African markets posted strong growth in 2025, with JSE leading in size and GSE in momentum

  • Seven of nine exchanges posted positive growth, signalling broad-based expansion across African equity markets in 2025.
  • Ghana Stock Exchange led all exchanges in growth rate, rising 133.86% across the year — the sharpest single-year gain in this dataset.
  • The Johannesburg Stock Exchange closed Q4 at $1.3 trillion, making it by far the largest exchange on the continent by market capitalisation.
  • The Stock Exchange of Mauritius and MERJ Exchange (Seychelles) were the only two exchanges to contract, declining 2.61% and 8.02% respectively.

African stock exchanges broadly expanded in 2025. From Accra to Johannesburg, seven of nine tracked exchanges grew — some dramatically. Ghana's bourse more than doubled, Nigeria and Kenya posted significant gains, and South Africa's JSE added hundreds of billions in capitalisation to close the year above $1.3 trillion. The outliers were Mauritius and Seychelles, both of which ended the year slightly below where they started. The data points to a continent-wide equity story that is gaining momentum, even if unevenly distributed.

Source:

Media sources

Period:

2025
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9 of Nigeria’s 26 publicly listed trillion-naira companies are in financial services
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