Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-25
Nigeria's NGX crossed 250,000 points for the first time this week, powered by FTSE Russell's Frontier Market reclassification and heavy foreign buying of tier-one banks. Meanwhile, foreigners pulled out of South African and Kenyan equities, and Egyptian bourses fell on sustained foreign and Arab selling. Casablanca's MASI extended its post-election slide, ending the week down 0.29%.
Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-25
Top developments
NGX crosses 250,000 points as FTSE Russell restores Frontier status
Nigeria's All-Share Index closed at a record 251,191.02 points on September 23, gaining 61.42% in naira terms year-to-date and roughly 75.67% in dollars, helped by a stronger currency and crossing the 250,000-point mark. The sidelined milestone followed FTSE Russell's move on Monday, September 21, officially reclassifying Nigeria from Unclassified to Frontier Market status, lifting the index to 250,156.80 points with a 60.76% YTD gain and market capitalisation at N162.39 trillion. Foreign and institutional investors have targeted Nigerian tier-one banks since the reclassification, with the upgrade adding about N228bn during an eight-session rally.
Foreigners sell JSE stocks but buy South African bonds
Offshore investors sold a net 5.40 billion rand ($332.02 million) of South African stocks in the week to September 18, per JSE settlement data released Monday, September 21, while buying a net 2.55 billion rand of bonds ($1 = 16.2639 rand), suggesting equity caution amid bond追求 yield. The rand was subdued on Tuesday, September 22, as investors awaited potential US-Iran talks, domestic inflation data, and the Reserve Bank's policy decision following the central bank's rate hike into a fuel shock earlier in the week.
Casablanca slides further: MASI ends week down 0.29%
Casablanca closed Friday with the MASI at 17,818.09 points, down 0.29%, on more than 480 million dirhams of turnover — after Thursday's session shed 0.95% to 17,869.06 points, though Minière Touissit jumped 9.98%. The market had recovered Tuesday, September 22, when the MASI gained 0.48% to 18,076.72 points led by mining stocks, before renewing its slide. The prior week's more-than-5% drop was the MASI's worst since the Middle East war began, with Morocco's low-turnout election result weighing on sentiment.
EGX 30 extends a broad decline on foreign and Arab selling
Egyptian bourses fell collectively on Wednesday, September 23, with the EGX 30 losing 1.29% under pressure from heavy foreign and Arab investor selling, with early session turnover of EGP 1.6bn in the first 30 minutes. The slide continued Thursday, September 24, with the EGX 30 down 0.83% at 53,776.69 points, driven by selling from institutions and foreign investment funds. Earlier in the week, Tuesday September 22 saw the index at 54,930 points amid selling from Arab and Western funds ahead of a mass participant exodus.
Nairobi NSE slides on heavy foreign selling
The Nairobi Securities Exchange, extending its September correction in the week ended September 18, lost KSh 102.53 billion in market capitalisation (down 2.50% from KSh 4.107 trillion to KSh 4.004 trillion) as foreign investors increased selling and major banking stocks retreated — the Kenya Wallstreet noted the next close remained marginally above the KSh 4 trillion threshold despite two consecutive weekly declines. Safaricom remained in the spotlight after a Kenyan court nullified the sale of the government's 15% stake — the government plans to appeal, with analysts' wariness of the deal potentially altering President William Ruto's infrastructure funding plans.
Local view
- Kenya: The Kenyan Wallstreet flagged that after two consecutive weekly declines, the NSE finished last Friday marginally above the KSh 4 trillion market-capitalisation threshold, underlining how far the September rout has cut 2026's record levels. Positive Safaricom-specific news helped: the CA reported Safaricom passed 1 million fixed internet subscribers (1.02 million as of June 30, up from 735,749 a year earlier, a 36.1% market share).
- Morocco/Egypt local press: Infomédiaire capped its latest MASI week Friday with the 0.29% drop to 17,818.09 points. Egyptian outlet Bloom Gate led its Wednesday coverage with "foreign and Arab sales pressure the Egyptian bourse," with the EGX 30 down 1.29% on collective sector declines.
- Nigeria: Leadership NG framed the FTSE Frontier return as a foreign investor turn signal, focusing on tier-one banks as the primary beneficiary.
Context & numbers
- Only three African stock markets have crossed the $100 billion market-capitalisation threshold, with South Africa widening its lead — highlighting the concentration of the continent's listed equity.
- The prior week Nigerian equities had closed at a record N162.157 trillion market cap, surpassing the previous all-time high of N161.8 trillion set May 13, 2026; the benchmark ASI gained 2.78% week-on-week to 249,804.56 points.
- JSE foreign flows: net stock sales of R5.40bn last week ($332.02mn at $1 = R16.2639) vs. net bond purchases of R2.55bn.
- NSE (Kenya) market cap fell 2.50% to KSh 4.004 trillion in the week ended September 18.
- Nigeria banks are raising equity and pursuing foreign capital as part of the CBN's $2.7bn bank capital raise mandate (2024–2026), and the NGX's market cap is roughly 10x the NSE's — underlining howassets concentrated frontier benchmarks.
On the radar
- Dangote Petroleum Refinery IPO: Nigerian banks and investment firms are signing investors across Africa via nominee arrangements, awaiting regulatory approvals to broaden access to the share offering.
- South Africa: The SARB's rate decision delivered amid a fuel shock, and any US-Iran talks progress, could shift rand positioning and JSE foreign flows.
- Kenya: Watch for developments in the Kenyan government's appeal against the Safaricom stake sale nullification — analysts warn it could threaten funding plans under President Ruto's infrastructure program.
- Egypt: A sustained streak of foreign and Arab sell-side pressure has kept EGX indices broadly red during the week; watch for whether the sell-off theme extends into the new trading week.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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