The African Financial body responsible for the statistical report of African business performance, today unveiled the trajectory of the Top 30 companies in Sub-Sahara Africa (SSA) outlisting South Africa because of her market capitalization. The African Financial body found an increase in the market capitalization of the top 30 companies in SSA with $7 billion up from December 2023 giving a total of US$83 billion in January 2024.
Sub-Saharan Africa for decades has been offering investors a strong investment opportunity with the potential for profitable returns and ROI. The African continent has become a business center and a shining example of economic promise, as seen in the performance of some of its stock markets.
Research shows that Nigeria and Zimbabwe’s stock markets have experienced a downside and gone out of control as a result of currency devaluation, inflation, and debt. Research also revealed that Kenya is presently at a 20-year low in US dollars.
Relevant information from the research gave some facts which include that globally listed equities account for 29% of the top 30 and telecoms and technology for 43%. However, three of the fourteen SSA ex-SA stock markets had positive US dollar gains year to date. Additionally, the research reported an increase in oil prices by 7% to $82.60 per barrel, while gold lost 3% to $2,022/ounce.
Top 10 Sub-Saharan African Countries as of January 31st, 2024 by Market Capitalization
| Company | Stock Market Location | LC Share Price | Market Capitalization in $US |
| 1. Dangote Cement | Nigeria | 763.00 | 13,679 |
| 2. MTN Group | South Africa (Johannesburg Stock Exchange) | R95.54 | 9,548 |
| 3. BUA Cement | Nigeria | 185.00 | 6,591 |
| 4. MTN Nigeria | Nigeria | 281.00 | 6,017 |
| 5. Airtel Africa | UK | 1.12 | 5,341 |
| 6. BUA Food | Nigeria | 271.80 | 5,147 |
| 7. Endeavour Mining | Canada | C$23.29 | 4,304 |
| 8. Safaricom | Kenya | 13.60 | 3,374 |
| 9. Sonatel | West Africa (Bourse Regionale des Valeurs Mobilueres) | 17,000 | 2,808 |
| 10. Orange CI | West Africa (Bourse Regionale des Valeurs Mobilueres) | 10,655 | 2,652 |
