At a Glance
- Johannesburg Stock Exchange leads Africa with $1.34 trillion market capitalization and deep liquidity.
- BRVM unites eight West African countries under a single regional stock market.
- NSE, EGX, and NGX expand investment opportunities across East and North Africa.
Africa’s capital markets are no longer fringe players in global finance. Across the continent, stock exchanges are deepening liquidity, attracting foreign capital, and funding the next generation of African champions, from banks and telecoms to breweries, miners and fintech-linked holding companies.
While the Johannesburg Stock Exchange (JSE) remains Africa’s heavyweight by market capitalization, a broader ecosystem of exchanges is steadily reshaping how capital is raised and allocated across African economies.
North Africa’s bourses in Egypt, Morocco and Tunisia anchor some of the region’s most active trading hubs, while West Africa’s Bourse Régionale des Valeurs Mobilières (BRVM) has emerged as a rare success story in regional market integration, serving eight countries with a single currency and regulator.
In East Africa, exchanges in Kenya, Tanzania, Uganda and Rwanda are benefiting from pension reforms, privatizations and growing retail participation.
These markets profiled by Shore Africa include some of Africa’s most valuable companies, including Safaricom, MTN Nigeria, Dangote Cement, Equity Group Holdings and Attijariwafa Bank.
Even so, Africa’s stock exchanges remain central to mobilizing long-term capital, improving corporate governance and supporting economic diversification across the continent.
1. South Africa – Johannesburg Stock Exchange (JSE)
Market Valuation– R22.7 trillion ($1.34 trillion)
Africa’s largest exchange by market value, the JSE hosts global mining, banking and retail giants, offering deep liquidity, sophisticated regulation and strong foreign investor participation. Founded in 1887, the JSE is Africa’s largest exchange and 17th globally. Hosting 354 listed companies, including Naspers, FirstRand, and Standard Bank, it dominates in market capitalization and liquidity. The JSE is central to South Africa’s financial system and a key gateway for international investors eyeing African markets.
2. Morocco – Casablanca Stock Exchange
Market Valuation– MAD972.22 billion ($105.32 million)
One of Africa’s oldest bourses, Casablanca is a regional hub for North Africa, anchored by banks, insurers and industrial groups with growing African footprints. Morocco’s CSE, established in 1929, is Africa’s second-largest stock market. Key listings include Attijariwafa Bank and Banque Centrale Populaire. The exchange plays a pivotal role in Morocco’s financial sector, offering investors access to North Africa’s largest economy and an increasingly diversified corporate landscape.
3. Nigeria – Nigerian Exchange Group (NGX)
Market Valuation– N93.72 trillion ($64.59 billion)
Nigeria’s main exchange reflects Africa’s biggest population and consumer market, listing blue chips such as Dangote Cement, MTN Nigeria and major banks. Since 1960, NGX has been Nigeria’s premier exchange, hosting firms like Airtel Africa and MTN Nigeria. NGX Group Plc provides integrated market infrastructure, trading, licensing, and regulatory services, supporting Nigeria’s capital market development and enabling investors to access one of Africa’s largest and most dynamic economies.
4. Egypt – Egyptian Exchange (EGX)
Market Valuation– EGP 2.92 trillion ($61.35 billion)
EGX is a key emerging-market exchange in North Africa, benefiting from privatizations, strong retail activity and listings in banking, real estate and industry. The EGX, formed from the merger of Cairo and Alexandria exchanges, lists companies like Abu Qir Fertilizers and Commercial International Bank. With a market cap exceeding $61 billion, it reflects Egypt’s diverse economic sectors, including banking, manufacturing, and telecommunications, and serves as a key driver of investment in North Africa.
5. Botswana – Botswana Stock Exchange (BSE)
Market Valuation– BWP622.94 billion ($44.72 billion)
A small but stable market, the BSE is dominated by financial services and retail firms, supported by Botswana’s strong governance and pension funds. Founded in 1994, the BSE is Botswana’s primary exchange. Major listings include Anglo American Plc and First National Bank Botswana. Despite its smaller size, the BSE is known for strong corporate governance and steady growth, supporting Botswana’s mining and financial sectors while attracting regional and international investors.
6. BRVM – Regional (West Africa)
Market Valuation– FCFA13.61 trillion ($24.17 billion)
Serving eight francophone countries, the BRVM is Africa’s most advanced regional exchange, with listings spanning banking, telecoms and consumer goods. The BRVM serves eight West African nations under the WAEMU, including Senegal and Côte d’Ivoire. Key listings include Sonatel and Orange Côte d’Ivoire. This unique regional exchange pools capital across borders, promoting investment, economic integration, and access to West Africa’s growing markets. BRVM serves 8 West African countries (Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo) and 6 Central African countries (Cameroon, CAR, Chad, Congo, Equatorial Guinea, Gabon).
i. Benin – BRVM
Benin participates in the BRVM, benefiting from regional access to capital markets.
ii. Burkina Faso – BRVM
Through the BRVM, Burkina Faso gains exposure to equity and bond markets beyond its borders.
iii. Senegal – BRVM
One of the BRVM’s most active markets, Senegal hosts several large regional listings.
iv. Cameroon – BVMAC
Covering Central Africa, BVMAC aims to unify regional capital markets but continues to face low participation and liquidity.
v. Côte d’Ivoire – BRVM
As the BRVM’s host country, Côte d’Ivoire dominates trading volumes, reflecting its role as West Africa’s economic hub.
7. Kenya – Nairobi Securities Exchange (NSE)
Market Valuation– Ksh2.83 trillion ($21.92 billion)
East Africa’s leading bourse, the NSE lists Safaricom and major banks, acting as a gateway for regional and international investors. Kenya’s NSE, founded in 1954, is East Africa’s largest exchange. Listings include Safaricom and Equity Group Holdings. The NSE is a gateway for investors targeting East Africa, offering exposure to telecoms, banking, and energy sectors, and reflecting Kenya’s position as the region’s financial hub.
8. Malawi – Malawi Stock Exchange
Market Valuation– MWK32.53 trillion ($18.74 billion)
Despite its size, the MSE has delivered notable returns, anchored by banks and consumer companies.
9. Ghana – Ghana Stock Exchange (GSE)
Market Valuation– GHS172.25 billion ($16.06 billion)
Known for strong returns in select years, the GSE lists banks, breweries and telecom-linked firms despite liquidity constraints.
10. Zambia – Lusaka Securities Exchange (LuSE)
Market Valuation– ZMW330.8 billion ($15.75 billion)
LuSE lists mining-linked firms and banks, reflecting Zambia’s resource-driven economy.
11. Tunisia – Bourse de Tunis
Market Valuation – TND34.06 trillion ($11.74 billion)
Bienvenue sur Bourse de Tunis, or Bourse de Tunis is a relatively active North African exchange with strong representation in banking and manufacturing.
12. Tanzania – Dar es Salaam Stock Exchange (DSE)
Market Valuation – Tsh25.26 trillion ($10.15 billion)
The DSE is growing steadily, driven by government bond listings and the gradual privatization of state-owned enterprises.
13. Uganda – Uganda Securities Exchange
Market Valuation– Ush36.08 trillion ($10.02 billion)
Anchored by regional banks and utilities, the USE supports East Africa’s integration agenda.
14. Mauritius – Stock Exchange of Mauritius (SEM)
Market Valuation– MUR376.98 billion ($8.16 billion)
A well-regulated offshore-friendly exchange, SEM attracts cross-border listings and investment funds targeting Africa and Asia.
15. Algeria – Algiers Stock Exchange
Market Valuation – $5.72 billion
One of Africa’s smallest exchanges, Algiers remains underdeveloped, with limited listings and low trading activity.
16. Rwanda – Rwanda Stock Exchange
Market Valuation– RWF6.68 trillion ($4.6 billion)
A fast-developing market benefiting from reforms, privatizations and regional integration efforts.
17. Zimbabwe – (a) Zimbabwe Stock Exchange (ZSE)
Market Valuation– ZiG100.05 billion ($3.88 billion)
Often used as an inflation hedge, the ZSE remains active despite macroeconomic volatility.
(b) Victoria Falls Stock Exchange
Market Valuation– $2.24 billion
The Victoria Falls Stock Exchange is a small stock exchange headquartered in Victoria Falls, Zimbabwe. It was established in 2020 as a subsidiary of the Zimbabwe Stock Exchange to operate in the Victoria Falls special economic zone.
18. Mozambique – Bolsa de Valores de Moçambique
Market Valuation– $3.2 billion
Primarily a bond market, Mozambique’s exchange supports government financing and selective corporate issuance.
19. Namibia – Namibian Stock Exchange (NSX)
Market Valuation– $2.39 billion
Closely linked to South Africa, the NSX features many dual-listed JSE companies.
20. Sudan – Khartoum Stock Exchange
Market Valuation– $1.4 billion
Operations have been constrained by political instability and economic sanctions.
21. Seychelles – Trop-X Seychelles Exchange
Market Valuation– $750 million
MERJ Exchange Limited, formerly Trop-X (Seychelles) Limited is a specialist exchange focusing on cross-border listings and niche investment products.
22. Eswatini – Eswatini Stock Exchange
Market Valuation– E6.9 billion ($416.83 million)
A small exchange largely driven by dual-listed regional firms, particularly from South Africa.
23. Sierra Leone – Sierra Leone Stock Exchange
Market Valuation– $30 million
An early-stage market with minimal listings, focused on long-term capital formation.
24. Lesotho – Maseru Securities Market
This market focuses mainly on government instruments, with limited corporate equity listings.
25. Cabo Verde – Bolsa de Valores de Cabo Verde
A niche market focused on government securities and a handful of corporate listings in the island economy.
26. São Tomé and Príncipe – Bolsa de Valores
A very small and emerging exchange with limited activity and listings.
