Africa’s 20 most valuable companies in 2026

Africa’s corporate landscape in 2026 is being shaped by financial powerhouses, telecom giants, mining titans, and consumer-driven conglomerates whose combined market value runs into hundreds of billions of dollars. 

Dominated by South Africa’s Johannesburg Stock Exchange (JSE), alongside Nigeria’s NGX and Morocco’s Casablanca Stock Exchange (CSE), the continent’s most valuable companies reflect a blend of resource wealth, financial sophistication, and accelerating digital transformation. 

Mining giants such as Gold Fields Limited and Harmony Gold Mining Company continue to benefit from elevated bullion prices, while telecom leaders including MTN Group, Vodacom Group, and Airtel Africa Plc are riding Africa’s data revolution. 

Financial services firms, from Capitec Bank to Attijariwafa Bank, anchor investor confidence, reflecting deepening banking penetration across the continent. 

South Africa remains the epicenter of listed corporate wealth, accounting for the majority of the top-ranked firms, while Nigeria and Morocco continue to strengthen their capital markets with industrial and telecom champions. 

Together, these 20 companies, chronicled by Shore Africa not only dominate their domestic exchanges but also influence foreign investment flows, currency stability, pension allocations, and long-term economic expansion across Africa.

1. Gold Fields Limited
Market cap: R731 billion ($45.58 billion)
Country: South Africa
Sector: Mining
Rank on JSE: 9th
Gold Fields Limited, a Johannesburg-based mining giant, is Africa’s most valuable mining company with a market capitalization of R731 billion ($45.58 billion). As one of the world’s largest gold producers, Gold Fields operates nine mines across Australia, South Africa, Ghana, Chile, and Peru, with a project in Canada, achieving a total annual gold-equivalent production of 2.30Moz.

2. Naspers Limited
Market cap: R699 billion ($43.6 billion)
Country: South Africa
Sector: Technology
Rank: 10th
Naspers Limited, headquartered in Cape Town, is Africa’s most valuable company with a market capitalization of $43.6 billion. As a global consumer internet group, Naspers is also one of the world’s largest technology investors. Its expansive portfolio spans more than 80 investments across over 100 markets. Key holdings include stakes in the Chinese tech giant Tencent, Amsterdam-based Prosus, Netherlands-based payment provider PayU, and South Africa’s leading online retailer, Takealot.

3. Capitec Bank
Market cap: R542 billion ($33.81 billion)
Country: South Africa
Sector: Financial services
Rank on JSE: 11th
Capitec Bank, founded in 2001 by Jannie Mouton, Michiel le Roux, and Riaan Stassen, has rapidly grown into one of the world’s largest retail banks. With a market capitalization of $33.8 billion, it serves over 22 million active clients through its extensive network of more than 850 branches and 7,400 ATMs across South Africa, making it one of Africa’s most valuable companies.

4. FirstRand Limited
Market cap: R535 billion ($33.37 billion)
Country: South Africa
Sector: Financial services
Rank on the JSE: 12th
FirstRand Limited, founded in 1998 through a merger involving Anglo American Corporation of South Africa and RMB Holdings, has evolved into Africa’s second most valuable company, boasting a market capitalization of $33.37 billion. As the continent’s leading banking group, FirstRand offers a wide range of banking, insurance, and investment products across eight African countries, including Botswana, Nigeria, and Ghana. The group also maintains offices in London, Guernsey, and India.

5. Standard Bank Group
Market cap: R523 billion ($32.62 billion)
Country: South Africa
Sector: Financial services
Rank on JSE: 13th
Standard Bank Group, a cornerstone of Africa’s financial landscape, stands as the continent’s third most valuable company with a market capitalization of $32.62 billion. Known as Africa’s largest lender by assets, the group serves 19 million clients across 20 sub-Saharan African countries. With its global footprint, Standard Bank also facilitates international investment and capital flows to drive growth and development in Africa.

