The Largest African Stock Exchanges in 2025 By Market Capitalization

African stock markets delivered one of their strongest years in recent history in 2025.

Across the continent, equities posted double-digit gains in local currencies, with many markets also generating exceptional returns in USD and EUR, thanks to currency stabilization, declining inflation in key economies, and a renewed global appetite for frontier and emerging market assets.

From Southern Africa to North and West Africa, scale and performance increasingly went hand in hand.

Below is a snapshot of Africa’s largest stock exchanges by market capitalization in 2025, and why they matter for investors.

1. Johannesburg Stock Exchange (JSE) – South Africa

Market Cap: $1.46 trillion

The JSE remains Africa’s undisputed giant, accounting for the lion’s share of the continent’s equity market capitalization.

Home to global mining giants, financial institutions, and multinational consumer companies, the JSE offers unmatched liquidity and depth.

In 2025, the exchange delivered solid returns of 37.7% in local currency, translating to 56.7% in USD terms and 38.5% in EUR as investors benefited from improved macro stability and easing power constraints.

2. Casablanca Stock Exchange (MASI) – Morocco

Market Cap: $114.2 billion

Morocco’s exchange consolidated its position as North Africa’s largest market and Africa’s second-largest market.

With a capitalization exceeding $110 billion, Casablanca combines size with stability. Defensive sectors, infrastructure-linked firms, and steady institutional participation helped deliver resilient returns across currencies in 2025.

The MASI index posted returns of 27.6% in local currency, 41.5% in USD, and 25.2% in EUR terms, reflecting the country’s economic stability and growing investor confidence.

3. Nigerian Exchange (NGX)

Market Cap: $68.8 billion

Nigeria’s stock market stood out in 2025 for performance rather than size. With market capitalization just under $70 billion, it still ranked among Africa’s largest—but returns were the real story.

Nigerian equities posted some of the strongest USD and EUR gains globally, driven by banking sector repricing, FX reforms, and renewed foreign participation.

Nigeria’s market showed strong performance with the NGX ASI gaining 51.2% in local currency terms, 60.6% in USD, and 43.6% in EUR. The exchange continues to benefit from the country’s large economy and deep capital markets.

4. Egyptian Exchange (EGX)

Market Cap: $62.9 billion

Despite ongoing currency adjustments, Egypt’s stock market remained one of Africa’s most liquid.

Large-cap industrials, banks, and consumer stocks helped the market generate strong local returns, while USD and EUR performance reflected the broader FX reset story.

Egypt’s exchange delivered impressive returns of 40.2% in local currency, translating to 49.4% in USD and 31.9% in EUR terms. The EGX 30 index closed at 41,690.0, reflecting renewed investor interest following economic reforms.

5. Botswana Stock Exchange (BSE)

Market Cap: $56.3 billion

Botswana quietly ranked among Africa’s top exchanges by size, supported by pension-driven demand and a concentrated set of high-quality listings. While less discussed, it continues to offer institutional-grade stability.

The market posted more modest gains with the BSE DCI returning 9.8% in local currency, 14.8% in USD, but declining 0.9% in EUR terms as of year-end.

6. BRVM (West African Regional Exchange)

Market Cap: $23.9 billion

Serving eight West African countries, the BRVM punched above its weight in 2025.

Though smaller in absolute size, it delivered impressive USD and EUR returns, powered by banking, telecom, and consumer leaders—highlighting why Francophone West Africa is no longer a niche allocation.

The benchmark BRVM Composite Index delivered returns of 25.3% in both local currency and EUR terms, with 41.8% gains in USD.

Also Read: The Best-Performing BRVM Stocks in 2025

7. Kenya (Nairobi Securities Exchange)

Market Cap: $22.8 billion

Kenya’s exchange is anchored by banks, telecoms, and consumer staples, with Safaricom and tier-one lenders shaping market direction. In 2025, easing inflation, improving fiscal discipline, and a more stable shilling helped restore investor confidence after a challenging prior cycle.

The NSE ASI gained 51.1% in local currency, 51.5% in USD, and 34.1% in EUR terms, demonstrating Kenya’s position as East Africa’s financial hub.

8. Malawi Stock Exchange (MSE)

Market Cap: $18.7 billion

Malawi emerged as a surprise outperformer in 2025.

A concentrated market dominated by banks, consumer goods, and agro-linked firms delivered exceptional returns, driven by valuation re-rating, scarcity value, and improving earnings visibility.

The MSE ASI surged 247.6% in local currency and an impressive 248.0% in USD terms (207.5% in EUR) as of December 31, 2025.

9. Ghana Stock Exchange (GSE)

Market Cap: $16.4 billion

Following debt restructuring, Ghana’s equity market staged a strong rebound. Financials, breweries, and consumer stocks benefited from macro stabilization, disinflation, and improved investor sentiment—translating into powerful returns.

The GSE-CI gained 79.3% in local currency, translating to 149.7% in USD and 122.2% in EUR terms, reflecting recovery in Ghana’s economy.

10. Tunisia (Tunis Stock Exchange)

Market Cap: $11.8 billion

Tunisia’s exchange remains bank-centric, with insurers and industrials also playing key roles. Despite economic constraints, 2025 saw steady gains supported by defensive earnings and domestic institutional demand.

The TUNINDEX returned 35.1% in local currency, 49.2% in USD, and 31.8% in EUR terms as of year-end.

11. Uganda Securities Exchange

Market Cap: $9.9 billion

Uganda’s USE ASI posted gains of 36.6% in local currency, 39.7% in USD, and 23.7% in EUR as of December 31.

12. Tanzania (Dar es Salaam Stock Exchange)

Market Cap: $9.8 billion

The DSE ASI gained 29.1% in local currency, 27.5% in USD, and 13.6% in EUR terms, showing steady growth in East Africa’s second-largest economy.

13. Mauritius Stock Exchange (SEM)

Market Cap: $8.9 billion

Mauritius experienced headwinds with the SEM ASI declining 1.4% in local currency but gaining 0.6% in USD terms while falling 10.9% in EUR as of December 31.

14. Zambia (Lusaka Securities Exchange)

Market Cap: $6.4 billion

Zambia’s exchange was the top USD performer, with the LuSE ASI gaining 67.9% in local currency and a staggering 111.7% in USD terms (87.3% in EUR) as of year-end.

15. Zimbabwe Stock Exchange

Market Cap: $3.5 billion

The ZSE ASI posted returns of 27.7% in local currency, 26.8% in USD, and 12.4% in EUR terms as of December 31, demonstrating continued volatility.

16. Rwanda Stock Exchange

Market Cap: $3.2 billion

Rwanda’s RSE ASI gained 22.5% in local currency, 17.7% in USD, and 4.8% in EUR terms, reflecting the country’s steady economic development.

How to Invest in African Stock Exchanges

Africa’s largest stock exchanges are no longer just about size—they’re about returns, diversification, and access.

Whether you’re investing from the continent or the diaspora, having the right platform and insights matters.

• 📱 Invest directly with the Daba App
• 📊 Get actionable research and stock ideas with Daba Pro
• 🎓 Build long-term investing skills through Daba Academy

Start your African investment journey today with Daba – your gateway to the continent’s most promising markets.