Introduction: Why the number of listed companies matters
The depth and breadth of a stock market often reflect a region’s access to capital, corporate diversity, and investor opportunities. The Organisation for Economic Co-operation and Development (OECD) Africa Capital Markets Report 2025 highlights how many African exchanges host, as of the end of 2024, a total of 1,141 listed companies from a global pool of around 44,000. Within this landscape, certain markets stand out for their relatively large number of listed companies, indicating more mature and diversified capital markets. This article examines the top ten African stock markets by the number of listed companies, drawing on OECD data and the latest market disclosures.
1) Egypt – Egyptian Exchange (EGX)
Egypt’s primary exchange system, centered around the Egyptian Exchange, consistently ranks near the top in terms of listed companies. With a broad mix of state-owned enterprises, family-owned conglomerates, and private businesses raising capital, EGX demonstrates Egypt’s role as a regional financial hub. The depth of listings supports liquidity and a wide range of sector exposure for investors.
2) Nigeria – Nigerian Exchange Group (NGX)
Nigeria’s market hosts a substantial number of listed firms across consumer goods, financial services, and industrials. The NGX’s large domestic economy, coupled with reforms meant to improve corporate disclosure and market infrastructure, has driven sustained listings activity. Nigeria remains a critical engine of African equity issuance and investor participation.
3) South Africa – Johannesburg Stock Exchange (JSE)
The JSE is Africa’s oldest and most liquid exchange, with a long history of diverse listings. While it is smaller in population than Egypt or Nigeria, the JSE’s depth—especially in mainboard and exchange-traded products—helps make it a benchmark for African equity markets. Companies across mining, financial services, and consumer sectors contribute to its large listing base.
4) Morocco – Casablanca Stock Exchange (Bourse de Casablanca)
Morocco’s main exchange has grown its roster of listed companies, expanding access to both domestic and regional investors. A stable macro environment, regulatory improvements, and sectoral diversification (telecommunications, banks, agribusiness) support ongoing listings and investor interest.
5) Kenya – Nairobi Securities Exchange (NSE)
Kenya’s market represents East Africa’s financial center with a growing number of listed companies spanning telecommunications, financial services, real estate, and manufacturing. Reforms in market infrastructure and clearer corporate governance standards have bolstered issuer confidence and investor participation.
6) Ghana – Ghana Stock Exchange (GSE)
Ghana’s exchange has expanded its listings amid a developing economy and a rising middle class. The financial services and consumer sectors contribute a significant portion of listed companies, while regulatory efforts continue to improve market accessibility and transparency.
7) Tunisia – Tunis Stock Exchange (TSE)
Tunisia’s market, though smaller by global standards, remains a key cross-border listing venue for North Africa. The diversification of industries and ongoing regulatory modernization help maintain a favorable environment for public capital formation.
8) Uganda – Uganda Securities Exchange (USE)
Uganda’s exchange reflects East Africa’s growing appetite for equity funding. With a more limited number of listings, the market emphasizes growth-focused firms and financial sector participants, contributing to regional investment opportunities.
9) Tanzania – Dar es Salaam Stock Exchange (DSE)
Tanzania’s primary market continues to expand its listing base as more businesses seek access to capital for expansion. The DSE benefits from improving corporate governance practices and dedicated efforts to widen investor bases, including regional and domestic participants.
10) Algeria – Algiers Stock Exchange (ASE)
Algeria’s market represents another North African listing venue with potential for growth as reforms take hold. The mix of state-led and private sector listings demonstrates opportunities amidst a recovering diversification trend in the economy.
What the rankings tell us about Africa’s capital markets
The emphasis on the number of listed companies, rather than just market capitalization, sheds light on depth, liquidity, and investment access. Markets like Egypt, Nigeria, and South Africa show relatively larger universes of listed firms, which typically translates to broader sector representation and more investment choices for both local and foreign investors. While some markets in North and East Africa may be smaller in absolute numbers, they are often undergoing regulatory and infrastructural improvements intended to accelerate listings, improve disclosure, and enhance trading efficiency.
Investor takeaway
For investors, the top 10 African stock markets by listed company count signal where depth and breadth of opportunities exist. If you’re seeking diversification across sectors such as financial services, telecommunications, consumer goods, and industrials, these markets offer a solid starting point. Keep an eye on regulatory developments, corporate governance standards, and market infrastructure improvements, as these factors frequently influence the pace and quality of new listings.
