The 10 biggest companies listed on African exchanges by market capitalization. JSE dominates with Naspers and Anglo American, but BVC and EGX host continental champions.
The African continent hosts 38 stock exchanges representing 29 nations, but capitalization is massively concentrated in a handful of markets. In Q1 2026, the hierarchy is unambiguous:
Rank
Exchange
Market Cap (USD)
1
JSE (Johannesburg)
~$1.46 trillion
2
Casablanca Stock Exchange
~$114 billion
3
NGX (Lagos)
~$95 billion
4
EGX (Cairo)
~$67 billion
5
BRVM (WAEMU)
~$25 billion
6
NSE (Nairobi)
~$24 billion
The JSE alone accounts for 60% of total regional capitalization, with a market cap-to-GDP ratio of 84% — well above the emerging markets average of . But this dominance masks a reality: most of the JSE's largest capitalizations are multinationals with secondary listings (BHP, AB InBev, Richemont, Glencore, Prosus), whose operational centers sit outside Africa.
Vision 1 — Any company listed on an African exchange. The top 10 is then entirely composed of JSE stocks: BHP (~$174B), AB InBev (~$132B), British American Tobacco (~$125B), Prosus (~$104B), Richemont (~$103B), Glencore (~$83B). These six global giants use the JSE as a listing platform, reinforcing the depth and liquidity of the South African market.
Vision 2 — Companies whose operational heart is in Africa. This reading matters most to the African investor: it reflects the companies genuinely shaping the continent's economy. This is the ranking we detail below.
Africa's premier listed gold producer. The stock surged +194% over one year and +970% over five years. Migration of the primary listing to the NYSE unlocked massive global liquidity pools. Net debt has been entirely cleared — an ultra-lean balance sheet maximizing cash flows in a gold market above $2,388/oz. Roughly 60% of production remains on the continent (Ghana, Tanzania, DRC). The Arthur Gold Project pre-feasibility study (Nevada) diversifies the geographic profile. Key risk: a P/NAV of 1.3x (vs 0.75x sector average) tolerates zero execution missteps.
2. Naspers (NPN) — JSE | ~$38 billion
Africa's homegrown technology champion. Consolidated revenue of $7.2 billion, net income of $5.24 billion. The 25% stake in Tencent (via Prosus) remains the valuation core, but proprietary e-commerce EBITDA surged +71% to $557 million. The group deploys over 20,000 AI agents across its ecosystem. A share buyback program reduced the free float by 27%. Naspers is the pillar of Africa's digital economy — payments, e-commerce, logistics — with potential to add ZAR 90 billion to South Africa's economy by 2035.
3. Capitec Bank (CPI) — JSE | ~$28 billion
From niche micro-lender to South Africa's largest digital retail bank: 25 million active clients, 29% ROE, earnings per share up +30%. The P/E of 31.4x prices perfection — but the numbers justify it. The Fintech division is growing +40%. The 100% digital model compresses per-transaction costs, generating 31.2% net margins with just 0.10x D/E. Capitec holds 58% market share among young South Africans.
4. FirstRand (FSR) — JSE | ~$28 billion
The continent's most diversified financial group. Normalized earnings of ZAR 41.8 billion (+10%), 20.2% ROE, 5.77% dividend yield. First National Bank (FNB) achieves a 37.4% ROE, Rand Merchant Bank (RMB) benefits from the high-rate environment. Risk: ZAR 2.7 billion provision related to the UK motor finance commission investigation.
5. Standard Bank (SBK) — JSE | ~$28 billion
The most extensive pan-African footprint of any financial institution. Headline earnings of ZAR 49.0 billion (+11%), revenue of ZAR 168.8 billion. The "Africa Regions" franchise (Angola, Ghana, Kenya, Nigeria) contributes ZAR 19.7 billion — 40% of the group total. The strategic 40% stake in ICBC Standard Bank captures China-Africa trade flows. Standard Bank is the financial circulatory system of intra-African commerce in the AfCFTA era.
Service revenue of ZAR 218.5 billion (+22.9%), EBITDA up +64%. West Africa (Nigeria, Ghana) generates 58% of pre-tax earnings. The MoMo ecosystem counts 69.5 million active users with transaction volumes exceeding $500 billion. MTN serves 307 million customers and covers 94% of the population in its markets — the continent's most critical digital infrastructure.
Morocco's banking giant and architect of South-South financial cooperation. Net banking income of MAD 34.9 billion, consolidated net income of MAD 12.4 billion (+14.4%). Equipment loans surged +42%. Retail digital transaction rates hit 85%. The Africa Development Club has orchestrated 28,300 business meetings across 36 countries.
8. MTN Nigeria (MTNN) — NGX | ~$9.4 billion
The NGX's largest capitalization. Over 80 million subscribers, growth driven by exploding mobile data and MoMo. The 202.8% ROE is inflated by temporarily compressed equity (naira FX losses). Dominant risk: NGN volatility and regulatory uncertainty.
65% of the NSE's total market capitalization. M-Pesa processes KES 38.29 trillion in annual transactions. Ziidi Trader captures 40% of daily NSE trades. 31.2% ROE, 18.1% net margin.
Africa's largest cement producer, operating across 10 countries. Nigeria's 28 million-unit housing deficit ensures structural demand. Dividend yield of ~9.9%. Unassailable competitive advantage: prohibitive transport costs make cement imports unviable, creating de facto local monopolies.
What This Ranking Reveals
Geographic Breakdown
South Africa 6/10 | Morocco 1/10 | Nigeria 2/10 | Kenya 1/10
1. The Telecom-Fintech Convergence. MTN, Vodacom, and Safaricom process volumes rivaling national banking systems. MoMo, M-Pesa, and VodaPay have transformed telecom operators into indispensable financial infrastructure — forcing traditional banks into aggressive digital innovation.
2. Pan-African Financial Sovereignty. Standard Bank and Attijariwafa Bank fill the void left by retreating European banks. Intra-African trade and infrastructure financing increasingly rests on local balance sheets — the essential prerequisite for AfCFTA's long-term success.
3. The "FX Filter" on Rankings. Naira depreciation relegates Nigerian giants (MTN Nigeria, Dangote, Zenith Bank) well below their real economic weight. In nominal NGN capitalization, the top eight caps on the continent are all Nigerian. In USD, they drop to 8th-10th place. Investors must keep this distortion in mind: a USD ranking systematically penalizes weak-currency markets.
*Information provided is for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results.*
