NGX 253,893 −0.07% NGN JSE 110,039 +0.25% ZAR MSE 484,395 −0.01% MWK RSE 268 0.00% RWF EGX 49,234 — EGP CSE 17,054 −0.47% MAD ESE 503 — SZL SGBV 3,802 −0.03% DZD NSX 2,349 — NAD BRVM 528 −0.02% XOF LuSE 25,070 −0.17% ZMW BSE 11,250 0.00% BWP USE 2,595 −1.14% UGX ZSE 487 −0.50% ZWG SEM 2,051 +0.26% MUR
NGX 253,893 −0.07% NGN JSE 110,039 +0.25% ZAR MSE 484,395 −0.01% MWK RSE 268 0.00% RWF EGX 49,234 — EGP CSE 17,054 −0.47% MAD ESE 503 — SZL SGBV 3,802 −0.03% DZD NSX 2,349 — NAD BRVM 528 −0.02% XOF LuSE 25,070 −0.17% ZMW BSE 11,250 0.00% BWP USE 2,595 −1.14% UGX ZSE 487 −0.50% ZWG SEM 2,051 +0.26% MUR
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← Back to the Brief（https://www.mansamarkets.com/blog） African stock markets 2025 best performing African exchanges JSE returns 2025 NGX performance
African Stock Markets: 2025 Performance Rankings, Market Caps and Investor Guide
2025 was one of the most remarkable years in African capital market history. Across 18 tracked exchanges, 17 closed the year in positive territory. The worst performer — Mauritius — essentially broke even. The best performer — Malawi — returned nearly 250%. In between, markets from Lagos to Lusaka, Cairo to Nairobi, delivered returns that made global headlines and drew institutional attention that had been absent for years.
March 20, 2026 · 11 min read · Mansa Markets
2025 was one of the most remarkable years in African capital market history. Across 18 tracked exchanges, 17 closed the year in positive territory. The worst performer — Mauritius — essentially broke even. The best performer — Malawi — returned nearly 250%. In between, markets from Lagos to Lusaka, Cairo to Nairobi, delivered returns that made global headlines and drew institutional attention that had been absent for years.
This guide ranks every major African stock exchange by 2025 return, market cap, and investability — and gives you a clear framework for deciding which market deserves your attention.
## 2025 African Stock Market Performance Rankings
Every tracked African exchange, ranked by full-year USD return:
Rank Exchange Country USD Return Local Currency Return Market Cap (USD)
1 Malawi Stock Exchange (MSE) Malawi +248% +248% $18.7B
2 Ghana Stock Exchange (GSE) Ghana +150% +79% $16.4B
3 Lusaka Securities Exchange (LuSE) Zambia +112% +68% $6.4B
4 Nigerian Exchange Group (NGX) Nigeria +61% +51% $68.8B
5 South Africa (JSE) South Africa +57% +38% $1,460B
6 Nairobi Securities Exchange (NSE) Kenya +52% +51% $22.8B
7 Egyptian Exchange (EGX) Egypt +49% +40% $62.9B
8 BRVM (West Africa) 8-country union +42% +25% $23.9B
9 Casablanca Stock Exchange (MASI) Morocco +42% +28% $114.2B
11 Uganda Securities Exchange (USE) Uganda +40% +37% $9.9B
12 Tanzania (DSE) Tanzania +28% +29% $9.8B
13 Zimbabwe Stock Exchange Zimbabwe +27% +28% $3.5B
14 Rwanda Stock Exchange (RSE) Rwanda +18% +23% $3.2B
15 Botswana Stock Exchange (BSE) Botswana +15% +10% $56.3B
16 Mauritius (SEM) Mauritius +1% -1% $8.9B
Source: Dabafinance, exchange year-end data, compiled January 2026. Returns measured January 1 to December 31, 2025.
The key finding: Africa was the world's best-performing region for equity investors in 2025. Egypt delivered 99% in USD terms according to MSCI's investable index. Ghana returned 150% in dollar terms. Only investors who knew where to look captured these returns — which is precisely why data infrastructure like Mansa Markets exists.
## African Exchanges by Market Cap
Size and performance are not the same thing. The JSE is Africa's largest exchange by a factor of ten — but Malawi delivered six times the JSE's return in 2025.
