Top 10 African Countries with the Largest Stock Market Trading Volumes in 2025

In Summary

• African stock exchanges are projected to reach $343.67 billion in trading volumes and $1.42 trillion in market capitalization by the end of 2025, reflecting robust investor confidence and growing financial market depth.
• Growth is largely driven by high-performing sectors such as energy, telecommunications, and financial services, with leading exchanges in South Africa, Morocco, and Nigeria attracting substantial domestic and international investment.
• The introduction of mobile-based bonds, ETFs, derivatives, and cross-border partnerships has enhanced liquidity, broadened market participation, and positioned African exchanges as increasingly competitive in global financial markets.

Deep Dive!!

Friday, August 29, 2025—Africa’s financial markets are witnessing a remarkable transformation, marked by a combination of regulatory reforms, technological adoption, and macroeconomic stability across the continent. Stock exchanges are increasingly benefiting from structural economic adjustments, rising commodity prices, and investor-friendly policies that have boosted market participation. Analysts note that countries such as South Africa, Morocco, and Nigeria are spearheading this momentum, while emerging exchanges in Ghana, Kenya, and Namibia are gaining attention for their rapid modernization initiatives. As we highlighted in our previous report titled; Top 10 Fastest-Growing Stock Indices in Africa 2025, these developments are creating an ecosystem where both institutional and retail investors are actively engaged, signaling a maturing capital market environment across Africa.

According to recent projections, total trading volumes across African stock exchanges are expected to reach approximately $343.67 billion by the end of 2025, with an aggregate market capitalization of $1.42 trillion. These figures reflect not only the scale of Africa’s financial markets but also the increasing confidence of global investors in the continent’s economic prospects. Commentators highlight that this surge is fueled by high-performing sectors such as energy, telecommunications, and financial services, which continue to attract significant foreign direct investment. Market analysts point out that countries with robust regulatory frameworks and investor protections are seeing the largest inflows, demonstrating a direct correlation between governance and trading performance.

Investor sentiment is further reinforced by innovative financial instruments and improved market accessibility. Exchanges like the Nairobi Securities Exchange and the Casablanca Stock Exchange have introduced mobile-based bonds, derivatives, and ETFs, enabled broader participation and enhanced liquidity. These initiatives are bridging gaps between traditional finance and retail investors, while also attracting institutional capital. Furthermore, regional partnerships, such as those between the Namibian Stock Exchange and the Johannesburg Stock Exchange, have amplified cross-border investment opportunities, making African stock markets increasingly integrated and competitive on a global scale.

In this article, we have explored the top 10 African nations with the largest stock market trading volumes in 2025, these trends underscore Africa’s emergence as a significant frontier for investment and financial innovation in 2025. Check them out!

10. Tunis Stock Exchange (TSE), Tunisia

The Tunis Stock Exchange (TSE), officially known as the Bourse de Tunis (BVMT), stands as a pivotal financial institution in North Africa. Despite being relatively smaller in comparison to its regional counterparts, the TSE plays a crucial role in Tunisia's economic landscape. Established in 1969, the exchange has been instrumental in providing a platform for companies to raise capital and for investors to participate in the country's economic growth. As of early 2025, the market capitalization of the TSE was approximately $8.8 billion, reflecting its significant yet modest position among African stock exchanges.

In 2025, the TSE has demonstrated a positive performance trajectory. The benchmark index, the Tunindex, reached a high of 11,904.07 points in late August, marking a 19.7% increase since the beginning of the year. This upward trend indicates a growing investor confidence and a favorable economic environment within Tunisia. Notably, the average daily trading volume has seen an increase, reaching 18.2 million Tunisian dinars in July, up from 14.5 million dinars in June, suggesting heightened market activity.

The first half of 2025 witnessed a 6% increase in the total income of companies listed on the TSE, amounting to 12.8 billion dinars (approximately $4.5 billion). This growth underscores the resilience and profitability of Tunisian enterprises amidst global economic challenges. Additionally, the listing of BNA Assurances on the main market in August 2025 brought the total number of listed companies to 75, reflecting the exchange's ongoing efforts to diversify and expand its offerings.

While the TSE may not match the trading volumes of larger African exchanges, its consistent performance and strategic initiatives position it as a significant player in the region's financial markets. The exchange's focus on transparency, regulatory reforms, and investor education continues to enhance its appeal to both domestic and international investors. As Tunisia progresses with its economic reforms and integration into global markets, the TSE is poised to play an increasingly vital role in facilitating capital flows and supporting sustainable economic development.

