Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-19
Nigeria’s stock market extended its rally for a fifth consecutive session, driven by investor appetite ahead of the massive Dangote Refinery IPO, while Egypt’s EGX 30 rebounded late in the week on strong foreign inflows. In contrast, the Casablanca MASI suffered a sharp 2.18% drop on Friday, and Kenya faces significant market uncertainty following a High Court ruling that nullified the sale of a key stake in Safaricom.
Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-19
Top developments
Nigeria Extends Rally Ahead of Dangote Refinery IPO
The Nigerian Exchange All-Share Index (ASI) rose 0.20% to 244,791.79 points on September 16, marking its fifth consecutive daily gain. This momentum is largely fueled by anticipation surrounding the Dangote Petroleum Refinery and Petrochemicals FZE public offer, which opened on September 14 with 4.1 billion shares offered at N525 each to raise $1.63 billion. The listing is expected to begin trading in November, drawing significant interest from both domestic and pan-African investors via nominee arrangements.
Egypt’s EGX 30 Rebounds on Foreign Buying
After a volatile start to the week where the EGX 30 dipped 1.09% on Sunday, Egyptian equities closed the week with a collective gain, adding approximately EGP 75 billion to market capitalization. The recovery was driven by net foreign purchases, which offset selling pressure from local investors during the mid-week sessions. By Thursday, September 17, the index had recovered from earlier lows, closing higher as global sentiment stabilized following US Federal Reserve communications.
Casablanca MASI Suffers Sharp Weekly Decline
Morocco’s primary index, the MASI, closed Friday, September 18, down 2.18% at 17,592.46 points, capping a difficult week for the Casablanca Stock Exchange. The decline was broad-based, with trading volumes exceeding MDH 624 million on the final day alone. The MASI had already slipped 1.13% on Wednesday and 1.14% on Tuesday, reflecting persistent selling pressure across mining and banking sectors.
Kenya Court Nullifies Safaricom Stake Sale
In a major development affecting the Nairobi Securities Exchange (NSE), the Kenyan High Court nullified the government’s sale of a 15% stake in Safaricom, valued at approximately $1.6 billion (KSh 204 billion). The court ruled that the process violated constitutional requirements for public participation. The Kenyan government has announced it will appeal the decision, creating uncertainty for Vodacom, which had acquired the stake, and impacting regional telecom valuations.
South African Rand Firms Amid Commodity Stability
The South African rand strengthened against the US dollar in mid-September, supported by stable commodity prices despite signals of further tightening from the US Federal Reserve. This currency strength has helped buffer the Johannesburg Stock Exchange (JSE) against some external pressures, although specific daily index closes for the JSE All Share were not explicitly detailed in the latest weekly wrap-up beyond general regional trends.
Local view
Nigeria: Nairametrics highlights that while Nigerian banking stocks have surged by over 68% in 2026, adding N11 trillion in market value, they still trade at a discount compared to African peers, suggesting potential for further re-rating.
Kenya: Local political figures are vocalizing support for the court ruling. MP Ndindi Nyoro stated that "Kenyans are ready to buy Safaricom shares" and demanded that Vodacom return the shares immediately, framing the nullification as a victory for national sovereignty over corporate interests.
Egypt: Youm7 reports that the mid-week dip was heavily influenced by the Commercial International Bank (CIB), whose performance weighed on the EGX 30, while smaller caps in the EGX 70 showed resilience.
Morocco: Infomédiaire notes that the "difficult session" on Friday was characterized by heavy losses in small and mid-cap stocks, which fell 3.93%, indicating a broader risk-off sentiment among local retail investors.
Context & numbers
- NGX ASI: Closed at ~244,791 points on Sept 16, up 0.20% daily; up 73.14% year-on-year.
- EGX 30: Recovered from a low of ~54,675 points (Sept 17 morning) to close the week higher, gaining ~EGP 75bn in market cap on Sept 17.
- Casablanca MASI: Closed at 17,592.46 points on Sept 18, down 2.18% for the day; weekly trend negative.
- Currency: South African Rand strengthened against the USD in mid-September due to stable commodities.
- Dangote IPO: Offering price set at N525 per share; total raise target $1.63 billion; valuation ~$49 billion.
On the radar
- Dangote Refinery Listing: Trading is scheduled to commence in November 2026; watch for final subscription numbers and initial trading volatility.
- Kenya Safaricom Appeal: The Kenyan government’s formal appeal against the High Court ruling will be a key legal event affecting NSE stability and Vodacom’s share price in Johannesburg.
- Oando Cross-Border Listing: Shareholders approved Oando’s cross-border listing on Sept 17; specific exchange and timetable remain unannounced but could signal further integration of Nigerian energy firms into international markets.
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