Exchange Market Cap (USD) Listed Companies Benchmark Index
JSE (South Africa) $1,460B 430+ FTSE/JSE All Share
MASI (Morocco) $114B 75+ MASI
NGX (Nigeria) $69B 148 NGX ASI
EGX (Egypt) $63B 250+ EGX 30
BSE (Botswana) $56B 30+ BSE DCI
BRVM (West Africa) $24B 47 BRVM Composite
NSE (Kenya) $23B 56 NASI
MSE (Malawi) $19B 15 MASI
GSE (Ghana) $16B 38 GSE CI
USE (Uganda) $10B 17 USE ASI
DSE (Tanzania) $10B 28 DSEI
SEM (Mauritius) $9B 45+ SEMDEX
LuSE (Zambia) $6B 23 LuSE ASI
## The Major African Exchanges — What You Need to Know
🇿🇦 Johannesburg Stock Exchange (JSE) — South Africa
2025 return: +57% USD · +38% local · Market cap: $1.46 trillion
Africa's largest exchange by significant margin. The JSE was founded in 1887 during South Africa's gold rush and lists over 430 companies including global miners, pan-African banks, telecoms giants, and retail groups. It is the most liquid market on the continent and the only African exchange with meaningful daily options and derivatives trading.
What drove 2025: Gold prices rose ~62% and platinum ~84% through the year, directly lifting the JSE's large precious metals mining sector. MTN Group gained 77-87%, Standard Bank rose 54%, and Harmony Gold returned ~91%. The exchange itself posted record profit of R1.07 billion — the first time it exceeded R1 billion.
Best for: Investors seeking liquidity, commodity exposure, and Africa's most developed equity market infrastructure. The JSE is accessible to international investors through South African brokers and international ETFs tracking the index.
Key stocks: MTN Group, Standard Bank, FirstRand, Anglo American, AngloGold Ashanti, Naspers, Shoprite.
→ Live JSE data on Mansa Markets（https://www.mansamarkets.com/south-africa）
🇪🇬 Egyptian Exchange (EGX) — Egypt
2025 return: +49% USD · +40% local (EGX 30) · Market cap: $62.9 billion
Egypt's exchange has the highest number of listed companies on the continent at 250+, and delivered one of Africa's most compelling macro re-rating stories in 2025. The EGX 30 closed the year at 41,828.97 — and continued rising to 47,195 by March 2026. Crucially, on MSCI's investable index, Egypt returned 99% in USD terms — making it the single best performing MSCI-included African market.
What drove 2025: Inflation fell from ~28% to ~14%, the Egyptian pound stabilised following the 2024 IMF devaluation, and foreign capital returned to a market that had been avoided for two years. Flour mills surged 115-198%, Housing & Development Bank rose ~162%, and Telecom Egypt gained ~93%.
Best for: Investors comfortable with frontier market risk seeking high-growth emerging market exposure at still-cheap valuations. The EGX still traded at roughly 8.8x forward earnings at year-end despite a 40% gain.
Key stocks: CIB (Commercial International Bank), Talaat Moustafa, Egypt Aluminum, Fawry, Telecom Egypt, Eastern Company.
→ Live EGX data on Mansa Markets（https://www.mansamarkets.com/egypt）
🇳🇬 Nigerian Exchange Group (NGX) — Nigeria
2025 return: +61% USD · +51% local · Market cap: $68.8 billion
The NGX is West Africa's largest exchange and the most actively traded by retail investors on the continent. 2025 was historic: the All-Share Index closed at 155,613 — a gain of 51.19%, the highest annual return since 2007. Market capitalisation approached ₦100 trillion. At least 45 listed companies delivered returns above 100%.
What drove 2025: Consumer goods stocks reversed years of FX-related losses as the naira stabilised. NCR Nigeria surged 1,354%. Vitafoam tripled. Guinness Nigeria rose 398%. Insurance stocks re-rated ahead of NAICOM's sector recapitalisation deadline. Banking stocks delivered solid gains despite being the market's most liquid and most traded sector.
Best for: Investors seeking Africa's most liquid mid-market outside of South Africa, with significant consumer, banking, and industrial exposure to the continent's largest economy.
Key stocks: GTCO, Zenith Bank, MTN Nigeria, Dangote Cement, BUA Foods, Aradel Holdings, Presco, NASCON.
> For the most complete NGX data, live prices, and the NGX API, visit NGX Pulse（https://ngxpulse.ng） — Nigeria's dedicated stock market data platform. A Mansa Markets product.