NGX Breaks Into Africa’s Top 4 Best-Performing Stock Markets — Up 39.44% YTD!
Despite economic headwinds, the Nigerian Exchange (NGX) has officially ranked among the Top Four Best-Performing Stock Markets in Africa with an impressive Year-to-Date (YtD) return of 39.44% as of November 28, 2025.
THISDAY’s analysis places Nigeria behind three standout markets — Malawi, Ghana, and Zambia, all of which delivered exceptional equity performances this year.
Africa’s Top Stock Market Performers (YTD 2025)
1️⃣ Malawi Stock Exchange (MSE) – 259.98%
The strongest performer by far.
• Driven by strong corporate earnings,
• High liquidity,
• Very few alternative investments,
• And a bullish market supported by double-digit inflation.
Institutional investors and banking sector reforms have also boosted confidence, pushing Malawi’s market cap-to-GDP ratio to over 127%.
2️⃣ Ghana Stock Exchange (GSE) – 76.13%
Growth driven by:
• An improving Ghanaian economy,
• A strengthening cedi,
• Higher investor optimism.
3️⃣ Lusaka Securities Exchange (LuSE), Zambia – 63%
Boosted by:
• Strong domestic investor confidence,
• Sustained market momentum.
4️⃣ Nigerian Exchange (NGX) – 39.44%
Nigeria earns its top-four position due to:
• Rising foreign investor participation,
• Banking sector recapitalisation,
• Strong earnings from listed companies,
• And key reforms in the FX market.
Other Strong African Performers (30%+ Returns):
• Egypt (EGX30): 34.63%
• Tunisia (Tunindex): 32.33%
• South Africa (JSE): 31.94%
Only One Market Declined:
• Stock Exchange of Mauritius (SEM) — –1.20%
Why the NGX Is Rising: Key Drivers
1️⃣ Massive Increase in Investor Participation
Total market transactions surged to N9.57 trillion in the first 10 months of 2025 — a 114% jump from 2024.
• Foreign Portfolio Investors (FPIs) grew by 172% YoY,
• Foreign inflows rose to N1.12 trillion,
• Outflows increased too, but overall participation remained strong.
2️⃣ CBN’s FX and Monetary Reforms
Reforms introduced:
• Enhanced transparency and efficiency in the FX market,
• Tight monetary policy to curb inflation,
• Stabilisation of the naira.
Inflation dropped sharply from 33.88% (Oct 2024) to 16.05% (Oct 2025).
MPR also adjusted from 18.75% → 27.00%.
3️⃣ Strong Corporate Earnings
Banks, industrial giants, and energy companies posted impressive scorecards, boosting investor sentiment.
Top gainers include:
• BUA Foods
• Dangote Cement
• GTCO
• Zenith Bank
4️⃣ Foreign Investors Are Returning
Reforms and market stability have restored confidence, making NGX one of Africa’s most attractive destinations for capital.
Market Outlook: December 2025 & Beyond
Analysts project continued buying interest because:
• December spending typically boosts market activity,
• Pullbacks create attractive entry points,
• More government policy announcements are expected,
• Bargain hunters are already positioning for early 2026.
According to Highcap Securities VP, David Adnori:
“Renewed buying interest and strong reforms have carried the market. More companies delivered impressive results, and December will likely sustain that momentum.”
✨ Summary
Nigeria’s stock market is ending 2025 on a strong note — ranking among Africa’s top performers and attracting billions in new capital. With improving macroeconomic indicators, strong earnings, and policy reforms, NGX is positioned for continued resilience heading into 2026.
Despite economic headwinds, the Nigerian Exchange (NGX) has officially ranked among the Top Four Best-Performing Stock Markets in Africa with an impressive Year-to-Date (YtD) return of 39.44% as of November 28, 2025.
THISDAY’s analysis places Nigeria behind three standout markets — Malawi, Ghana, and Zambia, all of which delivered exceptional equity performances this year.
Africa’s Top Stock Market Performers (YTD 2025)
1️⃣ Malawi Stock Exchange (MSE) – 259.98%
The strongest performer by far.
• Driven by strong corporate earnings,
• High liquidity,
• Very few alternative investments,
• And a bullish market supported by double-digit inflation.
Institutional investors and banking sector reforms have also boosted confidence, pushing Malawi’s market cap-to-GDP ratio to over 127%.
2️⃣ Ghana Stock Exchange (GSE) – 76.13%
Growth driven by:
• An improving Ghanaian economy,
• A strengthening cedi,
• Higher investor optimism.
3️⃣ Lusaka Securities Exchange (LuSE), Zambia – 63%
Boosted by:
• Strong domestic investor confidence,
• Sustained market momentum.
4️⃣ Nigerian Exchange (NGX) – 39.44%
Nigeria earns its top-four position due to:
• Rising foreign investor participation,
• Banking sector recapitalisation,
• Strong earnings from listed companies,
• And key reforms in the FX market.
Other Strong African Performers (30%+ Returns):
• Egypt (EGX30): 34.63%
• Tunisia (Tunindex): 32.33%
• South Africa (JSE): 31.94%
Only One Market Declined:
• Stock Exchange of Mauritius (SEM) — –1.20%
Why the NGX Is Rising: Key Drivers
1️⃣ Massive Increase in Investor Participation
Total market transactions surged to N9.57 trillion in the first 10 months of 2025 — a 114% jump from 2024.
• Foreign Portfolio Investors (FPIs) grew by 172% YoY,
• Foreign inflows rose to N1.12 trillion,
• Outflows increased too, but overall participation remained strong.
2️⃣ CBN’s FX and Monetary Reforms
Reforms introduced:
• Enhanced transparency and efficiency in the FX market,
• Tight monetary policy to curb inflation,
• Stabilisation of the naira.
Inflation dropped sharply from 33.88% (Oct 2024) to 16.05% (Oct 2025).
MPR also adjusted from 18.75% → 27.00%.
3️⃣ Strong Corporate Earnings
Banks, industrial giants, and energy companies posted impressive scorecards, boosting investor sentiment.
Top gainers include:
• BUA Foods
• Dangote Cement
• GTCO
• Zenith Bank
4️⃣ Foreign Investors Are Returning
Reforms and market stability have restored confidence, making NGX one of Africa’s most attractive destinations for capital.
Market Outlook: December 2025 & Beyond
Analysts project continued buying interest because:
• December spending typically boosts market activity,
• Pullbacks create attractive entry points,
• More government policy announcements are expected,
• Bargain hunters are already positioning for early 2026.
According to Highcap Securities VP, David Adnori:
“Renewed buying interest and strong reforms have carried the market. More companies delivered impressive results, and December will likely sustain that momentum.”
✨ Summary
Nigeria’s stock market is ending 2025 on a strong note — ranking among Africa’s top performers and attracting billions in new capital. With improving macroeconomic indicators, strong earnings, and policy reforms, NGX is positioned for continued resilience heading into 2026.