The Largest Stock Markets in Africa Based on Market Capitalization
The importance of stock markets in Africa cannot be overstated, as reported by the African Stock Exchanges Focus Report from the Oxford Business Group, with a combined market capitalisation of approximately $1.6 trillion, representing about 2% of the global stock market capitalisation. The continent is home to 28 member stock exchanges spanning 38 countries, with over 2,400 companies listed. Unlike some regions, Africa is still developing in terms of stock exchange, with countries like Ethiopia currently in the process of establishing a stock exchange.
According to data provided by Nairametrics, the top 10 largest stock exchanges in Africa as of the close of trading on December 8, 2023 are as follows:
10. Ghana Stock Exchange (GSE) – $6.35 billion
The GSE, headquartered in Accra, covers the Ghanaian capital market and was incorporated in 1989. Currently, it has a market capitalisation of $6.35 billion with 31 listed companies, including Ecobank Transnational Incorporated, AngloGold Ashanti Plc, Access Bank Ghana, and Tullow Oil Plc.
9. Stock Exchange of Mauritius (SEM) – $7.29 billion
Established in 1989 in Port Louis, SEM boasts a market capitalisation of $7.29 billion, with 56 companies quoted in its official market and an additional 42 in the Development and Enterprise Market (DEM).
8. Nairobi Securities Exchange (NSE) – $9.57 billion
Founded in 1954, the Nairobi Securities Exchange is the official stock market for the Kenyan economy, boasting a market capitalisation of $9.57 billion. The exchange lists 65 companies, including Safaricom, Equity Group Holdings, East African Breweries Limited, Co-operative Bank of Kenya, and NCBA Group Plc.
7. Bourse Régionale des Valeurs Mobilières (BRVM) – $12.86 billion
Headquartered in Abidjan, Cote D’Ivoire, BRVM is a regional stock market serving eight countries. As of December 8, 2023, it closed with a market capitalisation of $12.8 billion and about 56 listed companies.
6. Namibian Stock Exchange (NSX) – $41.44 billion
Founded in 1904, NSX is one of the oldest stock exchanges in Africa, serving the Namibian market from its base in Windhoek. It has a market capitalisation of $41.44 billion and has 40 listed companies.
5. Botswana Stock Exchange (BSE) – $43.94 billion
BSE, established in 1994, has become the fifth-largest stock exchange in Africa, with a market capitalisation of $43.94 billion, featuring 30 companies, predominantly foreign-based mining companies.
4. Nigerian Exchange (NGX) – $49.56 billion
NGX, founded in 1960, is the second largest stock exchange in Sub-Saharan Africa, closing with a market capitalisation of $49.56 billion on December 8, 2023, and listing 155 companies.
3. Egyptian Exchange (EGX) – $57.20 billion
The merger of the Alexandria Stock Exchange and the Cairo Stock Exchange, EGX has seen a year-to-date return of 69.22%, shifting its market capitalisation to $57.20 billion after the Nigerian Exchange, with 217 companies listed.
2. Casablanca Stock Exchange (BVC) – $60.23 billion
Founded in 1929, BVC is the largest stock market in North Africa, closing trading with a market capitalisation of $59.63 billion on December 8, 2023, listing 76 companies.
1. Johannesburg Stock Exchange (JSE) – $987.24 billion
Established in 1887, JSE is the largest stock exchange in Africa, closing with a market cap of $987.24 billion on December 8, 2023, and listing approximately 354 companies.
In conclusion, the African stock market is dynamic and burgeoning, with stock exchanges continuing to grow and increase their market capitalisation. The potential for further expansion and development seems promising, given the economic growth in several African countries.
