Top 10 largest stock markets in Africa based on market capitalization

According to the African Stock Exchanges Focus Report by Oxford Business Group, African stock exchanges have an overall market capitalization of about $1.6 trillion which makes up about 2% of the global stock market capitalization.

Africa Stock Exchanges Association (ASEA), the body of stock exchanges in Africa has about 28-member stock exchanges covering 38 countries with over 2,400 listed companies.

Countries like Ethiopia are still in the process of formulating a stock exchange.

According to data available to Nairametrics, here are ten of the largest stock exchanges in Africa as of the close of trading on December 8, 2023.

10. Ghana Stock Exchange – $6.35 billion

The Ghana Stock Exchange (GSE) is the capital market that covers Ghana and is headquartered in Accra. Incorporated in 1989, the GSE currently has a market capitalization of $6.35 billion at the close of trading on Friday, December 8, 2023.

There are 31 listed companies on the GSE with the largest among them being Ecobank Transnational Incorporated, AngloGold Ashanti Plc, Access Bank Ghana, and Tullow Oil Plc, among others.

9. Stock Exchange of Mauritius (SEM) – $7.29 billion

Founded in 1989, the Stock Exchange of Mauritius (SEM) is the capital market that covers Mauritius, and it is based in Port Louis.

With a market capitalization of $7.29 billion, it is the ninth most capitalized stock market in Africa. There are 56 companies quoted in the SEM’s official market, while another 42 are quoted in the Development and Enterprise Market (DEM).

The largest companies trading on the SEM are MCB Group, Ireland Blyth, SBM Holdings, and CIEL Group, among others.

8. Nairobi Securities Exchange (NSE) – $9.57 billion

Nairobi Securities Exchange (NSE) is the official stock market for the Kenyan economy. Founded in 1954, the NSE is the largest stock market in East Africa. The market closed with a capitalization of $9.57 billion as of December 8, 2023.

There are 65 listed companies on the NSE with the largest among them being Safaricom, Equity Group Holdings, East African Breweries Limited, Co-operative Bank of Kenya, and NCBA Group Plc, among others.

7. Bourse Régionale des Valeurs Mobilières (BRVM) – $12.86 billion

BRVM is a regional stock market headquartered in Abidjan, Cote D’Ivoire. It was founded in 1996 and it serves in Niger, Mali, Benin Republic, Burkina Faso, Cote D’Ivoire, Togo, Senegal, and Guinea Bissau.

BRVM closed with a market capitalization of $12.8 billion on December 8, 2023. There are about 56 listed companies. And the largest among them are SONATEL, Orange Cote D’Ivoire, Ecobank Cote D’Ivoire, and Société Générale Côte d’Ivoire, among others.

6. Namibian Stock Exchange (NSX) – $41.44 billion

Namibian Stock Exchange (NSX) founded in 1904 is one of the oldest stock exchanges in Africa, only younger than the Egyptian Exchange and Johannesburg Stock Exchange. It serves the Namibian market and is based in Windhoek, Namibia.

As of the date of its last publicly updated data, November 10, 2023, the exchange has a market capitalization of $41.44 billion.

There are 40 listed companies on the NSX with the largest being FirstRand Namibia, Capricorn Group, Namibia Breweries, Mobile Telecommunications Limited, SBN Holdings Limited, and Letshego Holdings, among others.

5. Botswana Stock Exchange (BSE) – $43.94 billion

The Botswana Stock Exchange was founded in 1994 and has since grown to become the fifth-largest stock exchange in Africa.

Botswana Stock Exchange closed trading on December 8, 2023, with a market capitalization of $43.94 billion. The market mostly features foreign-based mining companies as the country has one of the world’s largest reserves of diamonds.

There are 30 companies listed on the BSE and the largest among them include Anglo American Plc, First National Bank Botswana, Botswana Insurance Holdings, Absa Bank Botswana, etc.

4. Nigerian Exchange (NGX) – $49.56 billion

NGX founded in 1960 is the fifth oldest stock exchange in Africa and the second largest stock exchange in Sub-Saharan Africa.

The NGX closed trading on December 8, 2023, with a market capitalization of $49.56 billion. Due to the devaluation of the Naira in June 2023, the NGX has fallen to fourth place on the list of Africa’s most capitalized exchanges.

There are 155 listed companies on the NGX with the largest among them being Airtel Africa Plc, MTN Nigeria Communications, Dangote Cement, BUA Cement, BUA Foods, Zenith Bank, GT Holdings Company, Seplat Energy, and FBN Holdings, among others.

3. Egyptian Exchange (EGX) – $57.20 billion

The Egyptian Exchange is the amalgamation of the Alexandria Stock Exchange founded in 1883 and the Cairo Stock Exchange founded in 1903.

It is one of the fastest stock exchanges in Africa this year with a year-to-date return of 69.22%, thus shifting its market capitalization to $57.20 billion after the Nigerian Exchange.

There are 217 companies listed on the EGX, with the largest among them being Abu Qir Fertilizers, Alexandria Containers and Goods, Beltone Financial Holdings, and Commercial International Bank (Egypt), among others.

2. Casablanca Stock Exchange (MASI) – $60.23 billion

The Casablanca Stock Exchange is the Moroccan capital market founded in 1929 in Casablanca, Morocco.

It is the second-largest stock market in Africa and the largest stock market in North Africa. The exchange closed trading on Friday, December 8, 2023, with a market capitalization of $59.63 billion.

There are 76 companies listed on the Casablanca Stock Exchange with the largest among them being Attijariwafa Bank, Banque Centrale Populaire, Bank of Africa, LafargeHolcim Maroc, and Maroc Telecom, among others.

1. Johannesburg Stock Exchange (JSE) – $987.24 trillion

Johannesburg Stock Exchange founded in 1887 is the second oldest stock exchange in Africa and is by far the largest stock exchange in Africa.

As of Friday, December 8, 2023, the JSE closed with a market cap of $987.24 trillion, making it the 19th largest stock exchange in the world.

There are about 354 listed companies on the JSE, with the largest among them being Naspers Limited with a market cap of about $33.2 billion, FirstRand Limited with a $19.9 billion market cap, and Standard Bank Group with a $17.6 billion market cap.