African public equity markets have grown in recent years but remain a small part of the global financial system. Despite reforms and rising interest in domestic listings, Africa is still under-represented in global equity markets in terms of size, depth and liquidity.
The OECD Africa Capital Markets Report 2025 shows that only 1,141 companies were listed on African exchanges by the end of 2024, out of about 44,000 worldwide, representing roughly 5% of emerging market listings. Total market capitalisation stood at around $561 billion, about one-third of Africa’s GDP.
While Egypt has the highest number of listed firms, most are relatively small, and South Africa dominates by market value and liquidity, accounting for the bulk of the continent’s equity market activity.
1. Egyptian Exchange (EGX) – Egypt
Egypt has the largest number of listed companies in Africa, making it the continent’s most active exchange by sheer volume of firms. However, most listings are relatively small, contributing less to overall market value.
2. Nigerian Exchange Group (NGX) – Nigeria
Nigeria hosts one of Africa’s broadest equity markets, with listings spanning banking, consumer goods, energy and industrials. While the number of companies is high, liquidity remains uneven across sectors.
3. Johannesburg Stock Exchange (JSE) – South Africa
Although it ranks behind Egypt and Nigeria by number of listings, the JSE is by far Africa’s most financially significant market, accounting for around 60% of the continent’s total equity market value due to the presence of large, globally integrated firms.
4. Stock Exchange of Mauritius (SEM) – Mauritius
Mauritius has built a relatively diverse and internationally oriented exchange, supported by its role as a financial hub and gateway for investment into Africa.
5. Nairobi Securities Exchange (NSE) – Kenya
East Africa’s leading stock market, the NSE hosts a mix of banking, telecoms and industrial firms, though listings remain limited in size and trading activity.
6. Casablanca Stock Exchange – Morocco
Morocco’s bourse is among North Africa’s most stable markets, with a moderate number of listings and a growing focus on institutional participation.
7. Tunisia Stock Exchange (BVMT) – Tunisia
Tunisia’s exchange has a modest but steady pool of listed companies, largely concentrated in financial services and manufacturing.
8. Ghana Stock Exchange (GSE) – Ghana
Ghana’s market remains small, with limited new listings in recent years, reflecting broader challenges facing smaller African exchanges.
9. Zimbabwe Stock Exchange (ZSE) – Zimbabwe
Despite economic volatility, the ZSE continues to host a notable number of listed firms relative to the size of the economy.
10. Bourse Régionale des Valeurs Mobilières (BRVM) – West Africa
Serving eight West African countries, the BRVM is unique as a regional exchange, though the total number of listed companies remains modest.
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