Top Africa MarketTop 10 largest stock markets in Africa based on market capitalization
According to the African Stock Exchanges Focus Report by Oxford Business Group, African stock exchanges have an overall market capitalization of about $1.6 trillion which makes up about 2% of the global stock market capitalization.
Africa Stock Exchanges Association (ASEA), the body of stock exchanges in Africa has about 28-member stock exchanges covering 38 countries with over 2,400 listed companies.
Countries like Ethiopia are still in the process of formulating a stock exchange.
According to data available to Nairametrics, here are ten of the largest stock exchanges in Africa as of the close of trading on December 8, 2023.
10. Ghana Stock Exchange (GSE) – $6.35 billion
The Ghana Stock Exchange (GSE) is the capital market that covers Ghana and is headquartered in Accra. Incorporated in 1989, the GSE currently has a market capitalization of $6.35 billion at the close of trading on Friday, December 8, 2023.
There are 31 listed companies on the GSE with the largest among them being Ecobank Transnational Incorporated, AngloGold Ashanti Plc, Access Bank Ghana, and Tullow Oil Plc, among others.
9. Stock Exchange of Mauritius (SEM) – $7.29 billion,
Founded in 1989, the Stock Exchange of Mauritius (SEM) is the capital market that covers Mauritius, and it is based in Port Louis.
With a market capitalization of $7.29 billion, it is the ninth most capitalized stock market in Africa. There are 56 companies quoted in the SEM’s official market, while another 42 are quoted in the Development and Enterprise Market (DEM).
The largest companies trading on the SEM are MCB Group, Ireland Blyth, SBM Holdings, and CIEL Group, among others.
,center>8. Nairobi Securities Exchange (NSE) – $9.57 billion,/center>
Nairobi Securities Exchange (NSE) is the official stock market for the Kenyan economy. Founded in 1954, the NSE is the largest stock market in East Africa. The market closed with a capitalization of $9.57 billion as of December 8, 2023.
There are 65 listed companies on the NSE with the largest among them being Safaricom, Equity Group Holdings, East African Breweries Limited, Co-operative Bank of Kenya, and NCBA Group Plc, among others.
7. Bourse Régionale des Valeurs Mobilières (BRVM) – $12.86 billion
BRVM is a regional stock market headquartered in Abidjan, Cote D’Ivoire. It was founded in 1996 and it serves in Niger, Mali, Benin Republic, Burkina Faso, Cote D’Ivoire, Togo, Senegal, and Guinea Bissau.
BRVM closed with a market capitalization of $12.8 billion on December 8, 2023. There are about 56 listed companies. And the largest among them are SONATEL, Orange Cote D’Ivoire, Ecobank Cote D’Ivoire, and Société Générale Côte d’Ivoire, among others.
6. Namibian Stock Exchange (NSX) – $41.44 billion
Namibian Stock Exchange (NSX) founded in 1904 is one of the oldest stock exchanges in Africa, only younger than the Egyptian Exchange and Johannesburg Stock Exchange. It serves the Namibian market and is based in Windhoek, Namibia.
As of the date of its last publicly updated data, November 10, 2023, the exchange has a market capitalization of $41.44 billion.
There are 40 listed companies on the NSX with the largest being FirstRand Namibia, Capricorn Group, Namibia Breweries, Mobile Telecommunications Limited, SBN Holdings Limited, and Letshego Holdings, among others.
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