Some of the stock markets in Africa were among the best-performing frontier markets in the world in 2024, even as the continent’s capital markets continue to gain global appeal. Leading the pack was the Ghana Stock Exchange which gained 56.17 percent in 2024, followed by the Malawi Stock Exchange. The Nigerian Exchange (NGX) also appeared on the list with a 37.65 percent appreciation during the year.
As of December 1, 2024, the MSCI Frontier Emerging Markets Index, which monitors the performance of frontier and emerging markets, including several African stock market, recorded a 7.43 percent gain. Among the African countries represented in this index are Ivory Coast, Morocco, Egypt, Mauritius, Kenya, and Tunisia.
Beyond the numbers, these markets showcased the dynamism of Africa’s economies, buoyed by debt restructuring, currency stabilization, and robust corporate actions across the continent.
1. Ghana Stock Exchange – 56.17%
The composite index of the Ghana Stock Exchange appreciated by 56.17 percent in 2024, starting at 3,130.23 and closing at 4,888.53. This marked the market’s best performance since 2013 when the market closed with a 78.8 percent return.
The market’s Financial Index recorded an impressive 25.2% gain, reflecting growing investor confidence in the Ghanaian economy. This optimism was driven by significant strides made in restructuring the country’s domestic and international debts.
2. Malawi Stock Exchange – 55.06%
The Malawi Stock Exchange All-Share Index (MSE ASI) appreciated 55.06 percent in 2024. In 2023, the market appreciated by 78.85 percent. The Malawian stock market has been on a bullish run since 2022.
3. Lusaka Securities Exchange – 42.60%
The Lusaka Securities Exchange, which is the Zambian stock market gained 42.60 percent in 2024. The All-Share Index appreciated from 10,828.18 at the start of the year to close the year at 15,440.9. Some of the remarkable companies listed on the Lusaka Securities Exchange include Airtel Zambia, British American Tobacco, and Chilanga Cement which appreciated by 85 percent during the year.
4. Nigerian Exchange – 37.65%
The Nigerian Exchange (NGX) achieved a five-year winning streak in 2024, with a 37.65 percent return during the year. The All-Share Index appreciated from 74,773.77 at the start of the year to close at 102,926.4.
During the year, oil and gas stocks were some of the best gainers in the market, as the exchange’s market capitalization increased by over N21.8 trillion to close at N62.763 trillion.
5. Uganda Securities Exchange – 36.94%
The Uganda Securities Exchange appreciated by 36.94 percent in 2024, as the All-Share Index appreciated from 872.5 to 1194.8 during the year. Some of the listed companies in the USE include, Airtel Uganda, British American Tobacco, and Stanbic Bank Uganda.
6. Nairobi Securities Exchange – 34.06%
The Nairobi Securities Exchange (NSE) delivered remarkable performance in 2024, posting a 34.06% gain in local currency terms. Notably, in USD returns, the NSE emerged as Africa’s top-performing market, achieving an impressive 65.3% return. This exceptional performance was bolstered by the significant appreciation of the Kenyan Shilling against the US Dollar.
In 2023, the NSE was the worst-performing stock market in the world in USD terms due to the immense depreciation of the Kenyan Shilling. However, this reversal of trend has enhanced investor confidence and attracting global capital.
7. BRVM – 29.70%
Bourse Régionale des Valeurs Mobilières, the official stock market of Francophone West Africa returned 29.7 percent in 2024, as its composite index moved from 212.82 to 276.02 during the year. In USD terms, the market closed with a 34.9 percent return, just behind the Kenyan stock market.
8. Casablanca Stock Exchange – 22.16%
The Morocco All-Share Index, which is the index of the Casablanca Stock Exchange appreciated by 22.16 percent in 2024. MASI opened and closed the year at 12092.88 and 14773.19 respectively.
During the year, some of the best performing stocks in the market were construction firm Jet Contractors, Residences Dar Saada, and Alliances.
9. Daar es Salaam Stock Exchange – 20.85%
Daar es Salaam Stock Exchange is the official Tanzanian stock market, and in 2024, the market appreciated by 20.85 percent. The market’s All-Share Index started the year at 1770.55 and closed at 2139.73.
Some of the largest companies listed on the exchange include, East African Breweries, KCB Group, Tanzania Breweries, Vodacom Tanzania, and Tanzania Cigarette.
10. Egyptian Exchange – 19.47%
The Egyptian Exchange (EGX) grew by 19.47% in 2024, as indicated by the EGX-30 index. During the year, other indices in the Egyptian Exchange also appreciated, with the EGX100 EWI gaining 42.40 percent during the year.
Despite the depreciation of the Egyptian Pound, the market capitalization of the market jumped by $8.85 billion.
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