African stock markets posted strong performances in 2024, with over ten key indices recording gains, and eight of them achieving more than 20% growth despite economic headwinds across the continent.
West Africa faced political and economic hurdles, with Nigeria’s banking reforms and Ghana’s election uncertainties impacting sentiment. East Africa struggled with slow growth projections in Kenya and Uganda. Southern Africa dealt with droughts that affected agriculture, particularly in South Africa and Zambia. Meanwhile, North Africa saw positive investor responses to late-year interest rate hikes in Tunisia and Morocco.
Here are the top five performing African stock markets in 2024:
1️⃣ Ghana (GSE Composite Index)
Ghana topped the list with a 56% rise, boosted by a $3 billion IMF bailout, stronger cocoa prices, and investor optimism.
2️⃣ Zambia (Lusaka All Share Index)
Zambia’s index surged 44.1% despite droughts and slower economic growth, showing investor resilience.
3️⃣ Nigeria (All Share Index)
Nigeria recorded a 37.7% gain, overcoming challenges in its financial sector.
4️⃣ Kenya (Nairobi All Share Index)
Kenya’s index rose by 33.7%, rebounding from mid-year slowdowns.
5️⃣ West Africa’s BRVM Composite Index
The BRVM index grew 29%, driven by higher global cocoa prices and Senegal’s economic recovery.
Despite varying challenges, Africa’s stock markets demonstrated remarkable resilience in 2024.
