The Nigerian Stock Exchange (NGX) outperformed several other markets to become the best-performing stock market in Africa in the first half of 2024, with its All-Share Index marking a 33.81% growth.
Several Nigerian quoted companies which include Veritas Kapital, Geregu Power, and Julius Berger made the list of best-performing stocks in the first half (H1) of 2024 helping to place the NGX as Africa’s best.
Nairametrics reports that capital markets worldwide were bullish in the first half of 2024 as well as African stock markets which all recorded growth during the review period.
5 best performing stock markets in Africa
Below are the top five performing stock markets in Africa for H1, 2024:
1. Nigeria (NGX)
The Nigerian Exchange Group (NGX) appreciated by 33.81% in H1, 2024, making it one of the fastest-growing exchanges in the world.
The NGX All-Share Index stood at 74,773.77 at the beginning of the year and closed the period at 100,057.49 while the market capitalisation rose from ₦40.9 trillion to ₦56.6 trillion during the period.
2. Zambia (LuSE)
The Lusaka Securities Exchange (LuSE) appreciated by 28.13% in H1 2024, while its All-Share Index started the year at 10,828.18 and closed the period at 13,873.75.
LuSE’s market capitalisation stood at $4.7 billion during the period.
3. Ghana Stock Exchange – (GSE)
The Ghana Stock Exchange rose by 22.34% during the period in review with its composite index closing the period at 3,829.61, from 3,130.23 recorded at the start of the year.
GSE’s market capitalisation stood at $5.6 billion.
4. Kenya Stock Exchange – (NSE)
The Nairobi Securities Exchange (NSE) appreciated by 18.87% during the period in review and its All-Share Index rose from 92.11 at the start of the year to 109.49 at the end of the period.
The NSE All-Share Index hit its highest level in March 2024 since July 2023 after sustaining a bearish run since 2022, declining by 23.4% and further by 27.7% in 2023.
5. Uganda Securities Exchange – (USE)
The Uganda Securities Exchange (USE) witnessed a 17.93% growth in H1 2024 closing its All-Share Index at 1,028.93, from 872.5 at the start of the year.
USE’s market capitalisation is approximately $6.3 billion.