The African continent represents a major attraction for foreign investors looking to invest in the continents frontier markets. For most of these investors access to African markets are limited to just a handful of stock exchanges.

In this article, we bring to you 5 of Africa’s largest stock exchange where foreign investors often look at investing in.

  1. Johannesburg Stock Exchange (JSE)

The JSE is the biggest stock exchange in Africa by Market Capitalisation. It was founded on November 8, 1887.

It is South Africa’s only full service securities exchange, connecting buyers and sellers in a variety of different markets, namely equities, equity derivatives, agricultural derivatives and interest rate instruments.

 Key Facts

  • Market Capitalisation – $987 billion.
  • Number of Companies Listed – 388
  • Foreign Domiciled Companies – 76
  • Market Cap over GDP ratio is 278.94%
  • Trading and Settlement – T+3
  1. Nigerian Stock Exchange (NSE)

The Nigerian Stock Exchange started in 1960 as the Lagos Stock Exchange. I’m 1977, it changed its name to the Nigerian Stock Exchange.

The NSE is one of the most developed stock exchanges in Africa and offers a range of instruments for investors in the equities, bonds and derivatives market.

Key Facts

  • Market Cap – $44 billion
  • Market Cap over GDP ratio – 8.83%
  • Number of Companies Listed – 176
  1. Egyptian Stock Exchange

The Egyptian Stock Exchange (EGX) comprises two exchanges, Alexandria opened in 1883 and Cairo stock exchange opened in 1903.

Key Facts

Market Cap – $46 billion

FCMB ads 300 x 250

Number of Listed Companies – 222

Market Cap to GDP ratio – 17.61%

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Trading and Settlement – T+0 for securities traded by the intra-day trading system. T+1 for all other securities.

  1. Casablanca Stock Exchange

The Casablanca Stock Exchange was established in 1929, and was known as the “Office de compensation des valeurs mobilieres  (office for clearing of transferable securities)

Key Facts

  • Market Cap – $48 billion
  • Market Cap to GDP ratio – 46.43%
  • Number of listed companies – 75
  • Trading and Settlement – T+3
  1. Namibian Stock Exchange

The Namibian Stock Exchange is one of the oldest stock exchanges in Africa, founded in 1904. It relaunched in 1992.

The Namibian Stock Exchange is the second biggest stock exchange in Africa in terms of Market Capitalisation, as it has been making use of the Johannesburg Stock Exchange’s equity trading systems and services to trade, clear and settle it’s securities.

The International Finance Corporation (IFC) in 2016, raised about $12 million in bonds which was used for private sector development in the country. This shows the faith of the international investing community in a market like the Namibian.

Key Facts

Market Cap – About $76 billion

Number of Listed Companies – 36



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