Africa stock markets performance at the end of the first quarter

By Eric Osiakwan

The initial round of 1st quarter bourse reports is out, and the Ghana Stock Exchange (GSE) is officially Africa’s best-performing securities market. The GSE rally topped 43% as Tanzania, Nigeria and Zimbabwe gained more than 30% – all in dollar terms.

RELATED: Mergers and Acquisitions are surging amidst market exuberance on the exit trail

The value of the dollar is weakening while African currencies are stabilising or rallying, a considerable turnaround following years of FX losses, boosting returns for local and foreign investors. According to Bloomberg, Nigeria’s Naira is the world’s second best performing currency this year, having gained over 7% against the dollar this quarter.

Yields on fixed-income investments, especially bonds are falling as central banks lower interest rates, prompted in part by falling inflation, bolstering investor confidence in the security markets.

Ghana’s world-leading 20% stock index gain, tops 92 indexes tracked by Bloomberg. Only 11 other indexes have made gains in the month of March, with South Africa’s FTSE/JSE All Share Index, which lost 20%, being the weakest performer in dollar terms.

Frontier market confidence grows as Ghana’s fundamentals improve

Ghana’s fixed income market posted a sharp surge in activity in February 2026, with total trading volume climbing 88.29 percent compared to the same month last year, according to the official monthly report released by the GSE.

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵41.64 billion in February 2026, up from GH₵22.11 billion in February 2025. The value of securities traded over the same period rose 113.88 percent to GH₵38.26 billion from GH₵17.89 billion a year earlier.

For the first two months of 2026 combined, cumulative volume reached GH₵78.55 billion, more than double the GH₵39.01 billion traded in the same period of 2025, a year-on-year increase of 101.36 percent.[1]

Analysts tout Ghana’s revamped fiscal policies, which has helped reduce inflation, with interest-rate cuts enhancing the country’s economic outlook. The improved fundamentals have solidified Ghana’s brand as a frontier market with an enabling business environment even though underlying liquidity risks remain.

Airtel Africa spearheads bullish turnaround on Nigerian exchange

Telecommunications giant Airtel Africa spearheaded a strong rebound on the Nigerian stock market, rallying by 10% to lead gains on the Nigerian Exchange (NGX) and lifting investor confidence after heavy selloffs.[2]

The Nigerian bourse is going to be further boosted by the Dangote refinery’s intended IPO later this year.[3] The much-awaited listing on the NGX is expected to positon the refinery to unlock significant domestic and foreign investor interest while reshaping the dept and valuation dynamics of the NGX.

President of Dangote Group, Alhaji Aliko Dangote, disclosed that the shares of Dangote Refinary would be listed on the NGX within the next four to five months. Analysts predict that it is also going to strengthen the Naira further.

On a related note, Nigeria’s Zenith Bank is eyeing a London listing in global growth strategy.[4] Lithium Africa Corp. (TSXV: LAF) (FSE: 6MQ) “Lithium Africa” announced that it has begun trading on the Frankfurt Stock Exchange (“FSE”) under the symbol “6MQ”.[5]

Strong momentum builds at the Nairobi Stock Exchange

The Nairobi Stock Exchange (NSE) is generating significant momentum because of the recent listing of the Kenya Pipeline Company. The Company’s IPO closed oversubscribed, with the results showing that Kenyan institutional investors, rumored to be mostly the National Social Security Fund, and East African buyers absorbed most of the KSh106.3Bn share sale.[6]

It is anticipated that the East African bourse activities would be further heightened by the recent Safaricom MPESA Ziidi trading app launch,[7] especially since MPESA just crossed 40 million active users.[8] Trading at the NSE entered a new phase after the rollout of Safaricom’s Ziidi Trader pushing daily equity deals above 20,000 for three consecutive sessions, breaking long-standing records.[9]

The JSE’s long listing drought ended in 2025. Now all eyes are on 2026

According to Bloomberg, the JSE has seen dwindling in its listings over the period of 2017 to 2024 but listing picked up in 2025 and would hopefully continue in 2026.

Dipula Properties is set to enter a new phase of growth and visibility following its inclusion in key FTSE/JSE property indices, a development that underscores its rising profile within South Africa’s listed real estate sector.[10] The JSE has also listed the Ivy EasyETFs AI Innovation Actively Managed Exchange Traded Fund (AMETF), offering investors exposure to global artificial intelligence opportunities through a single locally traded instrument.

The fund, trading under the code IVYAI, provides access to companies developing and applying AI technologies across sectors.[11] Meanwhile, Optasia, which went public as Africa’s local Fintech IPO last year on the JSE, acquired Finergi for $29.2M in an energy-credit convergence play.

SA antitrust watchdog mulls easing telecoms competition rules

South Africa’s anti-trust regulator is holding private talks with the telecoms industry about relaxing competition rules, signaling that regulators in Africa’s biggest economy may be willing to make changes that could unleash a wave of M&As in the sector.

The discussions are a direct response to calls for looser rules from an industry led by MTN Group, Africa’s biggest mobile operator, which argues that existing rules, written for cheap voice calls, risk leaving the country behind as operators worldwide consolidate to finance 5G and AI.

