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.
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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.
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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!
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