Introduction: Africa’s evolving equity landscape
Just before 2025, the Organisation for Economic Co-operation and Development (OECD) highlighted a striking fact: Africa accounted for a relatively small share of global listed companies, with about 1,141 firms listed across its exchanges by end-2024. Yet the continent’s equity markets are growing in depth and breadth. This article ranks the top African stock markets by the number of listed companies, drawing from the OECD Africa Capital Markets Report 2025 and latest market disclosures. The ranking helps investors gauge liquidity, diversity, and the breadth of industries available on African bourses.
1) Johannesburg Stock Exchange (JSE) — South Africa
The JSE remains Africa’s largest and most developed exchange, hosting a broad mix of large-cap corporations, mid caps, and a growing number of listings in new sectors. With a deep pool of mining, financials, and consumer firms, the JSE often leads Africa in total listed companies and market depth, attracting both regional and international investors.
2) Nigerian Exchange (NGX) — Nigeria
Nigeria’s NGX has been expanding its equity base as domestic firms seek broader investor access and improved governance. Lagos-listed companies span banking, consumer services, energy, and industrials, signaling a maturing market that complements Africa’s largest economy.
3) Egyptian Exchange (EGX) — Egypt
Covering Cairo and Alexandria, EGX is a cornerstone of North Africa’s capital markets. The exchange hosts a diverse roster of listed firms, including key players in energy, construction, financials, and consumer goods, contributing significantly to regional liquidity.
4) Casablanca Stock Exchange (CSE) — Morocco
Morocco’s main bourse blends traditional, family-held firms with newer listings in financials, real estate, and industrials. The Casablanca market benefits from its strategic location as a financial hub linking Africa and the MENA region, with a steadily growing number of listed companies.
5) Nairobi Securities Exchange (NSE) — Kenya
Kenya’s exchange is a regional anchor in East Africa, welcoming listings across banks, telecoms, and agricultural-related firms. The NSE’s diverse issuer base supports momentum in sovereign and corporate debt markets as well.
6) Bourse Régionale des Valeurs Mobilières (BRVM) — West Africa
BRVM serves a regional market headquartered in Abidjan, Côte d’Ivoire, covering several West African economies. Its listed universe includes financials, telecommunications, and industrials, offering a regional investment vehicle with cross-border appeal.
7) Ghana Stock Exchange (GSE) — Ghana
Ghana’s market is known for its resourceful mix of banks, insurance, and consumer firms. While smaller than the continent’s giants, the GSE provides strong local liquidity and attracts regional funds focused on West Africa.
8) Tunis Stock Exchange (TSE) — Tunisia
Tunisia’s exchange features a lean but stable roster of listings, with a focus on financials, construction, and consumer companies. The TSE remains an important entry point for investors seeking exposure to North Africa’s developed private sector.
9) Botswana Stock Exchange (BSE) — Botswana
Botswana’s market is known for its governance standards and a select group of listings in financials and mining-related firms. The BSE offers a high-quality, liquid market for a smaller issuer pool in Southern Africa.
10) Uganda Securities Exchange (USE) — Uganda
Uganda’s bourse illustrates the continent’s youthfulness in equity markets, with growth in financials and consumer names. USE represents East Africa’s expanding access to public capital and investor education initiatives.
Interpreting the ranking: what the counts tell us
Ranking by number of listed companies highlights not just market size, but the breadth of opportunity and the depth of capital formation across sectors. Larger exchanges like the JSE, EGX, and NGX tend to host a wide mix of large-cap and mid-cap names, while regional platforms such as BRVM provide diversification across multiple countries. Investors should weigh liquidity, regulatory quality, and access to financial instruments beyond equities—such as bonds and derivatives—as part of a holistic assessment of each market’s maturity.
Why this matters for investors
For global and regional investors, the number of listed companies serves as a proxy for market breadth and potential opportunities. A higher count usually correlates with more sector diversity, better liquidity in certain segments, and a wider set of investment strategies (passive index exposure, thematic investing, dividend-focused portfolios). The OECD 2025 report underscores that Africa’s equity market development varies widely by country, even as many exchanges modernize trading systems and strengthen corporate governance.
Conclusion
With over a dozen active exchanges across the continent, Africa’s top stock markets by listed companies reflect a mix of mature hubs and fast-growing jurisdictions. As regulatory improvements continue and access to finance broadens, the continent’s ranked markets will likely shift further as more firms seek public capital to fund expansion and innovation.