Ralph Mupita, CEO of MTN Group, who currently chairs GSMA, a global mobile industry body, drew examples from China, India and the US, where a handful of dominant players have marshalled the scale to roll out nationwide 5G and fiber, and South Africa should consider a similar consolidation to attract the investment needed for 5G, 6G and AI.[12]

The Shoprite Group has announced plans to acquire a majority stake in R&A Cellular, a point-of-sale service provider focused on the informal market, pending regulatory approval. Shoprite said the acquisition was a deliberate step towards extending its financial services ecosystem into South Africa’s informal economy.[13]

Exit, Entry and Restructuring

The Aga Khan Fund for Economic Development sold its majority stake in Nation Media Group to Tanzanian Businessman, Azizi’s Taarifa Group, ending the Aga Khan IV family’s 66 year stewardship and marking Kenya’s most signifcant media ownership change in decades. Nation Media Group owns major newspapers across East Africa, inclduing the Daily Nation, Business Daily, and the East African.

In Uganda it owns the Monitor. And in Tanzania it publishes Mwanaspoti and Mwananchi ni Swahili and The Citizen while in Rwanda it has Rwanda Today. It also owns numerous TV and radio stations and news websites. Shares in Nation Media Group have gained nearly 30% on the NSE since the transaction was announced.[14]

Centum Investment Company has completed the sale of its entire remaining interest in Sidian Bank, closing a 22-year investment that began as a speculative 1.66% stake in a microfinance institution and ends with a total cash recovery that appear to exceed the original entry cost.

The NSE listed investment firm announced on 12 March 2026 that it had sold its 50% stake in Bakki Holdco Limited, a holding vehicle through which it owns 13.6% in Sidian Bank. The first exit attempt came in June 2022, when Centum signed binding agreement to sell its full 83.43% stake to Nigeria’s Access Bank for KSH4.3B, against a total entry cost of approximately KSH4.7B.[15]

Equity Group is restructuring to spin off its technology and data division into an independent entity by late 2026, aiming to decouple its high-growth fintech operations from its core banking business.[16]

Moniepoint’s journey from bank tech provider to full-fledged digital bank

Nigerian digital payments provider Moniepoint acquired a 78% stake in Sumac, a Kenyan microfinance bank, to build on an expansive trajectory that has made it one of Africa’s fastest-growing financial services companies. Moniepoint has evolved over the last five years from a provider of technology solutions for banks to itself becoming a digital bank, notable among merchants for speedy transactions.

Last year it launched an international remittance service to target payments by Africans living overseas.[17] In a related development, Moniepoint has also acquired Orda Africa (“Orda”), an end-to-end business management platform for restaurants and food businesses.

Orda joins Moniepoint, expanding their solutions for food service businesses.[18] These are strategic acquisitons to expand their footprint on the continent as well as foray into setors where their payment process platform can build a niche. Moniepoint is making these acquisitons with the $200M series C it recently raised to expand financial inclusion in Africa.

Acquisition activity heats up across North and Southern Africa

Converted, a company specialising in AI-powered advertising technology for emerging markets, has announced its acquisition of Mitcha, one of Egypt’s leading e-commerce platforms dedicated to supporting local designers.

The acquisition marks a strategic step toward expanding a data-driven digital commerce ecosystem focused on measurable outcomes and real conversions. By integrating Mitcha’s network of designers and customers, Converted aims to strengthen its ability to build advertising products that translate marketing spending into verified sales.[19]

UK-based software provider Klipboard has acquired South African sales operations platform Skynamo. Skynamo was founded in 2012 (originally as Honeybee) by Sam Clarke (CEO). The company provides a mobile-first, cloud-based platform for manufacturers, wholesalers, and distributors. Klipboard is a global provider of vertically focused business management software serving over 55,000 enterprise and SMB customers worldwide.[20]

Between 2016 and 2025, fifty African ventures raised $100 million from Ghana, Senegal, Algeria, Tunisia, Egypt, Nigeria, Kenya, Rwanda and South Africa.

These companies are the class of next generation M&As and candidates for IPO – these would exponentially grow the momentum being experienced by the exchanges currently – the future looks bright.

[1] https://www.newsghana.com.gh/ghanas-bond-market-nearly-doubles-february-trading-volume-year-on-year/

[2] https://www.itedgenews.africa/airtel-africa-sparks-ngx-rebound-as-investors-recover-₦1-09-trillion-in-single-session/

[3] https://www.thisdaylive.com/2026/02/28/stanbic-ibtc-standard-bank-vetiva-to-lead-dangote-refinerys-historic-ngx-listing/

[4] https://www.bloomberg.com/news/articles/2026-03-17/nigeria-s-zenith-bank-plans-london-stock-listing-eyeing-growth?embedded-checkout=true&mc_cid=75e6296f55&mc_eid=40087f4350

[5] https://www.newsfilecorp.com/release/289300/Lithium-Africa-Commences-Trading-on-the-Frankfurt-Stock-Exchange

[6] https://kenyanwallstreet.com/uganda-nssf-anchor-kenya-pipeline-ipo

[7] https://kenyanwallstreet.com/retail-boom-via-ziidi-trader-pushes-nse-to-record-trades-and-billion-shilling-days

[8] https://kenyanwallstreet.com/m-pesa-40-million-users-kenya-marks-19-years-mobile-money?utm_source=techsafari.beehiiv.com&utm_medium=newsletter&utm_campaign=this-week-in-african-tech&_bhlid=fbe719d329b75c625157bd67eaf21f799ecaee13

[9] https://kenyanwallstreet.com/nse-trading-hits-historic-levels-following-ziidi-trader-rollout

[10] https://www.bizcommunity.com/article/dipula-properties-shares-to-shine-with-ftsejse-index-debut-400819a

[11] https://africabusinesscommunities.com/artificial-intelligence/south-afrifca-jse-expands-etf-range-with-ai-fund/

[12] https://www.semafor.com/article/03/20/2026/south-africa-mulls-ma-reform-in-quest-for-5g-investment?utm_medium=africa&utm_campaign=flagshipnumbered1&utm_source=newslettercta