The Nigerian Exchange All-Share Index delivered the most dramatic equity story on the continent in Q1 2026. It started the year at 155,613 points and never looked back.
The rally was broad-based. Banking, consumer goods, industrials, and insurance all contributed. Foreign portfolio investors returned in force, with $3 billion in inflows recorded in January alone. What is fuelling this? A combination of falling inflation, a more stable naira, CBN monetary easing (benchmark rate cut 50bps to 27%), banking sector recapitalisation, and growing confidence in Nigeria’s macro direction.
South Africa: JSE hits a fresh all-time high
The FTSE/JSE All Share Index hit 126,952 points in February 2026, its highest-ever close driven by industrials, financials, telecoms, and gold miners riding bullion’s extraordinary run. The JSE’s market cap reached approximately $1.48 trillion at the peak. The SARB held its repo rate at 6.75%, noting a stronger rand and falling oil prices, which supported a benign inflation outlook.
Egypt: rate cuts and record reserves
The EGX 30 gained approximately 21.7% in Q1. The Central Bank of Egypt cut policy rates by 100 basis points in February, bringing the overnight deposit rate to 19%. Egypt’s gross reserves hit $52.74 billion at the end of February, confirmed by CBE’s official press release, reflecting its strengthened external position under the IMF programme.
Ghana: the cedi’s quiet comeback
Ghana’s cedi fell from approximately 15.60/$ at the start of the year to 10.95/$ by late March. That movement reflects both the Bank of Ghana’s aggressive easing cycle and improving macroeconomic conditions post-debt restructuring. The GSE Composite Index gained about 28.6% in Q1 2026.
Tanzania: Africa’s best local-currency equity performer
The Dar es Salaam Stock Exchange delivered a 40.65% year-to-date return in local currency making it Africa’s top-performing exchange by that measure. The Tanzanian shilling strengthened 5.71% against the dollar over the quarter. Tanzania is quietly one of the continent’s most interesting investment stories right now.
The Nigerian Exchange All-Share Index delivered the most dramatic equity story on the continent in Q1 2026. It started the year at 155,613 points and never looked back.
