SA maintained its top spot in the ninth edition of the Absa Africa financial markets index despite heightened geopolitical tensions hitting markets globally, curtailing liquidity.
The survey, by the London-based OMFIF and sponsored by Absa, assesses the development of financial markets across 29 African economies. Published on Thursday, it finds market depth has weakened in 16 of the markets.
“SA contributes to lead in this pillar [which evaluates the size and liquidity of equity and bonds market], with a score of 98, down slightly from its perfect 100 last year,” the compilers said in a statement accompanying the index.
“The country boasts an equity market capitalisation nearly three times the size of its GDP.
“Mauritius climbed to third place from fourth, with a score of 61, benefiting from a greater diversity of financial products with the unveiling in July 2025 of its five-year plan for the financial services sector,” they added.
SA contributes to lead in this pillar [which evaluates the size and liquidity of equity and bonds market], with a score of 98, down slightly from its perfect 100 last year.
— Survey compilers
“Malawi is one of the fastest risers this year, jumping to 16th place in 2025 from 23rd in 2024 thanks to its expanded capital market size and increased product diversity.”
Namibia also made great strides, climbing to the top 10. However, Nigeria, Ghana and Madagascar fared poorly as “liquidity dried up and new issuances slowed down”.
Most stock exchanges in the economies surveyed experienced low trading volumes, with SA and Egypt the outliers.
Egypt, SA and Uganda also fared well in the bond market, with the rest of the countries reporting limited activity in fixed income.
“On a headline basis, the last year may feel like a bit of a disappointment,” Absa group CEO Kenny Fihla said in the foreword of the report. “But the detail shows that progress continues to be made across the region, particularly in foreign exchange reforms, improved product diversity and action on climate change.”
The JSE’s all share index has been on a hot streak this year, breaching 100,000 points for the first time in the bourse’s 137-year history, boosted by industrial and resources stocks in the wake of the bull run in gold and PGM prices.
The all share, which at the start of the second quarter was hovering just below 90,000 points, has since added more than 23,000 points despite Trump’s tariffs weighing on global markets.
The JSE closed at a record-high 113,000 points on Thursday, putting it firmly on course for the best annual performance in recent history.
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