Across frontier and emerging markets, African equities have led the charge in global returns in 2026.
In 2026, the MSCI Frontier Markets USD Index posted a 6.6% return year-to-date, while the Emerging Markets Index delivered 13.9%. Across Africa, however, performance has been far stronger. The Nigerian Exchange (NGX) is up 33.5% as of February 24, 2026, closely followed by Tanzania’s Dar es Salaam Exchange (DSE) at 33%.
Among the continent’s largest markets, South Africa’s Johannesburg Stock Exchange All-Share Index (FTSE/JSE ASI) has gained 8% over the same period. Morocco stands out as an outlier, with the Moroccan All Share Index (MASI) down 1.40%. Egypt’s EGX 30 has surged 20.5%, while Kenya’s Nairobi Securities Exchange, East Africa’s largest market, has advanced 14.2%.
In Nigeria, small-cap stocks are the fastest-growing
The Nigerian Exchange (NGX) is the fastest-growing frontier market in the world in 2026. As of February 24, total market capitalisation rose to $92.4 billion, up from $69.2 billion at the start of the year. While large-cap names such as MTN Nigeria, which has appreciated 49% to reach a market capitalisation of $11.8 billion, have driven significant gains, small-cap stocks have outpaced the broader market.
SCOA Nigeria Plc, a major vehicle importer, is the best-performing stock so far. Its share price has jumped 437% year-to-date, rising from ₦7.1 to ₦38.15. Supported by a strengthening naira, its market capitalisation climbed from $3.2 million to $18.4 million.
SCOA is followed by non-interest lender Jaiz Bank, which has recorded a 180% rise in its share price in 2026. The rally reflects fundamentals: net income surged 219% to ₦23.5 billion, compared with ₦7.4 billion in 2024.
NCR Nigeria ranks next with a 174% gain, extending its 2025 rally, when it soared 1,354%. Since the end of 2024, NCR’s share price has climbed an extraordinary 3,880%.
Rounding out the top five performers on the NGX are Omatek Ventures and Fidson Healthcare, which have returned 111.5% and 90.6%, respectively.
Gold rally boosts South Africa’s market
In South Africa, the more measured 8% rally has lifted total market capitalisation to $1.6 trillion, making it by far the most capitalised exchange on the continent. Much of the strength has come from gold and diversified mining companies, buoyed by record highs in global bullion prices. AngloGold Ashanti has returned 33.8%, Glencore 22.3%, and GoldFields 21.5% year-to-date.
Yet mining majors are not the only drivers. As of February 24, Pan African Resources is the best-performing stock on the JSE, up 40.1%. The UK-based, South African-listed gold miner reported a 157% year-on-year surge in half-year revenue to $487 million, fueling renewed investor interest.
Rainbow Chicken, a poultry producer, follows with a 38% return, while Sasol Limited, the energy and chemicals group, has gained 34.4%. Although not a mining company, Sasol supplies a broad range of chemicals and inputs, including sodium cyanide, to the mining sector.
AngloGold Ashanti remains one of the market’s heavyweights, with a $63.5 billion market capitalisation, ranking as the seventh-largest company on the JSE. Completing the top five performers is South32 Limited, another mining group, which has posted a 29.2% return.
In Kenya, coffee is growing in the market
Sub-Saharan Africa remains deeply tied to commodity cycles, and equity performance across the region reflects that reality. Just as gold is driving momentum in South Africa, coffee is shaping gains in Kenya.
As of February 24, coffee producer Eaagads is the best-performing stock on the Nairobi Securities Exchange (NSE), delivering a 58.4% year-to-date return. Kenya Airways follows closely with a 57.5% gain. Despite a weaker half-year performance in H1 2025 compared with the previous year, investors remain optimistic about the airline’s turnaround prospects. Kenya Airways returned to trading in 2025 after a five-year suspension from the bourse.
Flame Tree Group Holdings is next, up 43.4%. The consumer goods manufacturer is followed by Diamond Trust Bank and Stanbic Holdings Kenya, which have gained 35.7% and 28.6% respectively, rounding out the top five performers in Kenya’s equities market.
Mining powerhouses dominate Moroccan bourse
In North Africa, the Casablanca Stock Exchange, Africa’s second-largest market, has declined 1.4% year-to-date. Even so, mining companies dominate the performance table.
Leading the rally is Compagnie Miniere de Touissit (CMT), up 100.45%. The company is a major producer of zinc and lead in Morocco. It is followed by Société Metallurgique d’Imiter, another mining firm, which has returned 62.2%. The company is a key silver producer, with Managem as its largest shareholder.
Managem ranks third with a 24.3% gain. Larger and more diversified than CMT, Managem operates across seven African countries, producing cobalt, silver, gold, lead, and zinc in markets including Senegal, Ivory Coast, DR Congo, Guinea, Gabon, and Sudan.
Zellidjia and Eqdom complete the top five, with returns of 15.7% and 9.9% respectively. While Zellidjia is a mining company, Eqdom operates in consumer finance, offering personal and automobile loans.
The Egyptian Exchange (EGX), North Africa’s other major market, presents a different structure. Here, service-oriented sectors, from financial services to telecommunications, are leading the rally.
The EGX-30 benchmark index has climbed 20.5% during the review period. Grand Investment Capital, a securities brokerage firm, tops the performance chart with a 61.3% return. Raya Holding, an investment conglomerate, follows with 57.5%. Telecom Egypt ranks third, up 42.8%. Although publicly listed, the telecommunications operator remains 70% owned by the Egyptian government.
Sharm Dreams Group, active in luxury hospitality and real estate, has posted a 39.4% gain, while Rameda Pharmaceuticals rounds out the top five with a 39% return year-to-date.
Across Africa’s largest markets, a clear pattern emerges: commodities remain powerful catalysts, but services and financials are increasingly asserting influence. From Nigeria’s small-cap surge to South Africa’s gold-driven rally and Egypt’s financial services boom, 2026 is shaping up as a defining year for African equities, underscoring both the continent’s diversity and its growing relevance in global frontier and emerging market portfolios.
