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Africa is a Shining Example of Economic Promise, as Seen by the Performance of Some of its Stock Markets

Sub-Saharan Africa offers investors a strong investment opportunity with potential for profitable returns. A report by African Financials revealed the trajectory of the Top 30 companies in Sub-Sahara Africa (SSA) except for South Africa by market capitalization. What African Financials found was that the market capitalization of the top 30 companies in SSA in January 2024 was US$83 billion, up $7 billion from December 2023. According to the research, Nigeria and Zimbabwe’s stock markets have gone out of control in response to currency devaluation, inflation, and debt. Additionally, Kenya is at a 20-year low in US dollars. Other highlights from the research include the fact that globally listed equities account for 29% of the top 30 and telecoms and technology for 43%. Only three of the fourteen SSA ex-SA stock markets had positive US dollar gains year to date.