9. Lusaka Securities Exchange (LuSE), Zambia

The Lusaka Securities Exchange (LuSE) has solidified its position as a key player in Zambia's financial sector, with a market capitalization of approximately $9.8 billion as of April 2025. This growth reflects a 130.8% increase from the previous year, highlighting the exchange's resilience and attractiveness to investors. LuSE's performance is particularly notable given Zambia's economic challenges, including a 4.5% GDP growth in the first half of 2025, which underscores the exchange's role in facilitating capital formation and investment in the country.

In 2025, LuSE introduced several initiatives aimed at enhancing its market offerings and investor engagement. The extension of trading hours from four to five hours daily and the launch of Zambia's first U.S. dollar-denominated Real Estate Investment Trust (REIT) are significant steps in diversifying investment opportunities. Additionally, the completion of the second tranche of the Copperbelt Energy Corporation (CEC) Renewables Green Bond, totaling over $150 million, underscores LuSE's commitment to sustainable investment practices.

LuSE's strategic initiatives have not gone unnoticed. In May 2025, the exchange was honored with the "Securities Exchange of the Year" and "Most Innovative Multi-Asset Trading Platform" awards by the Pan Finance Awards. These accolades recognize LuSE's strong market performance, innovative product offerings, and efforts in financial education, such as the "Teach a 1000 Learners" program and the upcoming "LuSE Academy.”

Looking ahead, LuSE aims to further enhance its market liquidity and investor participation. CEO Nicholas Kabaso emphasized the importance of a well-developed local capital market in financing sustainable economic growth and maintaining financial stability. With a low market capitalization-to-GDP ratio currently under 10%, LuSE's growth potential remains substantial, positioning it as a central institution for capital market and economic development in Zambia.

8. Namibia Securities Exchange (NSX), Namibia

The Namibia Securities Exchange (NSX), based in Windhoek, stands as a significant financial institution in Southern Africa. As of May 2025, the NSX boasts a market capitalization of approximately N$2 trillion (about $130 billion USD), positioning it among the continent's notable exchanges. This robust market cap reflects the exchange's pivotal role in Namibia's economic landscape, offering a platform for both local and international investors.

A key factor contributing to the NSX's prominence is its strategic partnership with the Johannesburg Stock Exchange (JSE) in neighboring South Africa. This alliance facilitates dual listings, allowing companies to access capital from both markets, thereby enhancing liquidity and investor confidence. For instance, several prominent companies, including Anglo-American, Namibia Breweries Ltd, and Shoprite Holdings, are listed on both the NSX and JSE, underscoring the exchange's integration into the regional financial ecosystem.

In 2024, the NSX underwent a significant rebranding, transitioning from the Namibian Stock Exchange to the Namibia Securities Exchange. This move aligns with its mission to deepen capital markets in Namibia and enhance its appeal to a broader investor base. The rebranding reflects a commitment to modernization and a forward-looking approach to financial market development.

Looking ahead, the NSX aims to continue its trajectory of growth by expanding its product offerings and fostering greater market participation. Through its partnership with the JSE and ongoing efforts to diversify its listings, the NSX is poised to play a crucial role in the economic development of Namibia and the broader Southern African region.

7. Botswana Stock Exchange (BSE), Botswana

The Botswana Stock Exchange (BSE), established in 1989 and based in Gaborone, is a pivotal financial institution in Southern Africa. As of March 2025, the BSE reported a market capitalization of approximately BWP 54.2 billion (about $4.3 billion USD), reflecting its significant role in the regional capital markets. Despite challenges in the global diamond industry, which have impacted Botswana's economy, the BSE has demonstrated resilience and continues to attract both local and international investors.

The BSE operates with 36 listed companies across various sectors, including banking, retail, and telecommunications. Notable listings include Botswana Telecommunications Corporation (BTC), First National Bank Botswana (FNBB), and Choppies Enterprises. These companies contribute to the BSE's diverse investment opportunities, catering to a broad investor base. The exchange's regulatory framework, governed by the Botswana Stock Exchange Act, ensures transparency and investor protection, fostering a stable investment environment.

In recent years, the BSE has made significant strides in modernizing its operations. Under the leadership of CEO Thapelo Tsheole, the exchange introduced the first Exchange Traded Funds (ETFs) in Botswana's history, enhancing the variety of investment products available to investors. These initiatives aim to increase market liquidity and attract a more diverse investor demographic, including institutional investors and retail participants.

