Top 10 African companies at the start of 2024

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


Ojeyemi Adeleye
Ojeyemi Adeleye
I am Ojeyemi Adeleye, a theatre arts graduate of the University of Ilorin and a masters degree holder in Dramatic Arts, Obafemi Awolowo Univerisity. I am a content writer who believes the world can be brought to your doorsteps through writing.

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