At a Glance
- Malawi Stock Exchange surged triple digits, reshaping Africa’s equity performance rankings in 2025.
- Ghana and Zambia rallied on macro stability, currency support and renewed confidence.
- Nigeria and Kenya advanced steadily, balancing earnings momentum against structural market constraints.
African stock markets delivered a surprise resurgence in 2025, defying global risk aversion and uneven monetary tightening across emerging economies.
Investor appetite returned across the continent, driven by easing inflation, currency stabilization, and selective foreign inflows targeting mispriced assets.
Performance was far from uniform. Smaller and frontier exchanges dominated returns, while Africa’s largest bourse by value, the Johannesburg Stock Exchange, failed to crack the top seven, despite a 36.7 per cent rise in its all-share index and a substantial market valuation of R23.42 trillion ($1.43 trillion).
At the top sat the Malawi Stock Exchange, whose extraordinary triple-digit surge reshaped the continent’s performance table. Ghana and Zambia followed, benefiting from improving macro narratives and renewed confidence in domestic champions.
Across these markets, trading activity clustered around financial institutions, investment trusts, and holding companies, amplifying index moves in relatively small markets.
Despite lingering challenges around regulation, volatility and concentration risk, the 2025 rally reinforced Africa’s appeal to investors focused on trajectory over size. Shore Africa profiles the seven exchanges that delivered the largest All Share Index gains.
1. Malawi Stock Exchange (MSE)
Gains in percentage: 247.63 percent
Africa’s best performer in 2025, the MSE delivered a staggering 247.63 percent gain. Market capitalization reached MWK32.6 trillion ($18.83 billion) as the All Share Index jumped from 173,898.37 to 598,062.80. Gains were driven by heavyweights like National Investment Trust and strong local institutional participation.
2. Ghana Stock Exchange (GSE)
Gains in percentage: 79.34 percent
Ghana ranked second with a 79.34 percent advance, lifting market valuation to GHS172.08 billion ($16.32 billion). The All Share Index climbed from 4,890.27 to 8,770.25. Improved macro stability and renewed confidence in banking and telecom stocks powered the rebound.
3. Lusaka Securities Exchange (LuSE)
Gains in percentage: 68.45 percent
Zambia’s exchange posted a 68.45 percent gain, with the All Share Index rising from 15,387.54 to 25,919.83. Market capitalization reached ZMW330.8 billion ($15.75 billion), supported by stronger copper-linked sentiment and improved liquidity in blue-chip counters.
4. Nigerian Exchange (NGX)
Gains in percentage: 50.14 percent
Nigeria’s NGX added 50.14 percent, pushing market capitalization to N101.65 trillion ($70.97 billion). The All Share Index advanced from 103,648.24 to 155,613.03. Banking, industrials, and selective consumer names led gains amid currency reforms and earnings resilience.
5. Nairobi Securities Exchange (NSE)
Gains in percentage: 46.59 percent
Kenya’s NSE rose 46.59 percent, lifting market value to Ksh2.97 trillion ($23.02 billion). The All Share Index increased from 127.28 to 186.58. The rally was driven by aggressive repricing of a narrow group of heavyweight financial and holding companies.
6. Egyptian Exchange (EGX)
Gains in percentage: 40.2 percent
Egypt dominated North Africa with a 40.2 percent gain, supported by reform momentum, improved FX liquidity, and strong domestic investor demand. Financials and industrials anchored performance as valuations adjusted to a more stable macro outlook.
7. Bourse de Tunis
Gains in percentage: 35.1 percent
Tunisia rounded out the list with a 35.1 percent gain. The market benefited from steady institutional participation and defensive stocks, highlighting the appeal of smaller, under-researched exchanges in a year of selective African equity repricing.
