NGX ASI Up 56.93% YtD, Ranks Among Africa’s Top Four Best-performing Exchanges
Kayode Tokede
The Nigerian Exchange Limited All-Share Index (NGX ASI) has appreciated by 56.93 per cent year-to-date (YtD), placing it among the four best-performing stock market indices in Africa as of August 31, 2026.
THISDAY analysis of trading numbers across African Exchanges showed that the Ghana Stock Exchange Composite Index (GSE-CI), which gained 71.90 per cent YtD as of August 31, 2026, led the continent’s equity markets.
The GSE-CI was followed by the Zimbabwe Stock Exchange All Share Index (ZSE-ASI) and the Dar es Salaam Stock Exchange (DSE), which appreciated by 71.81 per cent and 60.77 per cent respectively during the period.
The strong performance of the GSE-CI has been largely driven by the GSE Financial Stocks Index (GSE-FSI), which rose 70.09 per cent YtD by the end of August.
Strong corporate earnings, particularly among banking stocks, have supported investor sentiment. GCB Bank, for instance, recorded significant growth in first-half profit, while Ecobank Ghana also reported an increase in earnings.
MTN Ghana has also emerged as one of the key drivers of liquidity and investor attention on the Ghanaian bourse, with movements in the highly traded stock having a meaningful impact on overall market performance.
The rally reflects growing investor expectations of stronger earnings from leading Ghanaian companies. The performance of major counters such as MTN Ghana and GCB Bank has reinforced the view that the market’s advance is being supported by underlying corporate fundamentals rather than speculative activity alone.
Ghana’s improving macroeconomic conditions have also contributed to the positive sentiment. As confidence in the economy strengthens, investors are increasingly willing to allocate capital to equities, particularly companies positioned to benefit from improved domestic economic conditions.
However, trading activity remains concentrated in a relatively small number of stocks. On August 31, MTN Ghana alone accounted for about GH¢1.76 million, representing roughly 34 per cent of total market traded value. CAL Bank dominated share volume, while Kasapreko and other major counters also attracted significant investor interest.
In contrast, the Malawi Stock Exchange All Share Index (MASI) was the worst-performing market among those reviewed, declining by 16.48 per cent YtD. It was followed by the Stock Exchange of Mauritius All Share Index (SEM All Share), which fell 3.70 per cent, while Morocco’s All Shares Index declined by 1.03 per cent during the period.
For the Nigerian market, analysts have attributed the strong YtD performance to factors including anticipated foreign investor inflows following the planned FTSE Russell reclassification, improved corporate earnings, particularly among listed banks, and strengthening macroeconomic conditions ahead of the 2027 general elections.
Despite a 0.44 per cent decline in August, the NGX ASI’s substantial gains for the year remained intact, following a strong rally in the first seven months of 2026.
The August performance came after months of significant gains, creating room for investors to take profits and rebalance their portfolios. Rather than signalling a broad retreat from equities, trading during the month was characterised by profit-taking alongside selective positioning in stocks with attractive earnings prospects and valuations.
The market’s strong YtD performance has also heightened investors’ focus on fundamentals, with attention increasingly shifting towards companies with resilient earnings, attractive valuations and prospects for sustained growth.
Vice Chairman of Highcap Securities, David Adonri, said the positive momentum could be sustained into September, although investors were likely to remain selective and focus on fundamentally strong and relatively undervalued stocks.
“Nigeria’s return to Frontier Market status should provide an additional boost to investor confidence and international participation. With investors becoming more selective, opportunities will increasingly be driven by strong fundamentals and attractive valuations,” Adonri said.
The outlook comes as Nigeria prepares to return to Frontier Market status on September 21, a development expected to enhance the country’s visibility among international investors and potentially attract increased participation in Nigerian equities.
With the NGX ASI still up 56.93 per cent year-to-date and the market entering September after a period of profit-taking and renewed buying interest, investors’ attention is expected to remain focused on corporate fundamentals, valuations and the potential impact of Nigeria’s return to the global Frontier Market universe.
