The stock markets in Africa have been performing well this year, 2026. They are outperforming many other global benchmarks due to reforms, stable currencies, and high commodity prices.
African Stock Markets 2026, Some stock markets in the continent have gained more than ten percent this year, while others have lagged. In the list of stock market performances, markets such as Ghana, Zambia, and Nigeria have performed well, while others have not.
Below is an analysis of the best and worst stock markets in Africa this year.
Why African Markets Are Performing Well in 2026
There is a combination of reasons why the stock markets on the continent are doing well.
Some of the reasons include currency stabilization in various economies, a rise in commodity prices, which have been contributing to the rise in revenue generation in the resource-rich nations. There are other reforms and infrastructure investments that have also encouraged investment in African stocks.
As a result, many of the African stock markets have performed better than global indexes this year.
Top-Performing African Stock Markets
Ghana Stock Exchange (GSE)
One of the best-performing stock markets in Africa in 2026 has been Ghana Stock Exchange (GSE).
Key Performance
- More than 43% performance in USD terms
- A strong equity market rally
- Better currency stabilization
The boost in investor confidence has resulted in Ghana’s growth to the number one position in the ranking.
Lusaka Securities Exchange (LuSE) – Zambia
Another stock market that has performed exceptionally well has been that of Zambia.
Key Performance
- One of the world’s best-performing exchanges
- Contributed by the appreciating Zambian Kwacha
Increased investment interest in the local stocks.
Nigerian Exchange (NGX)
The Nigerian economy continues to be an investor magnet regardless of its economic problems in recent times.
Key Performance
- Growth of about 33.5%
- Has been enabled by favorable market reforms
- Enabled by good energy prices and the stability of the naira
Banks and financial companies, along with energy firms, have been the major driving forces.
Dar Es Salaam Stock Exchange (DSE)
The Dar es Salaam stock exchange is now among Africa’s most performing exchanges.
Key Performance
- About 33% growth
- Has been made possible by improved economic performance
- More involvement of local investors
Egypt and Kenya Continue On Their Upward Trend
Both Egypt and Kenya have witnessed some strong growth in 2026.
Egypt (EGX 30)
- Growth of about 20.5%
- Made possible by economic reforms
Kenya (NSE)
- Growth of about 14.2%
- Benefited by economic stability and IMF-sponsored reforms
South African Stock Market Shows Stability
Though not a top performer, South Africa’s stock market has been quite stable.
- FTSE/JSE All Share Index
- About 8% growth
- Enabled by high gold prices
- Thanks to political stability through the coalition government
Which Market is Underperforming?
Morocco’s MASI Index
There is one African market that has posted negative performance figures in 2026 – Morocco.
Key Performance Indicators
- Down approximately 1.4% from the previous year
- Undergoing a market correction
- Failing to keep up with regional markets
Despite the fact that the figure is not that low, it is in contrast to the high performance that we see elsewhere on the continent.
Some Companies Underperforming in Strong Markets
It sometimes happens that even in markets where stocks are performing well, there will still be several underperformers.
Such companies include:
- Stanbic IBTC Holdings (Nigeria): down 8.96%
- Jubilee Holdings (Kenya): down 3.54%
Conclusion
The stock markets in Africa have proven to be among the best-performing financial markets in 2026. The notable countries include Ghana, Zambia, Nigeria, Tanzania, Egypt, and Kenya. They have performed excellently due to their economic reforms, favorable currency rates, and commodity markets.
Despite the underperformance of the MASI index, the overall picture looks good. This means that if this trend continues in the future, then 2026 could turn out to be one of the best years for African stocks.
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