Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish

The Largest Stock Exchanges in Africa by Market Capitalization

5 min Read June 3, 2024 at 9:00 AM UTC

Daba finance invest in Africa

African stock markets have experienced robust growth, presenting lucrative opportunities for investors. Discover the ten largest stock exchanges on the continent by market cap as of May 2024.


African stock markets have experienced robust growth, presenting lucrative opportunities for investors. With 29 operational exchanges and a combined market capitalization of around $1.3 trillion, African bourses contribute over 2% to the global market.

Some of the oldest and most established exchanges in Africa include the Egyptian Exchange (EGX), founded in 1883, the Casablanca Stock Exchange of Morocco, tracing its roots back to 1929, the Johannesburg Stock Exchange (JSE) established in 1887, and the Nairobi Securities Exchange in Kenya, which dates back to 1954.

Today, the top five largest stock markets by market capitalization are South Africa’s JSE, the Casablanca bourse, the Botswana Stock Exchange, the Nigerian Exchange (NGX), and EGX. Alongside these titans, sizable exchanges can also be found in countries like Kenya and the West African Economic and Monetary Union (WAEMU) regional exchange serving eight French-speaking nations.

As we explore the ten largest stock exchanges by market capitalization, discover how Daba can empower your investment journey across Africa’s dynamic markets. Based on the latest data as of May 31, 2024, sourced by Daba Intelligence, here are the ten largest stock exchanges in Africa ranked by market capitalization in US dollars:

1. Johannesburg Stock Exchange (JSE) – $1,077,135,593,311.44

The Johannesburg Stock Exchange, founded in 1887, is the largest in Africa with a market capitalization of $1.07 trillion. There are around 354 listed companies, with the largest being Naspers Limited, FirstRand Limited, and Standard Bank Group.

2. Casablanca Stock Exchange (MASI) – $69,840,114,180.22

The Casablanca Stock Exchange in Morocco, founded in 1929, is the second-largest stock market in Africa with a market cap of $69.8 billion. The top listed companies include Attijariwafa Bank, Banque Centrale Populaire, and Bank of Africa.

3. Botswana Stock Exchange (BSE) – $52,461,754,292.20

With a market capitalization of $52.5 billion, the Botswana Stock Exchange is the third-largest in Africa. Major listed companies include Anglo American Plc, First National Bank Botswana, and Botswana Insurance Holdings.

Whether you’re an institutional investor seeking reliable trade execution or a retail investor looking to expand your investment horizons, Daba’s user-friendly platform ensures transparency and ease of use. Download our app now to get started.

How to optimize your investments in Africa with dividend yields
Tap to Read: How to optimize your investments in Africa with dividend yields

4. Nigerian Exchange (NGX) – $41,029,161,524.02

Nigeria’s NGX has a market cap of $41 billion, making it the fourth-largest stock exchange in Africa. Major listed companies include Airtel Africa Plc, MTN Nigeria Communications, Dangote Cement, and BUA Cement.

5. Egyptian Exchange (EGX) – $40,278,844,587.20

The Egyptian Exchange, formed by the merger of Alexandria and Cairo stock exchanges, has a market cap of $40.3 billion. Top listed firms include Abu Qir Fertilizers, Alexandria Containers and Goods, and Commercial International Bank.

Also Read: South African Small-Cap Industrials Offer Investors a Unique Opportunity

6. BRVM (Bourse Régionale des Valeurs Mobilières) – $13,821,814,055.37

The regional BRVM stock exchange serving eight West African nations has a market cap of $13.8 billion. About 56 listed companies and major listings include Sonatel, Orange Cote d’Ivoire, and Ecobank Transnational Incorporated.

7. Nairobi Securities Exchange (NSE) – $13,639,305,859.51

Kenya’s Nairobi Securities Exchange has a market capitalization of $13.6 billion. Safaricom, Equity Group Holdings, and East African Breweries Limited are its biggest listed companies. Founded in 1954, the NSE is the largest stock market in East Africa with 65 listed companies.

Investing in Africa’s vibrant markets has never been easier. Daba’s investment services offer personalized strategies to help you maximize returns and manage risk effectively. Download our app now to get started.

8. Stock Exchange of Mauritius (SEM) – $7,429,084,934.02

The SEM has a market cap of $7.4 billion, with top listings including MCB Group, Ireland Blyth, and SBM Holdings. Founded in 1989, the Stock Exchange of Mauritius (SEM) covers Mauritius and is based in Port Louis. 56 companies are quoted on the SEM’s official market, while another 42 are quoted on the Development and Enterprise Market (DEM).

9. Dar es Salaam Stock Exchange – $6,657,926,433.80

Tanzania’s Dar es Salaam Stock Exchange has a market capitalization of $6.7 billion. Located in Dar es Salaam, the commercial capital and largest city in Tanzania, it was incorporated in September 1996 and trading started in April 1998.

10. Ghana Stock Exchange (GSE) – $5,709,315,520.89

Rounding out the top 10 is the Ghana Stock Exchange with a market cap of $5.7 billion. Its major listed companies include Ecobank Transnational, AngloGold Ashanti Plc, and Access Bank Ghana.

The dynamic growth of African stock exchanges underscores the continent’s increasing significance in global finance. Daba is committed to providing reliable information, transparent services, and seamless investment experiences across these markets.

Whether you are looking to diversify your portfolio or explore emerging opportunities, Daba stands as your trusted partner in navigating Africa’s vibrant investment landscape.

Invest with Daba to leverage the potential of Africa’s leading stock markets and drive your financial growth. Download the app to get started today!

africa
African Stock Exchanges
Botswana Stock Exchange
Bourse Régionale des Valeurs Mobilières
BRVM
BSE
Casablanca Stock Exchange
daba
dabafinance
Dar es Salaam Stock Exchange
EGX
Egypt
Egyptian Exchange
Ghana Stock Exchange
GSE
invest in africa
investing in africa
Johannesburg Stock Exchange
JSE
Kenya
Largest Stock Exchanges in Africa
Market Capitalization
MASI
Nairobi Securities Exchange
NGX
Nigeria
Nigerian Exchange
NSE
SEM
South Africa
Startups
Stock exchange
Stock Exchange of Mauritius

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

Share this post
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved