In recent years, stock markets Africans have experienced growth. However, they still do not represent only a small part of the global financial system. Despite reforms and interest growing for national quotations, Africa remains underrepresented on global stock markets.

The OECD Capital Markets Report African 2025 indicates that only 1,141 companies were listed on African stock exchanges at the end of 2024, out of about 44,000 in the world, or around 5% of emerging market quotations. In fact, capitalization The total stock market was about 561 billion dollars, or about one third of African GDP.

Below are the top 10 stock markets by number of listed companies.

Egyptian Stock Exchange (EGX) — Egypt: Egypt has the largest number of listed companies in Africa, making it the the most active stock exchange on the continent in terms of business volume. But the most of the quotations concern companies of relatively modest size, thus contributing little to the total value of the market.

Nigerian Exchange Group (NGX) — Nigeria: Nigeria has one of the most diverse stock markets in Africa, with companies listed in the banking, consumer goods, energy and industrial. Despite a high number of companies, liquidity remains uneven according to the sectors.

Johannesburg Stock Exchange (JSE) — South Africa: Although it ranks behind Egypt and Nigeria in terms of the number of quotes, The Johannesburg Stock Exchange (JSE) is by far the most important market from Africa in financial terms, representing about 60% of the total value of the continent's stock market thanks to the presence of large companies integrated globally.

Bourse de Maurice (SEM) — Mauritius: The Island Mauritius has developed a relatively diversified stock exchange focused on internationally, supported by its role as a financial hub and gateway for investments in Africa.

Nairobi Stock Exchange (NSE) — Kenya: The NSE, East Africa's main stock exchange, hosts a mix of businesses banking, telecommunications and industrial sectors, although the number of quotations and trading activity remain limited.

Casablanca Stock Exchange — Morocco: The Stock Exchange Morocco is among the most stable markets in North Africa, with a moderate number of listed companies and a growing focus on institutional participation.

Bourse de Tunisie (BVMT) — Tunisia: The stock exchange Tunisia has a modest but stable number of listed companies, mainly concentrated in financial services and industry manufacturing.

Ghana Stock Exchange (GSE) — Ghana: The Market Ghanaian remains restricted, with a limited number of new quotations these recent years, reflecting the broader challenges facing small African stock exchanges.

Zimbabwe Stock Exchange (ZSE) — Zimbabwe: Despite the economic volatility, the Zimbabwe Stock Exchange (ZSE) continues to house a number significant number of listed companies in relation to the size of the economy.

The Regional Stock Exchange (BRVM) — West Africa closes the top 10 major stock markets by number of listed companies. Present in eight countries in West Africa, the BRVM is unique as a regional stock exchange, even if the The total number of listed companies remains modest.