Leading African Firms at the Start of 2024: Top 10 Companies Making Waves on the Continent

Sub-Saharan Africa presents a compelling investment opportunity with the potential for substantial returns. The continent has emerged as a shining example of economic potential, as evidenced by the performance of some of its stock markets. The top 30 corporations outperformed in January by $7 billion over the previous month.

African Financials reported on the market capitalization trajectory of the top 30 corporations in Sub-Saharan Africa (SSA), excluding South Africa. According to African Financials, the top 30 corporations in Southern Africa had a market valuation of US$83 billion in January 2024, an increase of $7 billion from December 2023.

According to the findings, Nigeria and Zimbabwe’s stock markets have spiraled out of control as a result of currency devaluation, inflation, and debt. Kenya’s US dollar exchange rate has also reached a 20-year low.

Other findings from the study include the fact that globally listed equities account for 29% of the top 30, while telecoms and technology account for 43%. Only three of the fourteen SSA ex-SA stock markets have seen positive US currency gains year to date.

Also, oil prices rose 7% to $82.60 per barrel, while gold fell 3% to $2,022/ounce. With that said, below are the top ten Sub-Saharan African countries based on market capitalization as of January 31st, 2024.