Capital Markets
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While global financial centres contend with subdued growth and elevated interest rates, Africa’s capital markets have entered 2026 with notable momentum.
Awash Bank, Ethiopia’s largest private lender, made a significant entrance on the Ethiopian Securities Exchange by listing nearly 38 million shares on April 23, 2026.
The Lagos-based institution is targeting financial close by the fourth quarter of 2027, with construction expected to begin immediately after funding is secured and completion slated for 2030.
The crossover was driven by Zimbabwe’s largest-ever listing, as telecoms tycoon Strive Masiyiwa moved infrastructure spin-off Econet InfraCo to the dollar exchange at a $1 billion valuation.
The transaction comes as credit rating agencies maintain a stable outlook on Rwanda, with Fitch and Moody’s both signalling improving fiscal metrics and continued reform momentum.
Aliko Dangote is set to list shares of his $20 billion Dangote Petroleum Refinery on multiple African stock exchanges, marking a pivotal move for regional capital market integration.
The bond was issued in two tranches, with coupons set at 8.75% and 9.5%, reflecting lower-than-expected yields as strong demand enabled the sovereign to lower borrowing costs.
In January 2026, Fitch Ratings downgraded the African Export-Import Bank to BB+ (Junk status). Not long after, it withdrew its ratings. Ordinarily, this episode might have looked like a routine credit event. Rating agencies reassess risk all the time.
In 2023, Ghana’s economy was in distress. The Ghanaian cedi had lost much of its value, inflation was running hot, and a sovereign debt crisis had forced the government into restructuring. For investors, the story was simple: stay away.
Angola is moving to strengthen its debt profile and capitalise on soaring oil prices, launching a $1.75 billion debt buyback alongside plans for new dollar-denominated bond sales
Kenya has raised $820 million from the IPO of its state-owned pipeline company — a first for Africa’s oil and gas sector, and a template for how governments can unlock capital without losing control.
At the heart of the reform push is a structural imbalance: many of Nigeria’s largest listed firms remain dominated by founding shareholders or core investors, leaving only a small fraction of shares available for trading on the open market
Shut out of global markets, Senegal is increasingly turning to the regional WAEMU debt market, raising billions in CFA franc bonds to finance its budget and ease short-term fiscal pressures.
African equities entered 2025 with caution. Inflation was still biting in several economies, currencies were volatile, and foreign investors remained selective about frontier exposure.
Yields on South Africa’s benchmark 10-year government bond surged by 36 basis points on Monday, extending a rapid climb that has taken place over the past 10 days
Neway enables users to open brokerage accounts remotely, view real-time market data, place buy and sell orders, execute trades, and monitor portfolios—all from smartphones
African equities are outperforming global frontier markets in 2026, with Nigeria and Tanzania leading gains as commodity producers, financial firms and small-cap stocks power returns.
In a striking turnaround that few would have predicted just a few years ago, foreign investors are pouring back into Nigeria’s equities market with unprecedented force. International deal volumes on the Nigerian Exchange (NGX) surged to a staggering $1.97 billion.
Africa’s cement capacity spans the continent, but 2024 results show profits concentrated in Nigeria and Morocco, exposing sharp regional divides in margins and resilience.
The IPO involves the sale of 11.81 billion ordinary shares at KSh 9 per share, representing a 65% stake in the pipeline operator. The government aims to raise KSh 106.3 billion, equivalent to roughly $825 million, while retaining a strategic minority stake of 35%.
