Top-Performing African Stock Markets in 2025 (USD Terms)
Story written by Daniel October 9,2025
Africa’s leading stock exchanges have recorded mixed performances in 2025, with a few markets outperforming others when measured in U.S. dollar (USD) terms, according to new market data.
Despite economic headwinds, including currency volatility and inflation, select African bourses have continued to attract both domestic and foreign investors seeking growth opportunities.
The Nairobi Securities Exchange (Kenya), Johannesburg Stock Exchange (South Africa), and Lagos Exchange (Nigeria) are among the key markets showing notable resilience, thanks to improved investor sentiment, stable monetary policies, and stronger corporate earnings in specific sectors such as banking, energy, and telecommunications.
Meanwhile, countries with more stable currencies and pro-business reforms have performed better in USD-adjusted rankings, reflecting the importance of exchange rate stability in sustaining returns for global investors.
Analysts say the positive momentum across some African markets signals renewed investor confidence in the continent’s growth potential, particularly in frontier economies where equity valuations remain attractive compared to global averages.
However, challenges persist, including liquidity constraints, regulatory uncertainty, and the lingering effects of global monetary tightening.
Experts believe that continued reforms, digital transformation of trading systems, and regional economic integration could further boost African stock market performance in the coming years.
