Top 10 African Stock Exchanges Ranked by Listings
Top 10 African Stock Exchanges Ranked by Listings
The OECD Africa Capital Markets Report 2025 shows that by the end of 2024, African exchanges listed 1,141 companies—about 5% of the 44,000 global listings— with a total market capitalization of $561 billion, roughly one-third of the continent’s GDP.
1. Egyptian Exchange: Egypt leads Africa in the number of listed companies, making EGX the continent’s busiest exchange by firm count, though most listings are small and contribute little to total market value.
2. Nigerian Exchange Group: Nigeria hosts one of Africa’s largest equity markets, with listings across banking, consumer goods, energy, and industrials, though liquidity varies by sector.
3. Johannesburg Stock Exchange: Fewer listings than Egypt and Nigeria, but the JSE dominates Africa’s market value, accounting for about 60% of the continent’s equities due to large, globally integrated firms.
4. Stock Exchange of Mauritius: Mauritius offers a diverse, internationally focused exchange, benefiting from its role as a financial hub and gateway for investment into Africa.
5. Nairobi Securities Exchange: East Africa’s top market, hosting banks, telecoms, and industrial firms, though listings and trading volumes are relatively small.
6. Casablanca Stock Exchange: One of North Africa’s most stable markets, with moderate listings and growing institutional participation.
7. Tunisia Stock Exchange: Modest but steady listings, mainly in financial services and manufacturing.
8. Ghana Stock Exchange: Small market with few new listings, reflecting challenges of smaller African exchanges.
9. Zimbabwe Stock Exchange: Hosts a notable number of firms despite economic volatility.
10. Bourse Régionale des Valeurs Mobilières (West Africa): A regional exchange for eight West African countries, with a modest number of listings.
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