African equities are delivering some of the world’s strongest returns as of May 2026, buoyed by improving macroeconomic conditions, easing inflation, currency stabilisation and renewed investor appetite for frontier and emerging markets.
Yet the exchanges generating those gains remain smaller than many investors realise. Data compiled by Afridigest, a pan-African strategic intelligence platform, from real-time trading platform African Markets, shows that market capitalisation remains heavily concentrated, with South Africa’s Johannesburg Stock Exchange (JSE) dwarfing every other bourse on the continent.
More details on the Exchanges
South Africa (JSE) – $1.5 trillion
The Johannesburg Stock Exchange remains Africa’s undisputed capital markets powerhouse. With a market value of $1.5 trillion as of May 15, the JSE is larger than the combined value of the other nine exchanges on this list, underlining its deep liquidity, institutional sophistication and decades of market development.
Nigeria (NGX) – $117 billion
Nigeria’s stock market has climbed to
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