BREAKING: NGX ends H1 2024 as the best performing stock market in Africa 

The first half of 2024 was a bullish period for capital markets worldwide, as there was a general upward trend. African stock markets were not left out, with every stock exchange in Africa recording growth in H1 2024. 

Taking examples from across the world, the NASDAQ Composite Index gained 18.13% in H1 2024, while the NYSE Composite Index gained 6.96% during the same period.

The London Stock Exchange grew by 5.20% during the same period. 

Even the Hong Kong stock market grew by 3.94%, despite the overall decline in that market over the past five years. 

The growth in the capital markets is linked to indications at the start of the year about forthcoming benchmark interest rate cuts, which spurred increased activity. 

In this report, Naijaonpoint tracks the ten best-performing stock markets in Africa in the first half of 2024. 

The Moroccan All Share Index (MASI), which tracks the performance of all companies listed on the Casablanca Stock Exchange, ended H1 2024 with a 9.99% growth. The index started 2024 at 12,092.88 points and ended the period at 13,301.37. 

During the period, the bourse’s market capitalization increased by $6.68 billion, moving from $63.1 billion at the start of the year to $69.8 billion at the end of H1. 

The top listed stock on the Casablanca Stock Exchange is Attijariwafa Bank, with a market cap of about $11.2 billion. 

The Namibian Stock Exchange (NSX) gained 10.06% in the first half of 2024, as its All-Share Index closed the period at 1,797.67, from 1,633.33 at the start of the year. 

The NSX is the second-largest exchange in Africa, with a market cap of about $110 billion. The largest company listed on the NSX is the British mining giant, Anglo-American Plc, with a market capitalization of about $32.5 billion. 

The Tunis Stock Exchange, known as the Bourse des Valeurs Mobilières de Tunis (BVMT), recorded an 11.15% gain in the first half of the year. Its index, TUNINDEX, rose from 8,750.59 at the beginning of the year to 9,726.08 by the end of the period. 

BVMT has a market capitalization of about $8.16 billion. 

The Egyptian Exchange (EGX) is the main stock exchange in Egypt, and the performance of the market is tracked by the EGX 30 Index. The EGX 30 tracks the performance of the 30 most capitalized stocks listed on the EGX. 

In H1 2024, the EGX 30 gained 11.54%, as it started the year at 24,894.26 and ended the period at 27,766.27. 

In H1 2024, the EGX 30 gained 11.54%, as it started the year at 24,894.26 and ended the period at 27,766.27. 

In constant currency terms, the EGX’s market capitalization appreciated from 1.717 trillion Egyptian Pounds to 1.869 trillion Egyptian Pounds during the period. However, in USD terms, there was a decline from $55.6 billion to $38.9 billion. 

The Dar es Salaam Stock Exchange (DSE) in Tanzania posted a 15.32% gain in the first half of 2024, with its index rising from 1,750.63 at the beginning of the year to close at 2,018.78. 

DSE has a market cap of about $6.4 billion, with Tanzania Breweries Limited being the most capitalized stock on the exchange. 

The Uganda Securities Exchange (USE) achieved a 17.93% growth in H1 2024, with its All-Share Index closing at 1,028.93, from 872.5 at the start of the year. 

The exchange boasts a market capitalization of approximately $6.3 billion, with Umeme Limited, the country’s primary electricity distribution company, being its largest listed entity. 

The Nairobi Securities Exchange (NSE) gained 18.87% in H1 2024, with its All-Share Index appreciating from 92.11 at the start of the year to 109.49 at the end of the period. 

Since 2022, the NSE has been on a bearish run, declining by 23.4% in 2022 and further by 27.7% in 2023. In March 2024, the NSE All-Share Index hit its highest level since July 2023. 

The Ghana Stock Exchange has gained 22.34% in H1 2024, with its composite index closing the period at 3,829.61, from 3,130.23 at the start of the year. 

GSE has a market cap of $5.6 billion, with MTN Ghana being the largest company listed on the market. 

The Lusaka Stock Exchange (LuSE) gained 28.13% in H1 2024, with its All-Share Index closing the period at 13,873.75, from 10,828.18, at the start of the year. 

The Lusaka Stock Exchange has a market capitalization of $4.7 billion, with Shoprite Holdings making up almost half of the exchange’s total market capitalization. 

The Nigerian Exchange (NGX) was one of the fastest-growing exchanges in the world in H1 2024, appreciating by 33.81% during the period. The NGX All-Share Index closed the period at 100,057.49, from 74,773.77 at the start of the year. 

In constant currency terms, the NGX’s market capitalization increased by N15.7 trillion during the period, from N40.9 trillion to N56.6 trillion. However, in USD terms, the market capitalization declined from $45.6 billion to $37.7 billion.