African stock markets are posting some of the strongest returns in the world this year, even as gold has fallen from its January peak and oil prices remain volatile. Data for selected African exchanges as of Sept. 2 show double-digit gains in many markets, led by Nigeria, Zimbabwe, Ghana and the BRVM regional exchange.
Nigeria’s NGX All Share Index was up 71.78% in dollar terms since the start of 2026, the strongest gain in the group. Zimbabwe followed at 70.21%, while Ghana returned 57.13% and the BRVM gained 53.4%. Tunisia was up 43.66%, Rwanda 40.3%, Uganda 39.08% and Kenya 35.87%. Egypt rose 24.24%, while South Africa gained 5.15%. A few markets lagged, including Botswana, Mauritius, Morocco and Malawi.
The gains stand out against weaker commodity performance. Gold prices are about 20% to 22% below their January record high, while oil markets have swung sharply this year. That has shifted attention toward equities, where investors are backing domestic sectors such as banking, telecoms, consumer businesses and industrials rather than relying only on commodity exposure.
West Africa has been one of the main drivers of the rally. Nigeria, Ghana and the BRVM all rank near the top of the table in dollar terms, showing strong investor demand across both local and regional exchanges. The BRVM’s performance is notable because it reflects gains across 8 WAEMU countries, including Côte d’Ivoire, Senegal and Burkina Faso.
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The rally suggests investors are placing more value on local growth stories, earnings momentum and currency stability. While commodity swings still shape African economies, equity markets are showing that returns are increasingly being driven by domestic businesses and capital markets.
Key Takeaways
The main story is not only that African stocks are rising, but that the gains are broad and are coming from markets with different structures. Nigeria’s rally reflects renewed interest in one of the continent’s largest markets. Ghana and the BRVM show that West Africa remains a key center of investor activity. Tunisia, Rwanda, Uganda and Kenya also show that the rally is not limited to one region. Dollar returns matter because they capture both stock-price gains and currency moves, giving a clearer picture for foreign investors. That also means the rankings can change if currencies weaken. The contrast with gold and oil is important. For years, many investors looked at Africa mainly through commodities. This year’s market data show a different pattern: local equities are outperforming even while major commodity prices are under pressure or unstable. That points to stronger confidence in listed companies, banks, telecoms, utilities and consumer names. It also suggests that African exchanges are attracting more attention as stand-alone investment markets rather than as indirect commodity trades. The next test is whether earnings, liquidity and currency stability can sustain the rally through the rest of the year.
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