Africa’s stock markets have hit a new high. The African Securities Exchanges Association (ASEA) says the total value of companies listed across the continent’s exchanges now tops $2 trillion, compared with about $1.6 trillion in 2024. Data compiled by Daba Intelligence points the same way: as of June 5, 2026, Africa’s 17 largest exchanges were worth $2.03 trillion combined. The headline is striking, but the detail underneath matters more for investors and policymakers.
One Giant, Then a Long Tail
The total hides a steep imbalance. Valued at $1.5 trillion, the Johannesburg Stock Exchange outweighs every other bourse in Daba’s ranking put together, which is roughly three-quarters of the combined figure. The OECD’s 2025 Africa Capital Markets Report describes a similar pattern. It says South Africa makes up 60% of the region’s market capitalisation, while Morocco, Egypt and Nigeria together make up 15%. The report’s summary page rounds the picture up to 80% for South Africa, Morocco and Egypt, but its detailed chapter tells a slightly different story.
Nigeria on the Move
Nigeria has been among the most notable movers. Daba’s data put the market’s capitalisation at just under $70 billion in 2025, with returns being the real story. By mid-2026, the Nigerian Exchange ranked third in Africa at $114 billion, ahead of Egypt’s $73.9 billion. These figures come from different dates and are quoted in dollars, so they should be read as approximate, but the direction is clear: Nigeria’s market value has risen sharply.
Who Leads the Biggest Companies?
Nairametrics recently profiled the executives behind some of Africa’s most valuable listed firms. Its approach was a sample, not a ranking. It took the two largest listed companies by market value in each of South Africa, Kenya, Ghana, Egypt and Nigeria. The spread is wide. AngloGold Ashanti is valued at about $46 billion, while Equity Group Holdings is worth about $3 billion. Independent rankings as of July 2026 place AngloGold Ashanti as Africa’s largest publicly traded company, followed by Naspers and FirstRand.
Big Markets, Thin Trading
Size does not guarantee liquidity. Across the 14 African exchanges the OECD examined, nine turn over less than 5% of their market value in a year. The OECD also points to weak corporate governance at listed companies and state-owned enterprises as a drag on market development. Efforts to connect exchanges are meant to help. A joint initiative by ASEA and the African Development Bank allows a broker in one country to place orders on another country’s exchange without investors needing accounts abroad. The aim is a fully integrated African capital market by 2030.
For Nigeria, the picture is both encouraging and sobering. The local market is climbing the rankings, yet a single exchange still dominates the continent, and thin trading limits how easily investors can act. The real test is whether growth spreads beyond a few dominant markets.
African Securities Exchanges Association (ASEA); OECD, Africa Capital Markets Report 2025; Daba Intelligence; Nairametrics.
