How far can the record-breaking bull run continue for Africa’s stock exchanges? Many African exchange indices were up remarkably over 2025, encouraging participation by local investors and leading to renewed interest by domestic companies to come to the market for initial public offerings (IPOs) and other capital raising. In addition, many African currencies climbed in value against the US dollar and this meant that the stockmarket gains were even higher when measured as returns for investors who use USD.

Here are the top 10 market indices, ranked by performance for domestic investors:

1. Top of the pack was the Malawi Stock Exchange All Share Index (MSE ASI) which climbed nearly 247.6% for local and 248.0% for USD investors as the index soared to 598,602.8 by 31 December.
2. The Ghana Stock Exchange Composite Index (GSE-CI) gave 79.4% return to local currency investors, but the strong gain in the cedi boosted the return to 154.4% for USD investors.
3. Zambia’s Lusaka Securities Exchange Al Share (LuSE ASI) returned 67.9% for kwacha investors, and 111.7% for USD investors.
4. The giant Nigerian Exchange All Share (NGX ASI) gave a stellar 51.2% return to local investors, rising to 60.6% return to USD investors
5. Kenya’s Nairobi Securities Exchange All Share (NSE ASI) also returned 51.1% for local investors, with a similar performance for USD investors (up 51.4%).
6. The Egyptian Exchange 30 index (EGX 30 – comprising 30 leading companies) climbed 40.7% for local investors, and 49.9% for USD based investors
7. South Africa’s Johannesburg Stock Exchange All Share (JSE ASI) soared 37.7% for local investors and an attractive 56.7% for USD investors.
8. The Uganda Securities Exchange All Share (USE ASI) was up 36.6%, giving a 39.7% return to USD investors.
9. The Bourse de Tunis main index (TUNINDEX) climbed 35.1% for investors using Tunisian dinar, 49.2% for investors in USD.
10. Tanzania’s Dar es Salaam Stock Exchange had a strong return on the DSE ASI index, up 29.1% for local investors and up 27.5% for investors measuring returns in USD.

How did world market indices do?

By comparison, the MSCI All Country World Index, which tracks the share prices of securities of issuers with large market capitalizations across developed and emerging markets, rose 21% in the year. Developed markets equities rose 21.6%, and were roundly beaten by emerging markets equities which rose 34.4%. According to a JP Morgan report, the climb in the index is a strong comeback after a 16.5% fall in early April. US and developed market indices are dominated by the “Magnificent Seven” of US technology giants.

The biggest global winners were gold and other precious metals and the Bloomberg precious metals index was up 80.2% for USD investors. JP Morgan report commented “..international central banks continued to diversify their reserve holdings and gold exchange-traded funds saw strong inflows, however, silver outperformed with returns of 149.1%. Strong performance from precious metals offset falling oil prices.”

The ICE US Dollar index fell 9.4% in 2025, showing that the US dollar fell in value against a basket of rival currencies, according to MarketWatch website.

Other African exchanges

Other strong African exchanges included:

• Zimbabwe’s ZSE ASI – up 27.7% for locals, 26.8% in USD
• Morocco’s MASI, measuring share price performance across the Bourse de Casablanca, up 27.6% for locals, 41.5% for USD investors.
• The Composite Index of the Bourse Régionale des Valeurs Mobilières (BRVM-CI) was up 25.2% for investors using the CFA franc (XOF), which is pegged to the value of the euro, and also returned 41.8% for USD investors
• Rwanda’s All Share Index climbed by 22.5% for locals and 17% for USD investors
• The Namibian Stock Exchange’s Overall Index (NSX OI), which includes dual-listed South African companies, climbed 18.9% for rand and Namibia dollar investors, 35.3% for USD investors.

Botswana Stock Exchange’s Domestic Companies Index (BSE DCI) climbed 9.8% for domestic investors and 14.8% for USD investors. The Stock Exchange of Mauritius All Share Index was up by only 0.5% for local investors and down 1.4% for international investors.

