African Countries with the Best Performing Stock Market in 2023
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Insight & Analysis - July 7, 2023

African Countries with the Best Performing Stock Market in 2023

A handful of African countries have stood out for their robust and consistently strong performance in the stock market. 

These nations have demonstrated their ability to overcome obstacles, leverage their unique strengths, and capitalize on emerging opportunities, propelling them to the forefront of the continent’s economic landscape. 

This article lists the African countries that have emerged as the frontrunners with the best-performing stock markets in 2023.

Zimbabwe Stock Exchange

The Zimbabwe Stock Exchange has been ranked as one of the best-performing stock markets in 2023. This comes as the stock market jumped by 800% this year. According to reports, share prices have moved so quickly on Zimbabwe’s stock exchange that the bourse increased the maximum move allowed in a single day. 

The gains have come at blistering speed: 5%, 10%, and even 20% in a single session. Tallying them will show that the market is up a breathtaking 800% on the year.

This comes amid inflation in the African nation, which soared to 176% in June 2023. As of 5th of July, 2023, the all-share index stood at 162,840.11.

Malawi Stock Exchange

Known as a stock market with three licensed brokers, the Malawi Stock Exchange is based in Blantyre, Malawi. 

As the primary stock market in the African nation, the stock exchange has 16 companies listed on its exchange. According to reports, the benchmark Malawi All Share Index (MASI) inched up 2.58 points to close at 108,517.38, representing a 1-week gain of 0.47%, a 4-week gain of 4.79%, and an overall year-to-date gain of 74.93%.

Johannesburg Stock Exchange

The Johannesburg Stock Exchange (JSE) is the principal stock exchange of South Africa, located in the affluent municipality of Sandton, Johannesburg. 

Established during the 1887 South African gold rush, the JSE facilitates the raising of primary capital for listed companies while enhancing job opportunities and wealth creation.

Described as the largest stock exchange on the continent, the JSE provides an orderly market for dealing in securities for investors. The performance of the JSE All Share Index plummeted 1,796.27 (-2.37%) points to close at 74,113.22 on the 5th of July, 2023.

Nigerian Exchange Group

Another best-performing African stock market is the Nigerian Exchange Group. With a total of 161 listed companies, the exchange group provides the premier platform for raising capital. They also facilitate a thriving secondary market for trading securities. 

Known as one of the leading integrated market infrastructures in Africa, the Nigerian Exchange All Share Index stands at 61,523.57 as of 5th of July, 2023. The exchange group trades stocks, bonds and funds in its market.

Egyptian Exchange (EGX)

The Egyptian exchange is the oldest stock exchange in Africa. It was established in 1883, about 140 years ago. The stock exchange comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems.

The exchange trades stocks, bonds, funds and a number of structured products, issued by several international financial institutions. As of the 5th of July, 2023, EGX’s all-share index stood at 17,380.33.

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