5 Biggest Stock Exchanges in Africa

The 5 Biggest Stock Exchanges in Africa revealed. We have studied 29 African stock exchanges to determine the five biggest by market capitalization. This is a complete guide to the 5 Biggest Stock Exchanges in Africa.   In this in-depth guide you’ll learn:  

• What is the main function of a stock exchange?
• 5 Biggest Stock Exchanges in Africa
• 5 Biggest Stock Exchanges in Africa Compared Side-by-Side
• How to choose the Right Share Broker
• The Best Share Brokers

 

What is the main function of a stock exchange?

Trading in stocks, bonds, and other financial instruments takes place on an exchange, often called a stock market, bourse, or stock exchange, where buyers and sellers meet to transact business. Capital events including the payment of income and dividends, as well as the issuing and redemption of such assets and instruments, might all be facilitated by stock exchanges. Securities or shares must be listed on a particular stock exchange to be traded there, and trade on an exchange is limited to brokers that are exchange members.  

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5 Biggest Stock Exchanges in Africa

 

Johannesburg Stock Exchange (JSE) – 1.36 trillion USD

  JSE Limited, formerly known as the Johannesburg Stock Market (JSE) and the JSE Securities Market, is Africa's largest stock exchange. It is the financial center of South Africa after the relocation of its previous location from downtown Johannesburg to Sandton in the year 2000. As a supplier of Primary Market, Secondary Market, post-trade, and technical services, the JSE plays a crucial role in the South African economy. It not only controls the Primary and Secondary markets but also provides information about those markets and sells market data. As trading products expand and become more complex, the JSE offers a wide variety of ways to generate money. The JSE has 425 firms listed on it, and it is not too dependent on any one company's goods or services. Investors also take heart from the fact that they can generate money in a few diverse ways.  

Nigerian Stock Exchange (NGX) – 66.7 billion USD

  When it comes to Africa's integrated market infrastructure, the Nigerian Exchange Group (NGX Group Plc) is a forerunner. As they seek to make Africa's largest economy more competitive on the global stage, they serve the interests of the whole continent. The Nigerian Exchange (NGX) is a major trading and listing platform in Africa via its wholly-owned subsidiaries. The NGX Group provides a wide range of services through its subsidiaries, NGX Regulatory Limited (NGX RegCo), an independent regulation business, and NGX Real Estate Limited (NGX RelCo), a real estate firm. This encompasses a wide range of activities, such as listing and trading securities, licensing, market data solutions, ancillary technologies, regulation, and more. The NGX is home to 156 publicly traded firms, and as of the end of the first half of 2026, the Nigerian All Share Index had increased by over 21.17% YTD, making it one of the best-performing stock markets globally.  

Casablanca Stock Exchange (CSE) – 65.3 billion USD

  La Bourse de Casablanca is a stock market in Casablanca, Morocco. The Johannesburg Stock Exchange and the Nigerian Stock Exchange are the two largest bourses in Africa. The Casablanca Stock Exchange (CSE), which has one of the best performances in the Middle East and North Africa (MENA) region, is Africa's third largest Bourse overall. As a result of the changes that were made to it in 1993, the exchange is up to date. The Central Market and a Block Trade Market that facilitates block transactions are the two markets that are now part of the CSE, which has established an electronic trading platform and is composed of both marketplaces. The market capitalization of the Casablanca Stock Exchange is approximately 65.3 billion USD, and there are currently 76 listings on the exchange.  

Egyptian Stock Exchange (EGX) – 35.72 billion USD

  The stock exchanges in Cairo and Alexandria are both a part of the Egyptian Market (EGX), which is Egypt's stock exchange. They are both governed by the same board of directors and make use of the same infrastructure for trading, clearing, and settlement. Transactions on the stock market are exempt from taxation on capital gains. When dividends are sent to shareholders, publicly traded companies are exempt from paying taxes on such pay-outs. When the pre-issued securities are finally made public on the Egyptian Exchange (EGX), investors will be able to sell and buy them at the "market price," which is a price that fluctuates based on the supply and demand dynamics of the market.  

Nairobi Stock Exchange (NSE) – 17.19 billion USD

  An important African exchange with its headquarters in Kenya, one of Sub-Saharan Africa's fastest-growing economies, is the Nairobi Securities Exchange (NSE). Since its founding in 1954, the NSE has listed securities including debt and shares. For local and foreign investors wanting exposure to the economic growth of Kenya and all of Africa, it offers a world-class trading platform. The twenty top-performing companies listed on the Nairobi Securities Exchange are tracked by the Nairobi Stock Exchange Twenty Share Index, or NSE20, a prominent stock market index. Nairobi, where the bourse is situated, is the capital city of Kenya and one of the areas in Sub-Saharan Africa with the greatest rates of economic development. The NSE is governed by the Capital Markets Authority of Kenya, and its 11-person board of directors serves as its oversight body. After successfully raising KSh 627 million via an IPO in 2014, the NSE demutualized and became a main board-listed company on its own market. There are 65 businesses listed on the Nairobi Stock Exchange (NSE), which now has a market value of USD 17.19 billion.  