Country by country

Malawi – pushed up by local demand

The Malawi Stock Exchange has soared to giant valuations, see our earlier story, but this may not be sustainable. The outperformance is driven because investing in shares can provide some refuge from the very high local inflation and local fund managers have few alternatives. In addition, the Malawi kwacha has not been allowed to float freely against the USD and other currencies.

Stockbroker Armstrong Kamphoni of Cedar Capital told African Capital Markets News: “In an inflationary environment, the rally in stocks might be sustained as investors do not have much alternative home for their money. Having said that, we think as sanity returns to the economy, there will be a period of correction with some stocks retreating. One such factor would be stabilization of currency and its availability to the business community. This would mean the local currency liquidity reduces and demand for stocks might fall. There are, in our opinion, very few stocks with value based on forward earnings.”

Nigeria – equity market approaches NGN 100 trillion

Nigeria’s equity market added NGN 36.6 trillion ($25.5bn) in market capitalization as it delighted investors with the strong return as it closed the year at NGN 99.4 trn ($69.1bn) and fast approached the NGN 100 trn mllestone in the New Year.

The fixed income market had capitalization of NGN 51.5trn ($35.8bn). There were strong inflows into exchange-traded funds and their market capitalization reached NGN 45.6bn ($32m).

According to a report on BusinessDay Nigeria news: “The rally reflected a confluence of macroeconomic stabilization and deliberate capital market reforms.”

The report quotes Temi Popoola, Group Managing Director and CEO of NGX Group: “The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds.. The performance highlights the importance of policy consistency, purposeful reforms and strategic collaboration in strengthening investor confidence and sustaining market growth.” He said that the NGX continued to invest in technology and market infrastructure and this weas helping expand access, enhance transparency and improve operational efficiency across the market.

The NGX facilitated NGN 6.5 trn ($4.5bn) in capital-raising by government and corporate issuers through equity and fixed income. The values of secondary market trading also climbed strongly, with equities turnover up to NGN 6.0 trn, while average daily value traded increased to NGN 23.8bn, “supported by price appreciation, solid corporate earnings, banking sector recapitalisation, new listings and ongoing improvements to market structure.”

Egypt prepares for boom year of listings

The Egyptian Exchange (EGX) saw total market capitalization rising 42% year on year (YoY). And the number of registered investors climbed 20% to 276,000, with younger participants attracted by expanding mobile trading. EGX’s Chairman Islam Azzam told Al Arabiya Business the market is hoping to be reclassified as a Developed Market this year and it forecasts eight new listings in 2026.

Rwanda turns 15, adds multicurrency and green window

At the end of this month (January 2026), the Rwanda Stock Exchange will mark 15 years of operations and growth. Turnover (the value of equity securities traded) climbed 45% to RWF 187.8bn ($129m) and in the over-the-counter (OTC)/repos market was RWF 4.5 trn. Market capitalization of equity securities rose to RWF 4.7 trn ($3.2bn) plus fixed income market capitalization of RWF 1.9 trn.

“During 2025, RWF 9bn ($6m) was raised for small and medium-sized enterprises” says this report in Taarifa news. The Government raised RWF 326bn through issuing debt securities to raise capital for public projects.

The RSE unveiled new developments including a Multicurrency Denominated Securities (MDS) market segment which will facilitate cross-border investment and support capital-raising, issuance and trading in multiple currencies. It also launched a Green Exchange Window for green bonds and ESG-linked securities, trading platfoms for Real Estate Investment Trusts (REITs) and for Exchange-Traded Funds (ETFs). It is developing an Islamic finance framework, to be launched early in 2026.

The RSE joined the World Federation of Exchanges (WFE) and the United Nations Sustainable Stock Exchanges Net Zero Financial Service Providers Alliance.

The stock exchange performance table is from the excellent African Markets website.