performance: +29.7%
Listed Companies: About 46
Key Sectors: Banking, Agriculture, Industry, Services
Economic Context: Unique in its multi-country service using a shared currency (the CFA franc), the BRVM promotes economic unity and cross-border investments. Côte d’Ivoire, the largest economy in the region with a GDP around US$75 billion, makes up over 35% of the BRVM’s market capitalization. Continuous upgrades to infrastructure and digital services have enhanced accessibility for both retail and institutional investors in Francophone West Africa.
8. Nairobi Securities Exchange (NSE) – Kenya
Market Capitalization: Approximately US$20 billion
2024 Performance: +34.1% in local currency; +65.3% in USD
Key Sectors: Banking, Agriculture, Telecommunications
Economic Context: Offering political stability and economic reforms, Kenya’s diversified economy, boasting a GDP of around US$110 billion, has made the NSE a favorable destination for investors.
7. Lusaka Securities Exchange (LuSE) – Zambia
Market Capitalization: US$4.7 billion
2024 Performance: +44.1%
Key Sectors: Mining, Banking, Retail
Economic Context: Zambia’s emphasis on debt restructuring and infrastructure growth, coupled with escalating copper prices, has revitalized its economy, reflected in a GDP of around US$29 billion, significantly enhancing stock market performance.
6. Ghana Stock Exchange (GSE) – Ghana
Market Capitalization: US$5.7 billion.
2024 Performance: +56.2%
Key Listings: MTN Ghana, AngloGold Ashanti, Ecobank Ghana
Economic Context: Following a $3 billion IMF bailout and efforts for fiscal consolidation, Ghana’s economy, with a GDP estimated at US$77 billion, has seen significant recovery, bolstering investor confidence and leading to a robust stock market.
5. Egyptian Exchange (EGX) – Egypt
Market Capitalization: US$40.3 billion
2024 Performance: The EGX30 Index increased by 19.5%
Key Sectors: Banking, Real Estate, Industrial Manufacturing
Economic Context: Egypt’s favorable strategic position and varied economy with a GDP around US$387 billion continue to draw investments, supported by ongoing infrastructure projects and economic reforms.
4. Botswana Stock Exchange (BSE) – Botswana
Market Capitalization: US$52.5 billion
Key Listings: Anglo American Plc, First National Bank Botswana, Botswana Insurance Holdings
Economic Context: With prudent fiscal policies and a diamond-fueled economy, Botswana’s GDP is approximately $18 billion, fostering a strong financial environment that positions the BSE as a vital entity in the region.
3. Casablanca Stock Exchange (BVC) – Morocco
Market Capitalization: $69.8 billion
Listed Companies: 76
Key Sectors: Banking, Construction, Telecommunications.
Economic Context: Morocco, with a GDP of roughly $140 billion, is marked by political stability and strategic reforms that enhance its financial sector, with the BVC serving as a central hub for North African investments.
2. Nigerian Exchange (NGX) – Nigeria
Market Capitalization: US$70 billion
2024 Performance: +37.7%
Key Sectors: Energy, Telecommunications, Banking
Economic Context: As Africa’s largest economy, with a GDP approximating US$477 billion, Nigeria has witnessed its stock market thrive due to economic reforms like currency liberalization and subsidy eliminations, attracting both local and foreign investors.
1. Johannesburg Stock Exchange (JSE) – South Africa
Market Capitalization: US$1.07 trillion
Listed Companies: Around 354
Key Sectors: Mining, Financial Services, Telecommunications.
Economic Context: With a GDP of roughly US$399 billion in 2024, South Africa remains the most industrialized economy in Africa. Established in 1887, the JSE continues to lead the continent’s capital markets, providing a wide array of investment options.
