Africa’s best performing stock markets in USD terms
In 2025, African stock markets have delivered remarkable returns for investors when measured in U.S. dollar terms. Driven by factors such as stronger local currencies and renewed investor interest, several exchanges across the continent have outperformed their emerging-market peers.
BusinessDay has tracked these developments to identify the ten best-performing African markets. The ranking is based on growth in market capitalisation from the start of the year to October 7.
Malawi Stock Exchange (+257.9%)
The Malawi Stock Exchange (MSE) stands out as the best-performing stock market in the world, recording a 257.9 percent gain in U.S. dollar terms. During the review period, its All-Share Index (MASI) surged by 252 percent. The market capitalisation rose sharply from $5.3 billion at the start of 2025 to $19 billion as of October 7.
There have been no new listings this year, yet investor interest in the market has soared. Several listed companies have enjoyed a strong bullish run, led by FDH Bank with a 330 percent year-to-date return. The biggest boost came from Standard Bank Malawi, whose market capitalisation jumped from $880 million at the beginning of the year to $4.34 billion by October 7.
Lusaka Stock Exchange (+77.7%)
Zambia’s sole stock market, the Lusaka Stock Exchange (LuSE), has delivered an impressive 77.7 percent return in U.S. dollar terms so far in 2025. The exchange’s market capitalisation has expanded from $7.8 billion at the start of the year to $13.8 billion.
This strong performance reflects a 17 percent appreciation of the kwacha and a 64 percent surge in the LuSE All-Share Index. It underscores renewed investor confidence in the Zambian market.
Ghana Stock Exchange (+76.3%)
The Ghana Stock Exchange (GSE) ranks among the year’s top performers. It has posted a 76.3 percent return in U.S. dollar terms. The market’s capitalisation grew from $7.58 billion at the start of the year to $13.35 billion. This growth was driven by a 72.7 percent surge in the GSE Composite Index and a 15 percent appreciation of the cedi.
Access Bank Ghana led the rally. It emerged as the best-performing stock with an impressive 214 percent year-to-date gain.
Daar es Salaam Stock Exchange (+72.6%)
Daar es Salaam Stock Exchange (DSE), Tanzania’s only stock exchange has appreciated by 72.6 percent YTD. The exchange’s market capitalisation moved from $5.05 billion to $8.71 billion during the year.
Nigerian Exchange (+49.6%)
The Nigerian Exchange has appreciated by 49.6 percent in USD terms, with the All-Share Index gaining 40.7 percent during the same period. In under 10 months, the market capitalisation has moved from $41.85 billion to $62.6 billion.
A stable exchange rate regime has seen improved foreign investor interest in the market. In 2025, foreign participation in the market has surged.
Casablanca Stock Exchange (+48.2%)
The Casablanca Stock Exchange has gained 48.2 percent year-to-date, making it one of Africa’s best-performing markets in 2025. The exchange’s market capitalisation has risen from $74.2 billion at the start of the year to $110 billion as of October 7.
Analysts attribute part of this momentum to growing optimism around Morocco’s economic outlook. This optimism is driven by rising infrastructure spending and increased foreign investment ahead of the country’s joint hosting of the 2030 FIFA World Cup.
Nairobi Stock Exchange (+43.3%)
Kenya’s equities market has recorded strong gains in 2025, rising by 43.3 percent in U.S. dollar terms. In local currency, the Nairobi Securities Exchange (NSE) All-Share Index appreciated by 42.8 percent as of October 7.
A relatively stable shilling has supported consistent returns for dollar-based investors throughout the year. The rally has been driven by strong performances from key stocks, including Express Kenya, Stanbic Holdings, and Total Kenya. These companies have recorded double- and triple-digit gains this year.
Bourse des Valeurs Mobilières de Tunis (+35.2%)
The BVMT, which is the main stock market in Tunisia, has posted a 35.2 percent YTD return in USD term. From an $8.3 billion market cap at the start of the year to $11.2 billion as of October 7.
Uganda Stock Exchange (+30.9%)
The Uganda Securities Exchange (USE) has appreciated by 30.9 percent in USD year-to-date. In terms of Ugandan Shillings, the market’s All-Share Index has gained 22.5 percent YTD.
In USD terms, the market’s capitalisation has moved from $7.1 billion at the start of 2025 to the current $9.3 billion.
Egyptian Exchange (+29.4%)
The Egyptian Exchange (EGX) has gained 29.4 percent in U.S. dollar terms this year. Its market capitalisation rose from $42.7 billion at the start of 2025 to $55.2 billion as of October 7. In nominal terms, the exchange advanced by 22.5 percent. This performance was further supported by a 6.4 percent year-to-date appreciation of the Egyptian pound.
With 226 listed securities, the EGX ranks as Africa’s second-largest market by listings, trailing only the Johannesburg Stock Exchange.
