Africa’s Largest Stock Exchanges by Market Cap in 2026

The Johannesburg Stock Exchange is Africa’s largest stock market, with market capitalization of $1.45 trillion as of October 16, 2026. Nigeria ranks second with $120.85 billion, followed by Morocco at $101.72 billion.

Africa’s 10 largest stock exchanges collectively represent approximately $1.95 trillion in listed market capitalization, based on the latest dataset.

Market capitalization measures the combined market value of securities included in an exchange’s capitalization figures. It provides one way to compare stock exchanges, although it does not measure trading volume or investment liquidity.

Top 10 Largest Stock Exchanges in Africa in 2026

Rank	Exchange	Market capitalization
1	Johannesburg Stock Exchange	$1,454,255,384,427
2	Nigerian Exchange	$120,849,624,060
3	Casablanca Stock Exchange	$101,718,209,563
4	Botswana Stock Exchange	$78,136,200,717
5	Egyptian Exchange	$75,517,890,772
6	BRVM	$35,911,413,969
7	Nairobi Securities Exchange	$31,384,615,385
8	Ghana Stock Exchange	$23,016,613,776
9	Lusaka Securities Exchange	$16,695,500,000
10	Malawi Stock Exchange	$15,572,167,913

Source: African stock exchange market capitalization dataset, October 16, 2026.

1. Johannesburg Stock Exchange: $1.45 Trillion

South Africa’s JSE represents approximately 75% of the combined capitalization of the top 10 exchanges.

Founded in 1887, it hosts companies operating in banking, mining, telecommunications, retail and technology investment.

Its scale reflects both domestic businesses and multinational companies with international operations.

2. Nigerian Exchange: $120.85 Billion

Nigeria’s NGX is Africa’s second-largest exchange in the dataset.

Major listed businesses include Dangote Cement, MTN Nigeria and Zenith Bank.

The market offers exposure to financial services, industrial production and consumer demand.

3. Casablanca Stock Exchange: $101.72 Billion

Morocco’s exchange ranks third, supported by companies operating in banking, telecommunications, insurance and construction.

Its major listings include Attijariwafa Bank and Maroc Telecom.

4. Botswana Stock Exchange: $78.14 Billion

Botswana ranks fourth based on the supplied capitalization figures.

Its market includes financial institutions, investment companies and internationally connected listings.

Investors should distinguish between domestic equity capitalization and the value of foreign or cross-listed securities when comparing exchanges.

5. Egyptian Exchange: $75.52 Billion

Egypt’s EGX provides exposure to one of North Africa’s largest economies.

Major sectors include banking, real estate, manufacturing and consumer products.

6. BRVM: $35.91 Billion

The BRVM serves 8 West African countries and ranks sixth.

Its major companies include Sonatel, Orange Côte d’Ivoire and regional banking institutions.

7–10. Kenya, Ghana, Zambia and Malawi

Kenya’s Nairobi Securities Exchange ranks seventh at $31.38 billion, followed by Ghana at $23.02 billion.

Zambia ranks ninth at $16.70 billion, while Malawi completes the top 10 at $15.57 billion.

These markets provide exposure to financial services, telecommunications, agriculture, mining and other economic sectors.

Honorable Mentions and Emerging Exchanges

Other African exchanges include those in Mauritius, Namibia, Tanzania, Uganda, Rwanda, Zimbabwe, Tunisia and Mozambique.

Ethiopia’s Securities Exchange launched in January 2025 and has continued developing its listings and trading infrastructure.

The Democratic Republic of the Congo also announced plans in 2026 to establish a domestic exchange, potentially opening new channels for investment in its economy.

Neither market appears in this top 10 capitalization ranking.

Does Stock Exchange Size Determine Returns?

A larger market does not automatically produce better investment performance.

Investors should examine company fundamentals, valuations, trading liquidity, currency movements and regulatory conditions.

Explore available African securities through Daba Capital Markets and market research through Daba Pro.

The bottom line: The JSE leads African stock exchanges by a substantial margin, while Nigeria, Morocco, Botswana and Egypt complete the top five. Africa’s smaller markets also provide investment opportunities, but require careful assessment of liquidity and risk.