Africa’s stock markets delivered standout returns in 2025, with several smaller and mid‑sized exchanges posting exceptional gains for investors. While official rankings can vary by source and timing, recent data shows investors were richly rewarded on certain bourses across the continent this year.
1. Malawi Stock Exchange (MSE)
The Malawi Stock Exchange emerged Africa’s top‑performing stock market in 2025, with the Malawi All Share Index (MASI) delivering approximately 247–251% returns in dollar terms, far outpacing regional peers. Strong domestic investor demand and broad share price gains underpinned the extraordinary performance.
2. Ghana Stock Exchange (GSE)
The Ghana Stock Exchange ended 2025 as the second‑best performing equity market on the continent, posting a 137.40% year‑to‑date return in U.S. dollar terms and 79.14% in local cedi terms. The rally was supported by broad gains across listed equities and deeper investor engagement, with total market capitalisation rising to GH¢171.87 billion by year‑end.
3. Nigerian Exchange (NGX)
While not topping the continent, the Nigerian Exchange (NGX) also delivered robust gains in 2025, with industry commentary noting the NGX All‑Share Index among Africa’s higher returning markets, reflecting strengthening corporate earnings and increased market activity. (Emerging performance data from regional reports places the NGX among the top four by year‑end performance).
4. Nairobi Securities Exchange (NSE)
More Read
The Nairobi Securities Exchange saw a significant rebound over the year, with strong momentum in its key indices. Some market indicators suggested more than 50% year‑to‑date returns, marking one of its most impressive performances in recent history as investor confidence improved.
5. Bourse de Casablanca and others
Other exchanges such as the Bourse de Casablanca in Morocco posted positive growth in 2025, albeit at more modest rates compared with the clear outliers. These markets benefited from stable corporate frameworks and regional liquidity trends. (Regional quarterly data puts exchanges like Casablanca ahead of smaller African indices but behind the top performers above.)
What drove the gains?
Investors were attracted to African equities in 2025 due to a mix of domestic economic recoveries, capital inflows seeking higher yields than global peers, and strong performance among banking, telecom and consumer stocks. Ghana’s own surge was part of a broader trend of renewed confidence in equity assets across the continent.
Stock indexes climb as tech stocks lead broad market gains