6. Valterra Platinum Limited
Market cap: R377 billion ($23.51 billion)
Country: South Africa
Sector: Mining
Rank on JSE: 14th
A major platinum group metals producer, Valterra Platinum benefits from rising demand tied to automotive catalysts and clean energy technologies. Commodity cycles strongly influence earnings, but strategic reserves and operational scale provide resilience. Elsewhere in the world, the Group is ramping up Unki Platinum Mine in Zimbabwe and is actively exploring in Brazil.

7. MTN Group
Market cap: R358 billion ($22.35 billion)
Country: South Africa
Sector: Telecommunications
Rank on JSE: 15th
MTN Group, a leader in the African telecommunications sector, holds a market capitalization of $22.35 billion. With operations across numerous African and Middle Eastern countries, MTN connects millions of customers through its expansive mobile network, solidifying its position as one of the continent’s most valuable companies.

8. Vodacom Group
Market cap: R327 billion ($20.4 billion)
Country: South Africa
Sector: Telecommunications
Rank on JSE: 16th
As the most valuable telecoms company in Africa, Vodacom Group has a market capitalization of $20.4 billion. Founded over three decades ago and majority-owned by Vodafone, Vodacom serves over 130 million customers across consumer and enterprise segments. The group’s mobile networks span South Africa, the DRC, Egypt, Ethiopia, Kenya, Lesotho, Mozambique, and Tanzania, covering a population of over 500 million.

9. Attijariwafa Bank
Market cap: MAD162.68 billion ($17.81 billion)
Country: Morocco
Sector: Financial services
Rank on CSE: 1st
Attijariwafa Bank, Morocco’s leading financial institution, holds a market capitalization of $17.81 billion, making it the most valuable company in North Africa. Founded and headquartered in Casablanca, the bank is a major player across Africa, Europe, and the Middle East, serving 12 million clients in 26 countries and employing over 20,700 people.
Attijariwafa Bank is an international financial services group headquartered in Casablanca, Morocco. Since its formation in 2004 by the merger between Banque Commerciale du Maroc and Wafabank, it has been the leading bank in Morocco and kept that rank as of 2024. It is listed on the Casablanca Stock Exchange.

10. Absa Group
Market cap: R237 billion ($14.79 billion)
Country: South Africa
Sector: Financial services
Rank on JSE: 18th
Absa Group Limited is a Pan-African lender Absa maintains operations across 12 African markets. Its diversified portfolio and focus on digital banking strengthen earnings visibility and investor appeal. Absa Group currently has operating banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, the Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda, and Zambia. Additionally, the group has banking offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania, and Zambia. 

11. Sanlam Limited
Market cap: R220 billion ($13.72 billion)
Country: South Africa
Sector: Financial services
Rank: 20th
With a century-long legacy, Sanlam Limited stands as Africa’s most valuable insurance company, with a market capitalization of $13.72 billion. As the largest non-banking financial services group on the continent, Sanlam operates in 31 countries across Africa, Asia, and the UK, providing financial services to over 69 million clients in some of Africa’s largest economies.

12. Harmony Gold Mining Company
Market cap: R198 billion ($12.35 billion)
Country: South Africa
Sector: Mining
Rank on JSE: 21st
Harmony Gold Mining Company Ltd. is a gold-mining and exploration company with operations in South Africa and Papua New Guinea (PNG), one of the world’s premier new gold regions. Harmony Gold Mining Co Ltd is a gold mining and exploration company having operations in South Africa and Papua New Guinea (PNG). Its projects include Bambanani, Joel, Masimong, Phakisa, Target 1, Tshepong, Unisel, Doornkop etc.

13. MTN Nigeria
Market Capitalization: N16.4 trillion ($12.16 billion)
Country: Nigeria
Sector: Telecommunications
Rank on NGX : 1st
MTN Nigeria, the country’s top telecom provider, is the  most valuable stock on the NGX, with a market cap of N16.4 trillion ($12.16 billion), representing 10.03 percent of the exchange. MTN shares have surged this year by more than 135 percent from N200 to N471 as of close of trading on Friday, Oct. 10, 2025. MTN remains committed to bridging connectivity gaps and providing vital digital solutions to millions of Nigerians. MTN Nigeria makes up about 13.4 percent of the entire Nigerian Stock Exchange equity market.

