Top 10 Stock Exchange Markets in Africa (2024)

Africa is currently the destination for high-level investments from both local and foreign investors. Nonetheless, only a few stock exchanges offer most of the intensive investments in the African corporate space to varying investors.

In this guide, we examine the largest stock exchange markets in Africa, where investors often consider investing and the growth prospects of these stock exchange markets.

Africa’s Largest stock exchange markets

With over 3000 corporations valued at a billion dollars on the continent, Africa is expected to be the next frontier in the stock market value growth index.

The continent has shown considerable improvement in terms of economic development over the years, with countries like South Africa, Nigeria, Egypt and Kenya, taking the lead. The total market capitalization of the African continent is close to over $2 trillion as of the end of the 3rd quarter of 2022. 

Below are Africa’s biggest stock exchange markets in terms of market value and other metrics.

1. Johannesburg Stock Exchange (JSE)

The Johannesburg Stock Exchange Limited (formerly called the JSE Securities Exchange and the Johannesburg Stock Exchange) is the biggest stock exchange on the continent. After relocating from downtown Johannesburg in 2000, it is now located in Sandton, Johannesburg, the JSE has shown incredible improvements in its market value index. In 2003, over 473 companies were reportedly listed on the Johannesburg Stock Exchange, with a market value of $182.6 billion and an average value of $6.4 billion. 

A stock exchange was needed after the discovery of gold on the Witwatersrand in 1886, which led to the formation of several mining and banking firms.

2. Nigerian Exchange Group (NGX)

NGX is one of Africa’s top integrated market groups. The group runs the largest economy on the continent and is encouraging competition among African economies to contribute to global wealth.  

Through its subsidiaries, NGX Group offers services such as listing and trading stocks, regulation, market data solutions, and real estate.

These subsidiaries include:

  • NGX Regulation Limited (NGX Retcon)
  • NGX Real Estate Limited (NGX RelCo)

3. Casablanca Stock Exchange (CSE)

The Casablanca Stock Exchange is a stock exchange based in Casablanca, Morocco. It has one of the top performances in the Middle East and North Africa regions and is Africa’s third-biggest bourse after the Johannesburg Stock Exchange and the Nigerian Stock Exchange in Lagos.

It was founded in 1929, and as of 2018, it had 19 listed companies, 81 securities, and a $71.1 billion market capitalization.

4. Egyptian Stock Exchange (EGX)

The Egyptian Exchange, which houses two exchanges in Cairo and Alexandria, is Egypt’s main stock exchange. The two exchanges are run by the same board and use similar trading, clearing, and settlement processes.

There is no capital gains tax on transactions made on the exchange. Dividends paid to shareholders by listed companies are not taxed. A 10% capital gains tax that applies to mergers and acquisitions was introduced on the exchange in 2013. 

5. Nairobi Securities Exchange (NSE)

The NSE was founded in 1954 as the Nairobi Stock Exchange, located in Nairobi, Kenya’s capital city. Initially, it was a voluntary association of stockbrokers registered under the Societies Act during the British Kenya era.

6. Namibia Stock Exchange (NSX)

It is one of the largest stock exchanges in Africa and is based in Windhoek, Namibia’s capital. It collaborates with the Johannesburg Stock Exchange in neighboring South Africa. Except on public holidays, the stock exchange is open on weekdays and trades from 9:00 to 17:00 WAT (West African Time).

The stock exchange is regulated by the Stock Exchanges Control Act and operates under a license from the Namibian non-banking financial regulator, NAMFISA.

7. Botswana Stock Exchange (BSE)

BSE is a stock exchange situated in Gaborone, Botswana. Formerly known as the Botswana Share Market, BSE was established in 1989. The activities of the stock exchange are regulated by the Botswana Stock Exchange Act.

The BSE has 36 listed companies and three stock indices: the All Company Index, the Domestic Company Index, and another stock exchange. In addition to stocks, bonds, and floating-rate notes are also exchanged. It is estimated that private investors account for less than 10% of the market capitalization.

Regular trading hours are from 10:00 to 14:00 on working days, excluding weekends and public holidays declared by the government. The Ministry of Finance is in charge of licensing brokers. Individuals or corporations are eligible to join BSE.

8. Stock Exchange of Mauritius (SEM)

The Stock Exchange of Mauritius is a company in charge of running Mauritius’s primary stock exchange at Port Louis. The Official Market and the Development & Enterprise Market are operated by SEM. On the Official Market, there are 40 listed firms, with a market cap of around $5.3 billion, while there are 48 listed firms with a market cap of over $1.5 billion as of July 2012.

9. Zimbabwe Stock Exchange (ZSE)

ZSE is Zimbabwe’s official stock exchange. Although it has a long history dating back to 1896, foreign investment has only been allowed since 1993.

The ZSE All Share and the ZSE Top 10 are the main indices of the stock exchange. Currently, there are 63 stocks registered on the exchange, which has 12 members.

10. Ghana Stock Exchange (GSE)

The Ghana Stock Exchange is Ghana’s top stock exchange. It was established in July 1989, and trading started the following year. Currently, it lists 2 corporate bonds and 42 stocks from 37 companies. The GSE is located within the Cedi House in Accra.

All kinds of securities can be listed in the GSE. Capital sufficiency, share spread, number of years in business, and management standards are requirements for listing. 


Africa has become a hub for activities ranging from trade to raising capital through stock markets. There is no doubt that the strength of a country’s stock exchange can achieve immense improvement in a country’s economic development. In Africa, there are currently five major stock exchanges dominating the capital market space with both local and international companies listed on the exchanges. 

Generally, eight of the over 50 nations in Africa do not have stock exchange markets, including the nations of Ethiopia, South Sudan, and the Gambia.

This article identified these stock exchange markets and how they seek to affect growth in their various locations.

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Richard Okoroafor

Richard Okoroafor

Richard is a brilliant legal content writer who doubles as a finance lawyer. He brings his wealth of legal knowledge in corporate commercial transactions to bear, offering the best value that exceeds expectations.

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