Top 10 African stock markets by number of listed companies

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African stock markets have expanded in recent years, driven by reforms, improved regulation and growing interest in domestic capital formation. Despite this progress, the continent still plays a relatively small role in the global equity market in terms of size, liquidity and depth.

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According to the OECD Africa Capital Markets Report 2025, African exchanges had 1,141 listed companies by the end of 2024, out of about 44,000 globally.

Total market capitalisation stood at roughly $561 billion, representing about one-third of Africa’s combined GDP.

While Egypt leads in the number of listed companies, South Africa dominates by market value and liquidity, accounting for a significant share of Africa’s equity market activity.

Below are the top 10 African stock markets ranked by the number of listed firms.

Egyptian Exchange (EGX) – Egypt

The Egyptian Exchange has the highest number of listed companies on the continent. However, most of the firms are relatively small, meaning the exchange contributes less to overall market value compared to larger African markets.

Nigerian Exchange Group (NGX) – Nigeria

Nigeria hosts one of Africa’s broadest equity markets, with companies spread across banking, consumer goods, energy and industrial sectors. Despite the high number of listings, liquidity remains uneven across industries.

Johannesburg Stock Exchange (JSE) – South Africa

Although it ranks behind Egypt and Nigeria by number of companies, the JSE is Africa’s most influential stock market. It accounts for about 60 per cent of the continent’s total equity market value due to its large, globally connected firms.

Stock Exchange of Mauritius (SEM) – Mauritius

Mauritius has developed a diverse and internationally oriented exchange, supported by its position as a regional financial hub and a gateway for foreign investment into Africa.

Nairobi Securities Exchange (NSE) – Kenya

The NSE is East Africa’s leading stock market, with listings mainly in banking, telecommunications and industrial sectors. However, overall market size and trading activity remain limited.

Casablanca Stock Exchange – Morocco

Morocco’s bourse is one of North Africa’s more stable markets, featuring a moderate number of listed companies and increasing participation from institutional investors.

Tunisia Stock Exchange (BVMT) – Tunisia

Tunisia’s exchange maintains a modest but steady pool of listed firms, largely concentrated in financial services and manufacturing.

Ghana Stock Exchange (GSE) – Ghana

The Ghana Stock Exchange remains relatively small, with few new listings in recent years, reflecting the challenges faced by smaller African capital markets.

Zimbabwe Stock Exchange (ZSE) – Zimbabwe

Despite ongoing economic volatility, the ZSE continues to host a notable number of listed companies relative to the size of the country’s economy.

Bourse Régionale des Valeurs Mobilières (BRVM) – West Africa

Serving eight West African countries, the BRVM is unique as a regional exchange. However, the total number of listed companies remains modest compared to national exchanges.