14. BUA Foods Plc
Market Cap: N14.4 trillion ($10.69 billion)
Country: Nigeria
Sector: Food and infrastructure sector
Rank on NGX: 2nd
BUA Foods leads as the most valuable company on the Nigerian exchange (NGX), valued at N14.4 trillion ($10.69 billion). The food-processing giant controlled by billionaire Abdul Samad Rabiu, who is also Nigeria’s second richest man, now accounts for 12.1 percent of the Nigerian Exchange (NGX)’s total equity market value, underscoring Nigeria’s expanding consumer goods sector. Starting 2025 at N415 ($0.28) per share, it has gained over 51 percent. Its leadership in sugar, flour, and edible oils positions it as a major player in Africa’s food and agribusiness landscape

15. Dangote Cement Plc
Market Cap: N13.5 trillion ($10 billion)
Country: Nigeria
Sector: Construction 
Rank on NGX: 3rd
Dangote Cement ranks as the third most valuable company on the Nigerian exchange (NGX), valued at N13.5 trillion ($10 billion), representing 11 percent of the market. Starting 2026 at N 609, it has gained 31.13% as of the close of market sessions on Tuesday, Feb. 17, 2026. Known for its dominance in the African cement industry, the company continues to drive infrastructure development across the continent, contributing significantly to Nigeria’s industrial growth.

16. Managem Group
Market Capitalization: MAD94.34 billion ($10.34 billion)
Country: Morocco
Sector: Mining
Rank on CSE: 2nd
Managem Group is a Moroccan mining company established in 1930. A flagship mining group with exposure to gold, cobalt, copper, and silver. Backed by diversified assets and global demand for critical minerals, Managem remains a strategic pillar of Morocco’s resource economy.

17. Shoprite Holdings 
Market cap: R161 billion ($10.04 billion)
Country: South Africa
Sector: Retail
Rank: 24th
Shoprite Holdings, Africa’s largest retailer by market capitalization, boasts a value of of $10.04 billion. Founded in 1979, Shoprite has grown from a modest eight-store chain to 3,326 stores, serving millions across Africa. Its core business is food retailing, complemented by a variety of value-added services, with operations spanning nine African countries.

18. NedBank Group
Market cap: R134 billion ($8.36 billion)
Country: South Africa
Sector: Financial services
Rank on JSE: 27th
Nedbank Group Limited is a bank holding company which provides personal, commercial, corporate and merchant banking, fund management and related financial services throughout South Africa. In addition, Nedbank operates internationally through offices in London, Isle of Man, and subsidiaries and associates in sub-Saharan Africa. Nedbank Group is one of South Africa’s four largest banks, with Nedbank Ltd as the Group’s principal banking subsidiary. Nedbank Group offers the following solutions through its frontline clusters, Nedbank Corporate and Investment Banking, Nedbank Retail and Business Banking, Nedbank Wealth and Nedbank Africa Regions: A wide range of wholesale and retail banking services. A growing insurance, asset management and wealth management offering. 

19. Marsa Maroc
Market Capitalization: MAD67.89 billion ($7.44 billion)
Country: Morocco
Sector: Transportation
Rank on CSE : 4th
Marsa Maroc is the main operator of ports in Morocco. Its legal status is a Société Anonyme with an Executive board chaired by Mohammed Abdeljalil and a supervisory board chaired by the Minister of Equipment and Transport. As Morocco’s primary port operator, Marsa Maroc plays a critical role in trade logistics, benefiting from rising container volumes and the country’s push to become a regional maritime gateway.

20. Airtel Africa Plc
Market Cap: N8.53 trillion ($6.32 billion)
Country: Nigeria
Sector: Telecommunications
Rank on NGX : 4th
Airtel Africa ranks number four (4) on the Nigerian Exchange with a market capitalization of  N8.53 trillion ($6.32 billion), representing 6.98 percent of the exchange’s equity market. The stock opened 2026 at N 2,270 and has since remained the samee. With operations across 14 African countries, the company remains a cornerstone of Nigeria’s digital transformation