Looking forward, the BSE aims to continue its growth trajectory by expanding its product offerings and improving market accessibility. The exchange's strategic focus includes enhancing its technological infrastructure to facilitate seamless trading experiences and exploring avenues for cross-border listings and partnerships. These efforts are expected to bolster the BSE's position as a leading stock exchange in Southern Africa, contributing to the region's economic development and integration into the global financial system.

6. Ghana Stock Exchange (GSE), Ghana

The Ghana Stock Exchange (GSE) has emerged as a standout performer in Africa's capital markets, recording a remarkable 56.17% gain in 2024, making it one of the best-performing stock markets globally during that period. This surge propelled the GSE Composite Index from 3,130.23 points at the start of the year to 4,888.53 by year-end, marking its best performance since 2013. The rally was fueled by investor optimism stemming from Ghana's successful debt restructuring and stabilization efforts, which have bolstered confidence in the country's economic outlook.

In the first quarter of 2025, the GSE continued its upward trajectory, with the Composite Index rising by 27.19% year-to-date, and the Financial Stock Index climbing 28.50%. Notable gainers included Clydestone (Ghana) PLC, which saw a dramatic 100% increase, and TotalEnergies Marketing Ghana PLC, which surged 60.75% following a significant rise in profits from GHS 169 million in 2023 to GHS 277 million in 2024. This performance underscores the growing investor confidence in Ghana's financial markets.

The GSE's market capitalization reached GHS 136.99 billion by the end of March 2025, a 7.18% increase from February, indicating a broad-based rally across sectors. The surge in trading volumes, with a 572.87% year-on-year spike in the number of transactions, reflects a shift towards higher-value investments, with institutional and high-net-worth investors playing a more prominent role.

Looking ahead, the GSE aims to sustain this growth by expanding its product offerings and enhancing market accessibility. Initiatives such as the introduction of Commercial Papers and the "Ring the Bell for Gender Equality" campaign highlight the exchange's commitment to fostering a more inclusive and diversified investment environment. These efforts position the GSE as a leading exchange in West Africa, attracting both regional and international investors seeking opportunities in a stable and reform-oriented market.

5. Nairobi Securities Exchange (NSE), Kenya

The Nairobi Securities Exchange (NSE) stands as the leading stock exchange in East Africa, with a market capitalization of approximately KES 2.71 trillion (about $20 billion) as of late August 2025. This positions the NSE among Africa's top exchanges by market size. In 2024, the exchange experienced a 41% increase in trading turnover, reflecting a surge in investor confidence and market activity.

A significant contributor to this growth is the NSE's innovative approach to financial products. The introduction of mobile-based bonds, such as the M-Akiba bond, has revolutionized access to investment opportunities. These bonds allow retail investors to purchase government securities via mobile phones, with a minimum investment of just KES 3,000. The ease of access and low entry barriers have democratized investment, attracting a broader demographic, including the unbanked population.

In the first quarter of 2025, the NSE continued to demonstrate robust performance. On August 28, 2025, the exchange recorded a total of 30,384,782 shares traded across 4,471 deals, with a turnover of KES 464,250,055.80. This represents a 13% improvement in trading volume and a 41% increase in turnover compared to the previous trading day.

Looking ahead, the NSE is poised for further growth. The introduction of single-stock futures and the listing of international exchange-traded funds (ETFs) are expected to enhance market liquidity and attract foreign investment. These initiatives align with the NSE's strategy to diversify its product offerings and solidify its position as a leading financial hub in Africa.

4. Egyptian Exchange (EGX), Egypt

The Egyptian Exchange (EGX) has solidified its position as a leading financial hub in North Africa, with a market capitalization of approximately EGP 1.5 trillion (about $48.22 billion) as of August 2025. In 2024, the EGX achieved a record trading volume of 266.6 billion units, marking a significant increase from 208 billion units in 2023. This surge reflects a broader trend of revitalized investor confidence, driven by comprehensive economic reforms and strategic policy initiatives.

A pivotal factor in the EGX's resurgence has been the government's aggressive privatization program, initiated in late 2023. This program aims to offer shares in 61 state-owned companies, including banks and industrial firms, to the public. The government targets raising up to $6.5 billion through these offerings by the end of 2024. The successful execution of these offerings has not only bolstered market liquidity but also attracted a diverse range of investors, both domestic and international.

In the first half of 2025, the EGX welcomed over 123,000 new retail investors, a significant increase from the previous year's 100,000. This influx is indicative of the growing public interest in capital markets, fueled by improved economic conditions and enhanced financial literacy programs. The introduction of innovative financial products, such as the EGX35-LV index, which tracks the 35 most liquid and low-volatility stocks, has further diversified investment options and appealed to risk-averse investors.

