Tunisia ranked 10th among African stock exchanges by market capitalization in 2025, with the Tunis Stock Exchange valued at $11.8 billion, according to a ranking published by Daba Finance, a fintech platform specialized in African investment.
According to Daba Finance, the Tunis Stock Exchange remains largely dominated by the banking sector, although insurance companies and industrial firms also play an important role.
Despite a constrained economic environment, 2025 was marked by steady growth, supported by solid corporate results and sustained institutional demand.
The TUNINDEX ended the year up 35.1% in local currency, 49.2% in US dollars, and 31.8% in euros.
African stock markets experienced one of their best years in recent history in 2025. Across the continent, equities posted double-digit gains in local currencies, while several exchanges also delivered remarkable returns in US dollars and euros.
This strong performance was driven by currency stabilization, easing inflation in major economies, and renewed global interest in frontier and emerging market assets.
At the top of the ranking, the Johannesburg Stock Exchange (JSE) dominated the continent by a wide margin, with a market capitalization of $1.460 trillion. In 2025, the South African exchange posted gains of 37.7% in local currency, equivalent to 56.7% in US dollars and 38.5% in euros.
Second place went to Morocco’s Casablanca Stock Exchange, whose market capitalization reached $114.2 billion. Its MASI index recorded increases of 27.6% in local currency, 41.5% in US dollars, and 25.2% in euros.
The Nigerian Exchange ranked third with a market capitalization of $68.8 billion, followed closely by the Egyptian Exchange at $62.9 billion. The Egyptian market enjoyed an exceptional year, delivering returns of 40.2% in local currency, 49.4% in US dollars, and 31.9% in euros.
Rounding out the top five was the Botswana Stock Exchange, with a market capitalization of $56.3 billion.
Other African exchanges also made progress despite more modest valuations. The BRVM ranked sixth with $23.9 billion, followed by the Nairobi Securities Exchange at $22.8 billion and the Malawi Stock Exchange, which reached $18.7 billion.
The Ghana Stock Exchange also featured in the top ten with a market capitalization of $16.4 billion.
