Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-12

Top developments

NGX Sell-Off Deepens Ahead of Dangote IPO

The Nigerian Exchange (NGX) All-Share Index (ASI) declined 1.05% on Wednesday, September 9, closing at 242,223.10 points and erasing approximately ₦1.67 trillion in market capitalization as selling pressure intensified across sectors. This correction occurred just days before the highly anticipated Dangote Petroleum Refinery IPO, which is set to offer 4.1 billion shares at ₦525 each (approx. US$1.63 billion) starting September 14. Despite the mid-week drop, the ASI recovered slightly on Friday, September 11, gaining 0.28% to close at 243,052.74 points, with market capitalization rising by ₦437.40 billion to ₦157.59 trillion.

1 sources

nairametrics.com

nairametrics.com

EGX 30 Rallies Mid-Week, Ends Mixed

The Egyptian Exchange (EGX) 30 index rose 0.58% on Wednesday, September 9, closing at 56,500.74 points, driven by local and Arab buying, while smaller indices like the EGX 70 declined. However, the momentum did not last through the week; by Thursday, September 10, the EGX 30 retreated 0.39% to close at 56,280 points, marking a mixed weekly performance for the main index. The total market capitalization stood at approximately 4.426 trillion EGP as of the Wednesday close.

Casablanca MASI Ends Week in Red

The Bourse de Casablanca’s MASI index closed Friday, September 11, down 0.91% at 18,615.24 points, extending losses from earlier in the week. On Thursday, September 10, the index had already slipped 0.27% to 18,785.4 points, with trading volumes exceeding 248 million dirhams. The weekly trend showed volatility, with a brief recovery on Wednesday (up 0.13%) and Tuesday (up 0.57%) failing to offset the Monday and Friday declines.

Foreign Flows and Dual Listings

Foreign investors have poured record funds into African stocks in 2026, with the NGX seeing N2.03 trillion in foreign inflows, though domestic investors remain dominant in Nigeria. Meanwhile, Standard Bank Angola shares went on sale from September 11 ahead of their listing on BODIVA, highlighting continued regional integration.

Local view

In Egypt, Al-Masrawy highlighted that the EGX 30's mid-week rise was "alone" among major indices, driven by specific blue-chip performance while small and mid-cap stocks lagged. In Morocco, LeSiteinfo reported the Casablanca market finishing "in the red" on Thursday, noting the MASI's inability to hold gains from earlier in the week. Kenyan media focused on dividend yields, with Business Daily Africa reporting that Safaricom and banks are paying out 80% of NSE dividends, signaling a return of cash to shareholders after years of bull-run paper gains.

Context & numbers

• NGX ASI: Closed at 243,052.74 on Sept 11 (+0.28% daily); Market Cap ₦157.59 trillion.
• EGX 30: Closed at ~56,280 on Sept 10 (-0.39%); Market Cap ~4.426 trillion EGP.
• Casablanca MASI: Closed at 18,615.24 on Sept 11 (-0.91%).
• JSE ALSI: Reclaimed the 116,000 level in early September, closing around 116,725.80 in the first week of the month, led by precious metals miners.
• Currency/FX: Nigeria’s dollar return has climbed to 73%, extending its lead among African markets in USD terms.

On the radar

• Dangote Refinery IPO: The offering of 4.1 billion shares begins September 14, 2026, and runs until October 13, potentially reshaping the NGX landscape.
• FTSE Frontier Status: Nigeria’s return to FTSE Russell’s Frontier Markets Index is finalized for September 21, 2026, with estimated inflows of $800 million–$1.04 billion expected.