Regional Equities
Africa Markets — Week ending 23 May 2026
Nigeria leads +60.5% YTD on banking and oil & gas, Ghana up 128% YoY post-restructuring, EGX 30 at 52,861 with momentum slowing, and the JSE under pressure on geopolitical jitters.
The Read
Nigeria leads +60.5% YTD: NGX ASI at 249,712; banking and oil & gas sectors driving. Market cap: NGN 160.1 trillion.
Ghana +128% YoY: GSE Composite at 14,499 — post-debt-restructuring rally, though monthly pullback of -2.86%.
EGX 30 at 52,861: Egypt up 63% YoY but momentum slowing on Middle East spillover risks.
JSE under pressure: All Share at 116,595, down on geopolitical jitters.
Pan-African Index Performance — YTD 2026
Source: JSE, NGX, EGX, GSE, NSE, DSE, BRVM exchange data. Returns in local currency. As at 23 May 2026.
Regional Indices Tracker
| Exchange | Index | Level | WoW | MoM | YTD | YoY |
|---|---|---|---|---|---|---|
| JSE (ZA) | FTSE/JSE ALSI | 116,595 | +1.83 | -6.26 | -0.79 | +43.6 |
| NGX (NG) | All Share | 249,712 | -0.25 | +12.06 | +60.47 | +89.3 |
| EGX (EG) | EGX 30 | 52,861 | +1.48 | +0.30 | +18.5 | +63.0 |
| GSE (GH) | Composite | 14,499 | -0.14 | -2.86 | +34.2 | +128.2 |
| NSE (KE) | NASI | 206.21 | +0.30 | -0.09 | +10.5 | +59.3 |
| DSE (TZ) | All Share | — | — | — | +40.4 | — |
| BRVM | Composite | — | — | — | +20.5 | — |
Source: Exchange bulletins and regional data providers. All returns in local currency terms.
12-Week Indexed Trend
Source: Exchange daily reports. Rebased to 100 at Week 9 (start of March 2026).
Analysis
Nigeria's NGX remains the standout African equity story in 2026, with the All Share Index up over 60% year-to-date as banking and oil & gas sectors rally. The NGX Industrial Index has more than doubled (+115.8% YTD), reflecting improved manufacturing sentiment even as inflation ticked up to 15.7% in April. Ghana's GSE Composite has pulled back 2.86% in the past month after a spectacular surge through Q1, but remains up 128% year-on-year — a post-debt-restructuring re-rating story.
Egypt's EGX 30 is modestly firmer at 52,861, though momentum has slowed on Middle East conflict spillover. South Africa's JSE has been volatile — the All Share averaged 116,595 over the past four weeks, with the index swinging between 121,249 and lower levels amid oil-driven inflation concerns and geopolitical risk aversion.
The Week Ahead
Nigeria: NGX monthly sector review; watch for additional CBN MPC communication.
South Africa: SARB Q1 Quarterly Bulletin release; mining production data.
Egypt: EGX mid-year corporate earnings season continues.
Ghana: GSE listed companies' Q1 results; BoG monetary policy communication.
Disclaimer
This content is produced by Serrari Group for information and educational purposes only. It is not investment, legal or tax advice and does not consider your individual circumstances. Figures are sourced as indicated and were accurate as at the stated date; markets move and past performance is not a guarantee of future results. Always do your own research and consider professional advice before investing.