Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-10-23
This week saw mixed performance across African bourses, with the Casablanca MASI reclaiming the 17,000-point mark and Nigeria’s Dangote Refinery IPO closing. While the JSE All Share Index extended its 2026 losses, the Egyptian EGX 30 surged mid-week before facing late-week profit-taking. Local markets also reacted to fiscal policy announcements in South Africa and regulatory developments regarding Safaricom shares in Kenya.
Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-10-23
Top developments
Casablanca MASI Reclaims 17,000 Points
The Bourse de Casablanca’s main index, the MASI, successfully breached the psychological 17,000-point threshold on Wednesday, October 21, closing at 17,007.86 points after a 0.43% gain. The rally continued on Thursday with a 0.74% increase to 17,134.15 points, driven largely by the insurance sector. However, the momentum cooled on Friday, October 23, as the index retreated 0.47% to close the week at 17,054.31 points, with trading volumes exceeding 328 million dirhams.
Egypt’s EGX 30 Surges Then Stabilizes
The Egyptian Exchange (EGX) 30 index experienced significant volatility, jumping 1.94% on Tuesday, October 20, to gain 76 billion Egyptian pounds in market value. The index closed Wednesday, October 21, at 52,854.95 points, up 1.47%, supported by buying from Arab and foreign investors. By Thursday, October 22, however, the EGX 30 faced pressure from foreign and Arab selling, dipping below 52,000 points and resulting in a 1.6% decline for the session.
South Africa: Bond Rally and Fuel Relief
South African bonds rallied on Wednesday, October 21, following the government’s announcement of a new bond buyback programme and a reduction in weekly fixed-rate auctions. The rand remained steady as the government introduced two months of fuel price relief to mitigate the impact of soaring global oil prices on consumers. Despite these fiscal moves, the JSE All Share Index (ASI) continues to struggle, standing at 108,994.98 points, down 1.8% on the day and 5.9% year-to-date.
Nigeria: Dangote IPO Closes as SEC Eyes Cross-Border Listings
Nigeria’s capital market activity intensified with the closing of Aliko Dangote’s $1.6 billion refinery IPO, a move expected to significantly increase the number of active investors in the country. Concurrently, the Nigerian SEC unveiled a framework to introduce African depositary receipts, aiming to position Lagos as a hub for cross-border listings and target a ₦750 trillion capital market.
Kenya: Safaricom Legal Ruling Stalls Share Sale
In Kenya, the Court of Appeal refused to suspend a ruling that voided the US$1.58 billion sale of a 15% stake in Safaricom to Vodacom. This decision maintains the status quo for the Nairobi Securities Exchange (NSE) heavyweight, leaving the government’s attempted divestment in legal limbo.
Local view
In Morocco, local financial outlet Boursenews.ma highlighted a period of "consolidation and searching for reference points" for the MASI, noting that while the index recovered ground mid-week, it lacked strong momentum by Friday. In Egypt, Masrawy reported that the EGX 30’s mid-week rise was buoyed by specific stocks like Talaat Moustafa Group, which saw significant gains, though later sessions saw broader market weakness.
Context & numbers
- JSE All Share Index: 108,994.98 points (Down 1.8% daily, Down 5.9% YTD).
- Casablanca MASI: Closed at 17,054.31 points on Friday, Oct 23.
- EGX 30: Closed at 52,854.95 points on Wednesday, Oct 21; dipped below 52,000 on Thursday, Oct 22.
- Nigeria NGX: The Dangote Refinery IPO raised approximately $1.6 billion.
- South Africa: Government announced 2 months of fuel price relief; bond auctions to be reduced.
On the radar
- Egypt: Investors are watching for further stabilization of the EGX 30 after the late-week pullback below 52,000 points.
- Nigeria: The SEC’s new framework for African depositary receipts is expected to draw closer scrutiny from regional investors looking for cross-border exposure.
- Kenya: The legal battle over Safaricom’s 15% stake remains a key overhang for the NSE, with the government planning to appeal the Court of Appeal’s refusal to pause the voiding ruling.
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