Looking ahead, the EGX is poised for continued growth. The government's ongoing commitment to economic reforms, coupled with the development of infrastructure projects like the New Administrative Capital and the expansion of the Suez Canal, is expected to stimulate further investment. Additionally, the EGX's integration into global financial markets through initiatives like the MSCI index inclusion is anticipated to enhance its visibility and attract foreign capital, reinforcing Egypt's position as a key player in Africa's financial landscape.

3. Nigerian Exchange Group (NGX), Nigeria

The Nigerian Exchange Group (NGX), encompassing the Nigerian Stock Exchange and the Nigerian Exchange Limited, stands as a leading financial institution in West Africa. As of July 2025, the NGX All-Share Index reached a historic high of 131,585.66 basis points, reflecting a robust 4.31% weekly gain. This surge underscores the market's resilience and investor confidence amid evolving economic dynamics.

In the first half of 2025, the NGX experienced a significant uptick in market capitalization, crossing the ₦85 trillion mark. This growth was driven by a combination of factors, including increased foreign and domestic investments, favorable macroeconomic policies, and a diversified product offering that attracted a broad spectrum of investors. The NGX's strategic initiatives, such as the introduction of innovative financial instruments and enhanced market infrastructure, have played a pivotal role in this expansion.

The NGX's performance in 2025 has positioned it as a key player in Africa's financial landscape. The exchange's commitment to transparency, regulatory excellence, and investor education has bolstered its reputation and attracted a diverse investor base. Looking ahead, the NGX aims to sustain its growth trajectory by leveraging technological advancements and expanding its product offerings to meet the evolving needs of the market.

In conclusion, the Nigerian Exchange Group's remarkable performance in 2025 reflects its strategic initiatives and the broader economic trends in Nigeria. As the NGX continues to innovate and adapt to market demands, it is poised to maintain its position as a leading exchange in Africa, contributing significantly to the continent's economic development.

2. Casablanca Stock Exchange (CSE), Morocco

The Casablanca Stock Exchange (CSE) is a prominent financial institution in Africa, ranking as the continent's second-largest stock market by market capitalization. As of August 2025, the CSE's market capitalization stood at approximately $116 billion USD (1.043 trillion MAD), reflecting a significant increase from $77.6 billion USD at the end of 2024. This growth underscores the exchange's expanding role in regional and international finance.

In 2024, the CSE experienced a remarkable 70% surge in average daily trading volume, reaching $37.5 million USD. This increase was driven by a combination of factors, including greater sectoral diversification, particularly in transport services, healthcare, and construction. Additionally, the exchange's modernization efforts, such as the introduction of an electronic trading platform and the establishment of a central scrip depository, have enhanced market efficiency and investor confidence.

A significant development in 2025 was the launch of the CSE's derivatives market, which introduced futures contracts based on the MASI 20 index. This move allows investors to take long and short positions and trade baskets of stocks, thereby broadening market flexibility. The CSE plans to expand this offering to include interest rate futures, single-stock futures, and equity options, aiming to attract a more diverse investor base and increase market liquidity.

Looking ahead, the CSE is well-positioned to continue its growth trajectory. The exchange's strategic initiatives, such as the introduction of innovative financial products and the development of infrastructure projects like Casablanca Finance City, are expected to further enhance its status as a leading financial hub in Africa. These efforts align with Morocco's broader economic goals and are anticipated to attract increased foreign investment, contributing to the continued expansion of the CSE.

1. Johannesburg Stock Exchange (JSE), South Africa

The Johannesburg Stock Exchange (JSE) stands as Africa's largest and most developed stock exchange, with a market capitalization exceeding $1 trillion as of August 2025. This positions the JSE among the top 20 exchanges globally, reflecting its significant role in international finance. The exchange's robust infrastructure and diverse listings continue to attract a wide range of investors, solidifying its status as a key player in the global financial markets.

In the first half of 2025, the JSE reported a 13.2% increase in net profit after tax, reaching R557.8 million, driven by elevated equity market activity and broad-based revenue growth across its core business. This performance underscores the exchange's resilience and its ability to adapt to global economic challenges.

The JSE has also been proactive in enhancing market participation through various initiatives. For instance, the JSE SME Rise program continues to empower small and medium-sized enterprises by providing structured support in areas such as business acceleration and funding readiness. These efforts contribute to the diversification and growth of South Africa's capital markets.

Looking ahead, the JSE is exploring the feasibility of extending trading hours to align with global trends. This consideration reflects the exchange's commitment to meeting the evolving needs of investors and maintaining its competitive edge in the international financial landscape.