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The Nigerian Exchange (NGX) All-Share Index outperformed most of its African peers at mid-2026, posting a 47.43% return as of June 30, 2026.
The performance ranked Nigeria as the second best-performing major stock market among six of Africa’s major stock exchanges reviewed, behind only the Ghana Securities Exchange.
The comparison is based on index data compiled from the Ghana Securities Exchange, Nigerian Exchange, Egyptian Exchange, Nairobi Securities Exchange, Casablanca Stock Exchange, and Johannesburg Stock Exchange, using their closing index levels at December 31, 2025 and June 30, 2026.
The first half of 2026 was largely positive for the African equity markets, with four of the six exchanges posting gains. Ghana and Nigeria led the rally, while Morocco and South Africa were the only markets to end the period in negative territory.
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For Nigeria, the rally extended the strong momentum built since 2023, driven by robust corporate earnings, improving investor confidence, and sustained demand for fundamentally strong stocks across the banking, industrial goods, oil and gas, and telecommunications sectors.
What the data is saying
The six exchanges reviewed delivered an average year-to-date return of 24.68%, meaning Nigeria’s 47.43% gain was almost twice the group average, behind Ghana alone, which delivered 2.75 times the average.
Johannesburg Stock Exchange
South Africa recorded the weakest performance among the exchanges reviewed. The Johannesburg Stock Exchange index fell 4.76%, declining from 115,832.30 to 110,313.85 index points during the period.
The weaker performance reflected cautious investor sentiment as market participants weighed global economic uncertainty and South Africa’s slower economic growth. The market also saw weaker demand for risk assets compared with some of its African peers.
Casablanca Stock Exchange
Morocco’s benchmark index declined 3.34%, falling from 18,846.35 at the end of 2025 to 18,217.27 by June 30, 2026.
The decline marked a pause after three consecutive years of strong annual gains, with the MASI index coming under pressure in the first half of 2026 after a strong performance between 2023 and 2025.
Investor sentiment was affected by domestic liquidity conditions and broader global market uncertainty. This made it one of only two major African markets to post a loss during the first half of 2026.
Nairobi Securities Exchange
Kenya’s benchmark index posted a 20.14% gain, increasing from 186.58 to 224.15 over the six-month period.
The gains were supported by improving investor sentiment as inflation eased and expectations of lower interest rates boosted demand for equities. Banking stocks were among the strongest performers during the period, helping lift the market to one of the best returns in East Africa.
Egyptian Exchange
Egypt’s benchmark index advanced 20.70%, rising from 41,828.97 to 50,487.96 during the first half of the year.
Although the pace of growth was well below that of Ghana and Nigeria, Egypt’s market continued to benefit from economic reforms and improving investor confidence. Banking and real estate stocks were among the key drivers of the rally as investors responded to stronger corporate earnings and a more stable macroeconomic outlook.
Nigerian Exchange
Nigeria followed closely behind with a 47.43% year-to-date return. The NGX All Share Index rose from 155,613.03 at the close of 2025 to 229,419.18 by the end of June, adding more than 73,800 points within six months.
The market’s performance was driven by strong corporate earnings across the banking, industrial goods, telecommunications, and oil and gas sectors. Investor sentiment also remained supported by the substantial progress in the banking recapitalization programme, alongside improving foreign exchange market conditions.
Ghana Securities Exchange
The Ghana Securities Exchange recorded the strongest performance among the markets reviewed, with its benchmark index climbing 67.90% from 8,772.25 at the end of 2025 to 14,729.00 by June 30, 2026.
The rally was supported by improving investor sentiment as Ghana’s macroeconomic conditions strengthened and inflation declined. In its May 2026 Article IV mission statement, the IMF noted that the country’s economic adjustment efforts have delivered “substantial stabilization gains,” with stronger growth, lower inflation, and improved confidence in the cedi.
What this means
Nigeria’s strong first-half performance was reflected not only in its return but also in the level of its benchmark index. At 229,419.18 points as of June 30, 2026, the NGX All Share Index was the highest among the six exchanges reviewed, ahead of the Johannesburg Stock Exchange at 110,313.85 points, the Egyptian Exchange at 50,487.96 points.
Following this, the benchmark index for Casablanca Stock Exchange stood at 18,217.27 points, the Ghana Securities Exchange at 14,729.00 points, and the Nairobi Securities Exchange at 224.15 points.
However, index levels are not directly comparable across exchanges because each market uses its own base year, starting value, and calculation methodology
Market size did not determine performance. The Johannesburg Stock Exchange remains Africa’s largest exchange by market capitalization, yet it recorded the weakest return among the six markets reviewed. In contrast, Ghana and Nigeria delivered stronger gains despite operating relatively smaller equity markets.
Nigeria’s second-place ranking shows that investor confidence remained strong despite a high interest-rate environment. Strong corporate earnings, improving foreign exchange market conditions, and continued banking sector reforms supported investor interest and helped sustain the market’s upward momentum.
What you should know
Nigeria’s impressive first-half performance was not limited to Africa alone. According to data compiled by Bloomberg across 92 stock exchanges, the Nigerian equity market became the world’s best-performing stock market in dollar terms in early July 2026, overtaking South Korea after delivering a 67% year-to-date dollar return. The gain was supported by the appreciation of the naira, improving foreign exchange liquidity, ongoing economic reforms, and stronger investor confidence.
Nigeria’s equity market is also gaining attention from global index providers. S&P Dow Jones Indices (S&P DJI) has placed Nigeria on its 2027 watchlist for a possible reclassification from a Standalone Market to a Frontier Market.
The review follows regulatory and market reforms aimed at improving accessibility, transparency, and investment conditions. If approved, the upgrade could increase Nigeria’s visibility among international institutional investors and attract additional foreign capital into the market.
