In a recent Focus Report by Oxford Business Group, it was revealed that African stock exchanges collectively boast an overall market capitalization of approximately $1.6 trillion, constituting around 2% of the global stock market capitalization. The Africa Stock Exchanges Association (ASEA), representing 28 member stock exchanges across 38 countries with over 2,400 listed companies, plays a pivotal role in the continent’s financial landscape.
Here’s a snapshot of the ten largest stock exchanges in Africa based on market capitalization as of the close of trading on December 8, 2023:
1. Johannesburg Stock Exchange (JSE) – $987.24 Billion
– Founded in 1887, the JSE stands as the second oldest and the largest stock exchange in Africa, securing the top spot with a market capitalization of $987.24 billion.
2. Casablanca Stock Exchange (MASI) – $60.23 Billion
– The Moroccan capital market, founded in 1929, clinches the second position with a market capitalization of $60.23 billion, making it the largest stock market in North Africa.
3. Egyptian Exchange (EGX) – $57.20 Billion
– Formed through the amalgamation of the Alexandria Stock Exchange and the Cairo Stock Exchange, the EGX holds the third position with a market capitalization of $57.20 billion.
4. Nigerian Exchange (NGX) – $49.56 Billion
– Established in 1960, the NGX ranks as the second largest stock exchange in Sub-Saharan Africa and secures the fourth position with a market capitalization of $49.56 billion.
5. Botswana Stock Exchange (BSE) – $43.94 Billion
– Founded in 1994, the BSE is the fifth-largest stock exchange in Africa, boasting a market capitalization of $43.94 billion. It prominently features foreign-based mining companies.
6. Namibian Stock Exchange (NSX) – $41.44 Billion
– Dating back to 1904, the NSX is one of the oldest stock exchanges in Africa. It holds the sixth position with a market capitalization of $41.44 billion.
7. Bourse Régionale des Valeurs Mobilières (BRVM) – $12.86 Billion
– BRVM, a regional stock market serving multiple West African countries, ranks seventh with a market capitalization of $12.86 billion.
8. Nairobi Securities Exchange (NSE) – $9.57 Billion
– Founded in 1954, the NSE stands as the largest stock market in East Africa, securing the eighth position with a market capitalization of $9.57 billion.
9. Stock Exchange of Mauritius (SEM) – $7.29 Billion
– Established in 1989, the SEM is the capital market for Mauritius and ranks ninth with a market capitalization of $7.29 billion.
10. Ghana Stock Exchange (GSE) – $6.35 Billion
– The GSE, incorporated in 1989, holds the tenth position with a market capitalization of $6.35 billion, covering the Ghanaian capital market.
These exchanges collectively contribute significantly to the dynamism and growth of Africa’s financial landscape.