5 Biggest Stock Exchanges in Africa Compared Side-by-Side

 

Feature	JSE	NGX	CSE	EGX	NSE
Date Established	1887 (135Y)	1960 (62Y)	1929 (93Y)	1883 (139Y)	1954 (68Y)
Headquarters	Sandton, Johannesburg, South Africa	Lagos, Lagos State, Nigeria	Casablanca, Morocco	Cairo, Egypt	Nairobi, Nairobi County, Kenya
Listed Companies	425	156	76	225	65
Market Capitalization	US$1.2 trillion	US$66.7 billion	US$65.3 billion	US$35.7 billion	US$17.19 billion
Currency	South African Rand (ZAR)	Nigerian Naira (NGN)	Moroccan Dirhams (MAD)	Egyptian Pounds (EGP)	Kenyan Shillings (KES)
Indices	·         FTSE/JSE All Share Index ·         FTSE/JSE Top 40 Index	·         NSE All-Share ·         NSE Premium ·         NSE 30 ·         NSE 50 ·         NSE Corporate Governance Index ·         NSE Banking ·         NSE Consumer Goods	-	·         EGX 30 ·         EGX 50 ·         EGX 100	·         NSE All Share ·         NSE 20 Share ·         FTSE NSE Indices ·         FTSE NSE Kenya 15 ·         FTSE Kenya 25 ·         FTSE NSE Kenya Bond Index ·         FTSE ASEA Pan African Index
Market Hours	Mon – Fri 9 am – 5 pm SAST GMT +2h00	Mon - Fri 10 am – 2h20 pm WAT GMT +1h00	Mon – Fri 9h30 am – 3h20 pm WAT GMT +1h00	Sun – Thur 10 am – 2h15 pm EET GMT +2h00	Mon – Fri 9 am – 3 pm EAT GMT +3h00
Ownership	JSE Limited	Nigerian Stock Exchange Ltd	-	Mohamed Farid	Standard Chartered Kenya Nominees
Regulations	Financial Sector Conduct Authority (FSCA)	Nigerian Securities and Exchange Commission (SEC)	Conseil Deontologique des Valeurs Mobilières (CDVM)	The Financial Regulation Authority (FRA)	An eleven-person Board of Directors

 

How to choose the Right Share Broker

  Traders could not have picked a more favorable time to enter the investment market than the present. Competition among online brokers is high, which means costs are dropping down and features are being boosted. Those interested in trading global financial instruments could choose from a wide variety of online forex and CFD brokers. However, there are several factors to consider when choosing a broker and we will go through them here.  

Commission Charges

  Individual stocks, options, mutual funds, exchange-traded funds, and bonds are the main investment types offered by brokers. Some will also provide exposure to the forex market, futures trading, and cryptocurrency exchanges. Both the suitability of the broker's offerings to your investment requirements and the fees you must pay is dependent on the investments the broker has available. You should pay close attention to the commissions that are involved with the investments you like.  

Overall Reliability

  There is a diverse selection of brokers available. Several have been popular for many years, while others have just recently emerged. That does not imply they cannot be trusted, but if they are managing transactions for clients, they are members of a self-regulatory organization like the Financial Conduct Authority (FCA), the Financial Sector Conduct Authority (FSCA), and other regulators, or subject to additional oversight.  

Account Fees

  While it could be impossible to eliminate account fees, they may be kept to a minimum. To withdraw funds or investments, or to close your account, most brokers will assess a fee. If a broker does not charge them, or if you do not use their optional services, you could avoid paying most additional costs.  

Pricing and Execution on Trades

  Cost is less of a factor today, leading to commission-free transactions becoming the norm at most brokerages. However, you should consider the brokerage's position on the controversial practice of paying for order flow and how much it costs before making a final decision. This is especially true if you are an active trader who wants their deal completed at the best price possible, even if it means a difference of a few cents.  

Additional Tools, Educational Materials, and Features

  Look for a brokerage that provides free educational tools like live webinars, detailed how-to instructions, video tutorials, glossaries, and more if you are just starting in the investment world. You should also look at the broker's commitment to educating its customers about the inherent hazards of more complex trading tactics like options.  

The Best Share Brokers

  In this article, we have listed the best brokers which offer share trading to traders. We have further identified the brokers that offer additional services and solutions to traders.  

Best MetaTrader 4 / MT4 Share Broker

  Overall, BDSwiss is the best MT4 Share broker. More than a thousand different BDSwiss financial products are included in MetaTrader 4. Rapid market execution is something that traders from Africa can expect with spreads starting at 0.3 pips EUR/USD.  

