East African stock markets that are most valuable
The East African region has experienced significant economic transformation in recent years, with capital markets playing a central role in driving investment, integration, and financial inclusion.
Currently, stock exchanges in East Africa vary in size, maturity, and market capitalization, with Kenya maintaining a leading position, followed closely by Uganda and Tanzania.
Here’s a look at the most valuable stock markets in East Africa, based on the latest available data.
🇰🇪 1. Nairobi Securities Exchange (Kenya)
Market Capitalization: ~KES 2.32 trillion (≈ USD 15.3 billion)
Number of Listings: ~162
Regional Rank: 1st
The Nairobi Securities Exchange (NSE) remains the largest and most influential stock exchange in East Africa.
As of mid-June 2025, it accounts for over 55% of the region’s total stock market value.
The resurgence of the Kenyan shilling, strong investor confidence, and improved corporate earnings—particularly from blue-chip companies such as Safaricom, Equity Group, KCB, and EABL—have helped lift the bourse.
NSE is a member of the East African Securities Exchanges Association and plays a vital role in cross-border capital market integration.
The recent launch of the EAE‑20 Share Index, which tracks 20 high-performing stocks across East Africa, has also spotlighted NSE as a regional investment gateway.
🇺🇬 2. Uganda Securities Exchange (Uganda)
Market Capitalization: ~UGX 27.6 trillion (≈ USD 7.4 billion)
Number of Listings: ~20
Regional Rank: 2nd
Uganda’s capital markets have expanded substantially, driven primarily by the listing of telecom giants like MTN Uganda and Airtel Uganda.
Alongside robust banking sector participation by Stanbic Uganda and others.
MTN Uganda alone holds an estimated market cap of USD 1.2 billion.
The presence of the ALTX East Africa Exchange has also contributed to market diversification, targeting tech-savvy investors and small-scale traders through a digital-first platform.
🇹🇿 3. Dar es Salaam Stock Exchange (Tanzania)
Market Capitalization: ~TZS 19.2 trillion (≈ USD 6.9 billion)
Number of Listings: ~28
Regional Rank: 3rd
The Dar es Salaam Stock Exchange (DSE) continues to show resilience and growth.
With leading firms such as NMB Bank, CRDB Bank, Tanzania Breweries, and Vodacom Tanzania anchoring its market activity.
DSE has seen increased investor participation and capital inflows, thanks to government policy reforms and greater transparency.
The exchange has also been instrumental in facilitating SME access to capital through its Enterprise Growth Market (EGM) segment.
🇷🇼 4. Rwanda Stock Exchange (Rwanda)
Market Capitalization: ≈ USD 2.7 billion
Number of Listings: 10
Regional Rank: 4th
Though smaller in size, the Rwanda Stock Exchange (RSE) has positioned itself as a stable and efficient marketplace.
It houses major institutions like Bralirwa (a Heineken subsidiary) and Bank of Kigali.
With Rwanda’s continued push for digital and financial inclusion, the RSE remains a key player in developing the country’s capital markets and offering diversified investment opportunities.
🇪🇹 5. Ethiopian Securities Exchange (Ethiopia)
Market Capitalization: N/A (Newly launched)
Number of Listings: 1 (Wegagen Bank)
Regional Rank: 5th
Launched in 2025, the Ethiopian Securities Exchange (ESX) is the region’s newest bourse and represents a major milestone for Africa’s second-most populous country.
Though in its infancy, the ESX has ambitious plans to list over 90 public and private companies in the coming years, promoting domestic investment and economic growth.
The Ethiopian government and private sector have expressed optimism about the exchange’s potential to modernize the financial system and increase access to capital.
Comparative Snapshot
| Stock Exchange | Market Cap (USD) | Listings | Regional Rank |
|---|---|---|---|
| Nairobi (Kenya) | $15.3 billion | ~162 | 1st |
| Uganda (USE) | $7.4 billion | ~20 | 2nd |
| Dar es Salaam (Tanzania) | $6.9 billion | ~28 | 3rd |
| Rwanda (RSE) | $2.7 billion | 10 | 4th |
| Ethiopia (ESX) | N/A | 1 | 5th (new) |
Regional Integration and the Future of EA Markets
Efforts to harmonize regulatory frameworks and enable cross-border listing through platforms like the EAC Capital Markets Infrastructure (CMI) project and EAE‑20 Index are expected to deepen integration and liquidity.
As more countries digitize their exchanges, encourage IPOs, and build investor confidence, East Africa is set to become a hotspot for capital market development on the continent.
Final Word
As of June 2025, East Africa’s stock markets are not only increasing in value but also evolving in sophistication.
While Kenya retains dominance, Uganda and Tanzania are catching up quickly.
Rwanda offers strategic growth potential, and Ethiopia’s new entry marks a turning point in regional capital market expansion.
For investors, analysts, and policymakers, tracking these exchanges offers valuable insight into the region’s economic health, investor sentiment, and the future of African finance.
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