By Christian Hiller von Gaertringen
Leading stock markets in Africa delivered a solid performance in the first half of 2026. Nevertheless, the Nigerian Stock Exchange (NSX) in Lagos far outstripped the others. The index had risen by 46.8% year-to-date by the close of June 30. Nigeria thus recorded a particularly strong first half of the year, even though the macroeconomic environment—marked by President Bola Ahmed Tinubu’s stalled reforms—provided no tailwind.
And finally, the announcement of the IPO of the Dangote Refinery is drawing stronger interest among international investors in the Nigerian stock market. We are pleased to regularly provide our subscribers with the latest news about this groundbreaking IPO, one more reason to opt for a paid subscription at just €25 a month.
Kenya also staged a strong rally during HY1, however it was steadier. The NSE All-Share Index (NASI) is up 21.8% on the year, with the NSE 10 blue-chip index up 25.4% and the NSE 20 climbing around 22%, as of early July. Banking stocks have led the way— the NSE Banking Sector Index is up nearly 25% as at the end of H1 — supported by falling interest rates and record market capitalization.
It is impossible to overlook: emerging markets are once again moving into the focus of international investors, and frontier markets follow the pack.
In this blog post, we assess this upward cycle. We examine which stock markets are currently of particular interest. And above all, we address the question likely uppermost in investors’ minds: How can you invest in African stocks if you want to be part of the new story currently being written by African financial markets?
What awaits you behind the paywall:
How have the various stock markets in Africa performed?
What do investors need to keep a particularly close eye on?
What is the best way for investors to invest in Africa?
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