Best MetaTrader 5 / MT5 Share Broker

  Overall, FBS is the best MetaTrader 5 Share, broker. FBS is known for its affordable trading fees and quick account signup. Using MetaTrader 5 and an FBS account, African traders get a flawless trading experience when trading CFDs on shares and other assets.  

Best Share Trading Broker for beginners

  Overall, Interactive Brokers is the best share trading broker for beginners. To trade stocks, Interactive Brokers is the best alternative since their Lite plan has no commissions at all. Interactive Brokers provides a wealth of research and instructional tools, like how-to articles, webinars, and a comprehensive training program.  

Best Low Minimum Deposit Share Broker

  Overall, Fidelity Investments is the best Low Minimum Deposit Share Broker. Traders can gain access to financial products with a minimum investment of just one dollar at Fidelity Investments. Fidelity Investments also offers some of the best trading software and a wide range of guides and helpful trading tools for Africans who want to trade international markets.  

Best ECN Share Trading Broker

  Overall, FOREX.com is the best ECN share trading broker. In addition to currencies, FOREX.com is a currency broker that concentrates on numerous asset classes. This covers CFDs on stocks, commodities, and indices. GTX Direct is the full-featured electronic communication network (ECN) trading environment offered by FOREX.com. This suggests that you will get used to ECN execution costs, spreads, and commissions that are competitive and in line with industry standards.  

Best Islamic / Swap-Free Share Broker

  Overall, SuperForex is the best Islamic / Swap-Free Share broker. Traders of the Muslim faith are welcome on SuperForex. Spreads on EUR/USD accounts offered by SuperForex start at 0.0 pips, making the company's ECN Swap-Free Accounts among the most competitive in the industry.  

Best Share Trading App

  Overall, TD Ameritrade has the best share trading app. Free trades, outstanding trading platforms, superior market research, and the industry's most thorough teaching materials are all provided by TD Ameritrade to novice investors. Additionally, clients of TD Ameritrade have an option between two excellent mobile applications, each of which is packed with various helpful features.  

Best Lowest Spread Share Broker

  Overall, Pepperstone is the best lowest spread Share, broker. Pepperstone is a well-known STP and ECN broker that serves customers in 170 different nations. Active traders who want the most competitive spreads are eligible for zero-pip spreads thanks to Pepperstone's liquidity partnerships with Barclays and HSBC.  

Best Nasdaq 100 Share Trading Broker

  Overall, HFM is the best Nasdaq 100 share trading broker. The platform that is provided by HFM allows traders to access about one thousand different CFDs, and the NASDAQ is one of the CFDs that they may access. In addition to offering a wide range of customizable account choices, HFM also offers a trading environment that is both well-regulated and secure.  

Best Volatility 75 / VIX 75 Share Trading Broker

  Overall, AvaTrade is the best Volatility 75 / VIX 75 share trading broker. AvaTrade is regarded as one of the multi-asset brokers with the best access to the VIX for traders. AvaTrade provides commission-free trading and excellent spreads beginning at 0.9 pips on the most popular instruments.  

Best NDD Share Broker

  Overall, FP Markets is the best NDD Share broker. Among the best NDD brokers, FP Markets stands out for the high caliber of service it offers to traders. Traders may take advantage of FP Markets' stellar order execution, a vast selection of markets (over 10,000), and extensive integration with several other trading platforms.  

Best STP Share Trading Broker

  Overall, IG is the best STP share trading broker for traders. IG is a reputable publicly traded broker that provides access to over 19,000 tradable items. In addition, IG's STP execution is among the best in the industry, processing orders quickly (in milliseconds).  

Best Sign-Up Bonus Share Trading Broker

  Overall, InstaForex is the best share trading sign-up bonus broker. Anyone who opens a trading account has the chance to get a $1,000 bonus, no deposit required. A trader could use the online marketing form after they have finished opening their trading account.  

Conclusion

  There are five major stock markets in Africa; they are in Johannesburg, Nigeria, Morocco, Egypt, and Kenya. Shares of local firms listed on the major boards of these exchanges are accessible to individual and institutional share traders.  

Frequently asked questions

 

Which stock markets are the biggest globally?

Market capitalization-wise, the New York Stock Exchange is by far the biggest in the world right now (25.8 trillion USD)  

Is there a way to profit from trading stocks?

Yes, you can. Gains could be made from two sources, namely the rise or fall in stock price, or dividends received on dividend-paying shares.  

Which African nations have stock markets?

Capital markets exist in 20 out of the continent's 54 countries.  

Who is the biggest investor in Africa?

Over the last decade, China has surpassed the United States as Africa's greatest investor.  

Which financial markets in Africa have the most significance?

When it comes to the variety of banking services offered to the public, the area around the Johannesburg Stock Exchange is unrivalled.

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