Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-10
Nigeria’s NGX extended its rally with a 2.36% weekly gain ahead of a major FTSE Russell reclassification, while the JSE All Share reclaimed the 116,000 level driven by precious metals. In Egypt, the EGX30 ended Wednesday up 0.58%, and the Casablanca MASI posted mixed sessions, closing Wednesday up 0.13%.
Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — 2026-09-10
Top developments
Nigeria’s NGX Rallies Ahead of FTSE Frontier Market Return
The Nigerian Exchange (NGX) All-Share Index surged 2.36% in the week ended September 4, closing at 246,992.44 points, as investors positioned themselves for the country’s return to FTSE Russell’s Frontier Market classification. This move contributed to a N3.73 trillion gain in market capitalization for investors during the week. The anticipated inflows have pushed Nigeria’s dollar-denominated returns to a record 73%, extending its lead among major African markets.
JSE Reclaims 116,000 Level on Precious Metals Rally
The FTSE/JSE All Share Index (ALSI) closed the week ended September 4 at 116,725.80 points, successfully reclaiming the 116,000 barrier after a resilient recovery in early September. Gold and platinum miners were the primary drivers, offsetting drags from tech-heavy holdings like Naspers and Prosus. The index had previously dipped below this level but regained momentum as commodity prices supported the mining sector’s strong August performance.
EGX30 Ends Wednesday Up 0.58% Amid Mixed Trading
Egypt’s benchmark EGX30 index closed Wednesday, September 9, at 56,500.74 points, rising 0.58% despite mixed performance across other indices. Small- and mid-cap stocks showed divergent trends, with the EGX70 EWI and EGX100 EWI experiencing declines while the main index gained. Local and Arab investors drove the buying activity that lifted the main index, with total market capitalization reaching EGP 4.426 trillion. Earlier in the week, on Monday September 7, the EGX30 had edged down 0.09% to 56,627.83 points.
Casablanca MASI Posts Modest Gains in Mid-Week Sessions
The MASI index closed Wednesday, September 9, up 0.13% at 18,836.75 points, with trading volumes exceeding 317 million dirhams. This followed a Tuesday session where the index rose 0.57%, led by Med Paper, Sothema, and CMGP Group. The week began with a dip on Monday, where the MASI fell 0.46% to 18,705.43 points, though pharmaceutical stocks resisted the broader decline.
Nairobi Securities Exchange Shows Strong Weekly Growth
Kenya’s NSE indices recorded significant gains in the week ending September 7, with the NASI rising 2.8% week-on-week. The NSE 20 and NSE 25 indices also posted strong performances, gaining 4.5% and 4.2% respectively. This momentum continues a trend of recovery for the Nairobi market, which has been buoyed by selective buying in key counters like Safaricom and EABL.
Local view
In Nigeria, Vanguard News highlighted the substantial N3.73 trillion gain in investor wealth, framing the FTSE Russell upgrade as a pivotal catalyst for renewed foreign interest. BusinessDay emphasized the dollar-denominated returns, noting that Nigeria has reclaimed its position as the top-performing African market with a 73% return in USD terms.
In Morocco, Infomédiaire reported on the sector-specific movements within the MASI, noting the resilience of pharmaceutical stocks during Monday's dip and the leadership of industrial names like Med Paper on Tuesday. LeSiteinfo provided daily summaries confirming the mid-week volatility, with Thursday's session showing a 1.04% gain to 18,710.31 points before settling into the Wednesday close levels.
In Egypt, Amwal Al Ghad detailed the mixed closing on Monday, September 7, where the EGX30 slipped slightly while smaller caps gained, reflecting a rotation out of large-cap blue chips. Bloom Gate noted that by Wednesday, local and Arab institutional buyers had stepped in to push the main index higher, countering earlier foreign selling pressure.
Context & numbers
- NGX All-Share Index: Closed at 246,992.44 points (Week ended Sept 4), up 2.36% from 241,298.47.
- JSE All Share Index: Closed at 116,725.80 points (Week ended Sept 4), reclaiming the 116,000 level.
- EGX30: Closed at 56,500.74 points on Sept 9, up 0.58%; market cap at EGP 4.426 trillion.
- MASI: Closed at 18,836.75 points on Sept 9, up 0.13%; volume >317 MDH.
- NSE Indices: NASI +2.8% w/w; NSE 20 +4.5% w/w; NSE 25 +4.2% w/w (Week ended Sept 7).
- Foreign Flows: Foreign investors poured record funds into African stocks, with NGX seeing N2.03 trillion in foreign participation records.
On the radar
- Dangote Refinery IPO: Africa's largest refinery is going public with 4.1 billion shares available from September 14 to October 13, 2026, priced at approximately $4 per share.
- Standard Bank Angola Listing: Shares are on sale from September 11 ahead of the BODIVA listing, marking a significant cross-border listing event.
- Nedbank Acquisition: Nedbank has been cleared to acquire 66% of Nairobi-listed NCBA, a move likely to impact Kenya's banking sector valuations.
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