Top 10 Stock Exchange Markets in Africa 2025

In Summary

• The market capitalization in the Stock market in Africa is projected to reach US$1.42tn by the end of 2025.
• There are currently 29 stock exchanges operating in Africa, with a combined market capitalization of around $1.6 trillion.
• The Johannesburg Stock Exchange (JSE) is the largest and most developed stock exchange in Africa. It has a market capitalization of over $1 trillion.
• The market volume within the Stock Exchange market in Africa is expected to be US$343.67bn by the end of 2025.

Deep dive!!

Africa’s economic indicators suggest a positive outlook for many capital markets in the continent—which is currently home to six of the world’s ten fastest-growing economies. Key sectors driving this growth include technology, consumer goods, and infrastructure. These sectors offer attractive investment opportunities and are key players in Africa’s stock exchange market.

The turn of the year 2025 has seen Africa's stock exchanges experiencing significant growth driven by economic reforms, increased investor confidence, and a surge in commodity prices. Expert reports reveal that the market capitalization in the stock exchange market in Africa is projected to reach US$1.42tn by the end of 2025, and it is anticipated to demonstrate an annual growth rate (CAGR 2025-2026) of 5.99%, leading to a projected total of US$1.51tn by 2026. Also, the market volume within the Stock market in Africa is expected to be US$343.67bn in 2025.

The Johannesburg Stock Exchange (JSE) of South Africa is the leading capital and stock exchange market in Africa. Out of the total 29 stock exchanges operating in Africa, with a combined market capitalization of around $1.6 trillion, the Johannesburg Stock Exchange (JSE) is the largest and most developed in Africa. It has a market capitalization of over $1 trillion, with the next in line being the Nigerian Stock Exchange (NSE)—which is the largest in West Africa, with a market capitalization of around $70 billion. The Nairobi Securities Exchange (NSE) of Kenya leads the stock exchange pack in East Africa, and this can be traced to its innovative products, such as mobile-based bonds.

However, it is important to note that Africa's capital markets are increasingly diverse and dynamic. While the Johannesburg Stock Exchange remains the continent’s financial powerhouse—leading by a large margin, other exchanges such as Nigeria’s NGX, Egypt’s EGX, and Ghana’s GSE are rapidly emerging as influential players. Cross-border exchanges like the BRVM also exemplify regional integration, and even smaller markets like Zambia and Zimbabwe demonstrate resilience and investor interest under challenging circumstances.

As Africa continues to urbanize, digitize, and integrate into the global financial system, these exchanges are expected to play a pivotal role in mobilizing capital for development, supporting SMEs, and deepening financial inclusion. In this article, we highlight the top 10 stock exchanges in Africa, emphasizing their market capitalizations, economic contexts, and recent performances.​

Here are the Top 10 Stock Exchange Markets in Africa 2025. Check them out!

10. Zimbabwe Stock Exchange (ZSE) – Zimbabwe

Market Capitalization: US$7.5 billion (local currency adjusted)

2024 Performance: +112% in ZWL terms, though performance fluctuates significantly due to inflation and exchange rate volatility

Listed Companies: Over 50, including Econet Wireless, Delta Corporation, and Innscor Africa

Key Sectors: Consumer Goods, Telecommunications, Agriculture

Economic Context: Despite facing macroeconomic instability, including triple-digit inflation and currency devaluation, Zimbabwe's stock exchange has remained a refuge for investors seeking inflation hedges. In 2024, the ZSE was one of Africa’s top-performing bourses in local currency terms, largely driven by investor flight to equities amid economic uncertainty. The government has launched efforts to stabilize the economy by introducing tighter monetary controls and encouraging diaspora investments.

9. Bourse Régionale des Valeurs Mobilières (BRVM) – West African Economic and Monetary Union (WAEMU)

Coverage: Serves eight West African countries — 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: The BRVM is unique as it serves multiple countries using a common currency (the CFA franc), which helps in promoting economic integration and cross-border investment. Côte d’Ivoire, the region's largest economy with a GDP of around US$75 billion, accounts for over 35% of BRVM’s market capitalization. The exchange has been actively modernizing its infrastructure and digital services, increasing accessibility for retail and institutional investors across 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 terms ​

Key Sectors: Banking, Agriculture, Telecommunications​

Economic Context: Kenya's diversified economy, with a GDP of around US$110 billion, has benefited from political stability and economic reforms, making the NSE an attractive 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 focus on debt restructuring and infrastructure development, coupled with rising copper prices, has revitalized its economy, with a GDP of approximately US$29 billion, and boosted its 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: Ghana's economy, with a GDP of around US$77 billion, has rebounded strongly due to a $3 billion IMF bailout and fiscal consolidation efforts, leading to increased investor confidence and a bullish stock market.

5. Egyptian Exchange (EGX) – Egypt

Market Capitalization: US$40.3 billion ​

2024 Performance: EGX30 Index rose by 19.5% ​

Key Sectors: Banking, Real Estate, Industrial Manufacturing​

Economic Context: Egypt's strategic location and diversified economy, with a GDP of approximately US$387 billion, continue to attract investments, bolstered 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: Botswana's prudent fiscal policies and diamond-driven economy, with a GDP of approximately $18 billion, have fostered a robust financial environment, making the BSE a significant player 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's economy, with a GDP of around $140 billion, is characterized by political stability and strategic reforms aimed at enhancing its financial sector. The BVC serves as a pivotal platform 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: Nigeria, Africa's largest economy with a GDP of around US$477 billion, has seen its stock market flourish due to economic reforms, including currency liberalization and subsidy removals, attracting both local and international investors.​

1. Johannesburg Stock Exchange (JSE) – South Africa

Market Capitalization: US$1.07 trillion

Listed Companies: Approximately 354

Key Sectors: Mining, Financial Services, Telecommunications.

Economic Context: South Africa remains Africa's most industrialized economy, with a GDP of approximately US$399 billion in 2024. The JSE, established in 1887, continues to dominate the continent's capital markets, offering a diverse range of investment opportunities.​