African stock markets recorded a strong rally in 2025 with major stock exchanges posting double-digit and triple digit increases in their benchmark indices in both local and U.S. dollar terms, underpinned by eased inflation, favourable monetary conditions in select countries, and robust corporate earnings, particularly in the financial industry.
Malawi Stock Exchange (MSE) emerged as the best performer, with the MSE All Share Index soaring 247.6% closing at 598,062.80 points, supported by currency stability, while Mauritius’ SEM All Share Index fell by 1.41%, to close at 2,141.33 points, attributed to slow economic growth. Other notable bourses in the Southern Africa region included Lusaka Securities Exchange (Zambia), Johannesburg Stock Exchange (South Africa), Namibia Stock Exchange (Namibia), and Botswana Stock Exchange (Botswana) whose All Share Indices rose by 67.9%, 37.7%, 18.9%, and 9.8%, respectively.
Kenya’s Nairobi Securities Exchange (NSE) topped the East Africa region, with Nairobi All Share Index (NASI) gaining 51.1% in local terms and 51.4% in U.S dollar, closing the year at 186.58 points compared to 123.48 points recorded at the end of the previous year.The NSE’s performance was backed by several factors including improved macroeconomic environment, declining interest rates, enhanced liquidity, and strong corporate earnings growth especially from banking counters.
Rwanda Stock Exchange (RSE) ranked second, with the RSE All Share Index appreciating by 22.5% to 182.26 points, while Tanzania’s Dar es Salaam Stock Exchange (DSE) ranked third with its All Share Index climbing 29.1% amid political instability. The Uganda Securities Exchange (USE) rose 36.6%.
Egypt Stock Exchange (EGX) dominated North Africa gaining, 40.2%. Morocco Stock Exchange (MSE) All Share Index gained 27.5%, while Tunisia Bourse’s gained 35.1%. Ghana and Nigeria posted outsized gains as foreign exchange reforms, improved liquidity in FX markets, and strong banking sector re-ratings attracted portfolio inflows.
Ghana’s GSE-CI rose by 79.3%, mainly driven by gains in the large-cap stocks in the banking and telecommunication sectors following improved earnings during the period, supported by appreciation of the Ghana Cedi and easing inflation. Nigeria’s NGX ASI rose by 51.2%. The BRVM market also recorded steady gains, with the BVRM-CI, soaring 25.3%, highlighting relative resilience across the Francophone bloc despite global uncertainty.
African stock markets
Overall, the African stock markets 2025 rally reflects a combination of valuation re-rating, macroeconomic stabilization, and renewed global appetite for emerging and frontier markets.
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